On 16 April 2020, The Chancellor Rishi Sunak unveiled the final details of the Coronavirus Large Business Interruption Loan Scheme, ahead of its launch on 20 April 2020.
The Coronavirus Large Business Interruption Loan Scheme will allow all viable businesses with turnover of more than £45 million to apply for government-backed support. Firms that have a turnover of more than £250 million will also be able to borrow up to £50 million from lenders.
The Coronavirus Large Business Interruption Loan Scheme is designed to compliment the existing support, including the COVID Corporate Financing Facility and the Coronavirus Business Interruption Loan Scheme.
This comes as the Foreign Secretary, Dominic Raab MP, confirmed that the current measures in place in the UK will continue for ‘at least the next three weeks’.
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