HM Treasury announce Coronavirus Large Business Interruption Loan Scheme extension from 26 May

HM Treasury today announced an extension to the Coronavirus Large Business Interruption Loan Scheme (CLBILS), including that:

• maximum loan size available under the scheme will increase from £50m to £200m, up to 25% of turnover, so that some larger firms which do not qualify for the Bank of England’s Covid Corporate Financing Facility will be better able to access enough finance to meet their cashflow needs during the outbreak
• alongside the increase, companies receiving help of over £50 million through CLBILS on terms of more than 12 months must agree certain restrictions, including not paying dividends and exercising restraint on senior management pay.

Further information will be provided on Tuesday 26 May.