More than one million Bounce Back Loans have been approved for small businesses during the pandemic, the Government has said.

New figures from the Treasury show that £30.9 billion worth of loans have been given to firms across the UK to help support them following the impact of Covid-19.

The Treasury also revealed that more than 53,500 Coronavirus Business Interruption Loans have now been approved, providing £11.5 billion worth of funding, as at midnight on July 5.

The update comes on the eve of the Chancellor’s summer economic update in Parliament, where he will announce a “mini-budget”.

Rishi Sunak said: “Our small businesses are the powerhouse of our economy and will help drive our recovery as we bounce back from this global crisis.

“We’ve worked hard to give small businesses the help they need – from loans and grants to paying the wages of their staff.”

“I’m delighted that more than a million loans have been approved – and we will continue to do all we can to support small businesses as they reopen their doors in the weeks ahead.”

Data also revealed that 783 applications worth more than £2.5 billion has now been approved for larger firms using the Government’s Coronavirus Large Business Interruption Loan Scheme (CLBILS).

Meanwhile, more than 9.4 million jobs have been furloughed as firms have claimed £27.4 billion to keep workers in employment.

Business Secretary Alok Sharma said: “We promised to stand behind small businesses to get through this crisis – and we’ve done just that.

“As we get Britain’s economic engines firing again, we will not only support businesses to get back on their feet, but also do all we can to level up the economy across every part of our country.”