The government launched the coronavirus large business interruption loan scheme (CLBILS) on 20 April, following an announcement by the chancellor that the scheme would provide backing for loans to all viable businesses with a turnover above £45m. The original announcement excluded businesses with a turnover above £500m.
The scheme will now provide a government guarantee of 80% to enable banks to make loans of up to £25m to firms with an annual turnover between £45m and £250m and up to £50m to firms with an annual turnover above £250m.
As originally announced, the scheme covered loans of up to £25m made to firms with an annual turnover of between £45m and £500m. The separate coronavirus business interruption loan scheme (CBILS) covers SMEs with a turnover of up to £45m.
The government launched the coronavirus large business interruption loan scheme (CLBILS) on 20 April, following an announcement by the chancellor that the scheme would provide backing for loans to all viable businesses with a turnover above £45m. The original announcement excluded businesses with a turnover above £500m.
The scheme will now provide a government guarantee of 80% to enable banks to make loans of up to £25m to firms with an annual turnover between £45m and £250m and up to £50m to firms with an annual turnover above £250m.
As originally announced, the scheme covered loans of up to £25m made to firms with an annual turnover of between £45m and £500m. The separate coronavirus business interruption loan scheme (CBILS) covers SMEs with a turnover of up to £45m.
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