COVID-19 Advice for business - Coronavirus Large Business Interruption Loan Scheme

On 25 March I wrote about the The Coronavirus Business Interruption Loan Scheme (CBILS) which was announced by Rishi Sunak in his Spring Budget 2020.

The Chancellor has now announced new Coronavirus Large Business Interruption Loan Scheme (CLBILS) to ensure that more firms are able to benefit from Government-backed support during the COVID-19 pandemic.

It will provide a government guarantee of 80% to enable banks to make loans of up to £25 million to firms with an annual turnover of between £45 million and £500 million. 

Loans backed by a guarantee under CLBILS will be offered at commercial rates of interest and further details of the scheme will be announced later this month.

The Chancellor will be speaking to bank Chief Executives next week to discuss how the schemes are working and ensure everybody is playing their part.