Many bosses said banks had declined them emergency payments over claims they had not met the required criteria while others could not get through on the phone or were told the money would take weeks to arrive.
Mark Fuller, who owns popular celebrity haunt Karma Sanctum in Soho, said he was unable to apply for funds because he could not guarantee his businesses would be able to start paying it back after six months in the event of a lengthy shutdown.
'The loan is under normal business conditions, which is fine but then don't suggest otherwise,' he told MailOnline. 'I have already been told by the government and Barclays that the only way to receive a loan is by cutting my staff.'
Other bosses were declined payments for having significant cash reserves, despite fears these would not be enough to last out a lengthy lockdown, or because they owned properties that could be used as collateral for a regular commercial loan.
Scott Littlefield, from SPL Management, a property company based in Poole, told MailOnline: 'This scheme is not really fit for purpose. Our bank, Nat West, is virtually non-contactable at the best of times and the staff in branch can only deal with personal banking issues, not business.
'They always say to approach your relationship manager although all relationship managers were done away with in 2010. Very few people will be able to access this money. Those that do will be bust within short time at the sort of interest rates being mooted.'
Research published today by the BBC suggests that between 800,000 and a million businesses could be forced to shut their doors because they can no longer cover rent, salaries or payments to suppliers.
MAILONLINE
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