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17 April 2020

Rishi Sunak expands the loan scheme for large businesses

Introduced by

HM Treasury

Targeted at

Large firms

Timings

CLBILS announced on 3 April 2020. Expanded on 17 April. Launched on 20 April

Stated aims

To enable firms with turnovers of more than £500m (previously not eligible) to access the Coronavirus Large Business Interruption Loan Scheme (CLBILS)

Summary

Chancellor Rishi Sunak announces that all viable businesses with a turnover of more than £45m will now be able to apply for government support, up to £50m for firms with a turnover of more than £250m, through the Coronavirus Large Business Interruption Loan Scheme (CLBILS). Businesses with turnovers of more than £500m 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.

Source(s)

Gov.uk news story