HSBC halts new bounce back loan applications due to huge demand

HSBC has pulled up the drawbridge on pandemic lending to new business customers as it struggles to meet demand for Government-backed emergency loans. The troubled bank stopped accepting applications for new business bank accounts on Wednesday so it can fight a backlog of existing applications for bounce back loans for small firms. Lenders have handed out about £38bn of bounce back loans, which are worth up to £50,000 each and are 100pc guaranteed by the exchequer, to 1.3m businesses