With the Coronavirus Large Business Interruption Loan Scheme set to launch on Monday 20 April 2020, the Chancellor has revealed further details. It has been made clear that ALL viable businesses with a turnover of more than £45 million will be able to apply for government-backed support, up to £25 million. Larger firms with a turnover exceeding £250 million can borrow up to £50 million. This support is in addition to the Covid Corporate Financing Facility and the Coronavirus Business Interruption Loan Scheme.
Originally the scheme did not apply to business with turnovers of more than £500 million but this is no longer the case. The change will enable more firms to benefit from government support and help to provide job security to thousands of workers. The scheme will utilise a series of accredited lenders (to be listed on the British Business Bank website) and these lenders will be provided with an 80% guarantee on each loan by the government.