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Support for large businesses

Coronavirus Large Business Interruption Scheme

The new Coronavirus Large Business Interruption Loan Scheme (CLBILS) will provide a government guarantee of 80% to enable banks to make loans of up to £25m to firms with an annual turnover of between £45m and £500m. This will give banks the confidence to lend to many more businesses which are impacted by coronavirus. Facilities backed by a guarantee under CLBILS will be offered at commercial rates of interest.

How do I access it?

The new scheme will launch later this month and it will be available through a range of accredited lenders. Once the scheme has launched, there is likely to be a big demand for facilities – businesses should consider applying via the lender’s website in the first instance. 

To find out more about this scheme and to stay up to date with when it launches click here

Support for larger firms through the COVID-19 Corporate Financing Facility

Under the new Covid-19 Corporate Financing Facility, the Bank of England will buy short term debt from larger companies.  This will support a company if it has been affected by a short-term funding squeeze, and allow you to finance your short-term liabilities.

All non-financial companies that meet the criteria set out on the Bank of England’s website (here) are eligible.

How to access

The scheme is now open.

Apply here

Protection from eviction for commercial tenants

  • All commercial tenants in England, Wales and Northern Ireland who cannot pay their rent because of COVID-19 will be protected from eviction.
  • These measures will mean no business will automatically forfeit their lease and be forced out of their premises if they miss a payment up until 30 June. There is the option for the government to extend this period if needed.
  • This is not a rental holiday. All commercial tenants will still be liable for the rent. Commercial tenants are protected from eviction if they are unable to pay rent.

How to access:

The change will come into force when the Coronavirus Bill receives Royal Assent.

No action is required.

Find out more here