Chancellor Rishi Sunak unveils the final details of Coronavirus Large Business Interruption Loan Scheme.
The Chancellor announced a UK government-backed loan scheme for large businesses affected by coronavirus has been expanded to cover all viable firms.
The details are:
- All viable businesses with turnover of more than £45m will be able to apply for UK Government-backed support.
- Firms with turnover of more than £250 million can borrow up to £50 million from lenders.
- This complements existing support including the Covid Corporate Financing Facility and the Coronavirus Business Interruption Loan Scheme.
All firms with a turnover of more than £45 million will now be able to apply for up to £25 million of finance, and up to £50 million for firms with a turnover of more than £250 million.
Business with turnovers of more than £500 million were originally not eligible for the scheme, which is being set up to help firms who do not qualify for the existing Coronavirus Business Interruption Loan Scheme – for small and medium sized businesses – and the Bank of England Covid Corporate Financing Facility – for investment grade companies. The move, which comes after consultation with businesses, should ensure even more firms are able to benefit from UK Government support.
The scheme launches 27 April 2020.
