Loan size increased to £200 million under large business interruption scheme

The government is extending the maximum loan size available through the Coronavirus Large Business Interruption Loan Scheme (CLBILS) from £50 million to £200 million.

Call 020 7237 2477 or email info@mvoassociates.co.uk

The government is extending the maximum loan size available through the Coronavirus Large Business Interruption Loan Scheme (CLBILS) from £50 million to £200 million.

The loans will be made available to large businesses affected by the coronavirus (COVID-19) from 26 May.

However, companies borrowing more than £50 million through the CLBILS will be subject to restrictions on dividend payments, senior pay and share buy-backs during the period of the loan. This will include a ban on dividend payments and cash bonuses, except where they were previously agreed.

Similar restrictions will also apply to firms accessing the Bank of England's Coronavirus Corporate Financing Fund.

Commenting on the extension, Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said: 'It is good to see the government continue to listen to business concerns and make improvements to existing schemes.

'These important changes could make a real difference to larger firms in particular, and alongside the other lending support schemes will help ensure that more businesses of all sizes get access to the finance they need to help weather this unprecedented economic storm.'

Further guidance is available here.

About our team

MVO Associates is a firm of Chartered Certified Accountants & Tax Advisers based in London offering accounts, taxation and business advisory and support services to a wide range of businesses and individuals.

Learn more

Latest news
Contact Details

Please call:
020 7237 2477

MVO Associates Chartered Certified Accountants & Tax Advisers, 21 Blue Anchor Lane, Bermondsey, London SE16 3UL

Home | Contact us | Site map | Accessibility | Disclaimer | Privacy | Help |

© 2020 MVO Associates Chartered Certified Accountants & Tax Advisers. All rights reserved.
powered by totalSOLUTION

We use cookies on this website, you can find more information about cookies here.