The Government has extended maximum loan size available through the Coronavirus Large Business Interruption Loan Scheme from £50 million to £200 million.

The Treasury announced yesterday 19th May 2020 that the UK Government has raised the maximum loan amounts that will be available under the Coronavirus Large Business Interruption Loan Scheme (CLBILS) from £50 million to £200 million.

Loans made under this scheme are made available to large businesses affected by coronavirus.

These changes announced mean that any company receiving assistance through CLBILS and the Bank of England’s Coronavirus Corporate Financing must not pay out any cash bonuses or award any pay rises to senior management, including board members. They also face limits on share buy-backs during the period in which the loan is active

The maximum loan increase ensures that larger firms who do not currently qualify for the Bank of England’s Covid Corporation Financing Facility (CCFF) will have access to enough funding to help them meet their cashflow needs during the pandemic.

Following on from discussions with lenders and business groups, the expanded loans will be available from 26 May 2020.

Further information can be found on the Government website.

To keep up to date on the latest news about how the coronavirus pandemic is impacting business and payroll then check our news section or sign up for our email newsletter.

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