UPDATE: 19th May 2020
To help ensure those large firms which do not qualify for the Bank of England’s Covid Corporate Financing Facility (CCFF) have enough finance to meet cashflow needs during the outbreak, the Government has extended the maximum loan size available through the Coronavirus Large Business Interruption Loan Scheme from £50 million to £200 million.
The Government has launched the Business Interruption Loan Scheme.
It is available for UK based businesses with a turnover of no more than £45 million and can provide for a facility of up to £5 million. It is also interest-free for the first 12 months. The borrower remains liable for 100% of the debt.
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Information, guidelines, and rules are changing rapidly, and you should seek independent confirmation before acting. The official Government web page is here, but we will keep you posted with any significant changes.
As always, if you would like to discuss anything please feel free to get in touch.