Coronavirus Loan Schemes Extended Further

The Chancellor has announced that the new Coronavirus Large Business Interruption Loans Scheme (CLBILS) will be expanded to cover all viable firms.

This means 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.

The scheme, which will launch on Monday 20^th April, was originally not open to businesses with a turnover above £500m.  They will now be able to apply for up to £50m of funding under the scheme.

Announcing the change the Chancellor of the Exchequer, Rishi Sunak, said “I want to ensure that no viable business slips through our safety net of support as we help protect jobs and the economy. That is why we are expanding this generous scheme for larger firms.

“This is a national effort and we’ll continue to work with the financial services sector to ensure that our £330 billion of government support, through loans and guarantees, reaches as many businesses in need as possible.”

Welcoming the announcement, the IFB’s Fiona Graham said “This is another important development, building on the support which has already been announced by the Government.  We’re pleased to see the Government listening to businesses about the challenges they are facing, and adapting policies to reflect this.”

The British Business Bank has also published extra guidance on how the CLBILS will work in practice, including FAQs for businesses.  You can find those here.