Expanded Coronavirus Large Business Interruption Loan Scheme (CLBILS) launched

Following an announcement by Chancellor, the Coronavirus Large Business Interruption Loan Scheme (CLBILS) launched on Monday 20 April 2020 and, in a change of policy, will be open to businesses with turnovers of more than £500 million.

Businesses turning over more than £45 million can to apply for facilities of £25 million, while those with turnover greater than £250 million can apply for facilities of up to £50 million.

The scheme had previously been limited to businesses with turnovers of no more than £500 million. The expansion of CLBILS means that some larger businesses that have an Investment Grade rating will be able to choose between CLBILS and the Bank of England’s Covid Corporate Financing Facility (CCFF).

As with the Coronavirus Business Interruption Loan Scheme (CBILS) for businesses with turnovers of up to £45 million, CLBILS facilities are backed by an 80 per cent Government guarantee. However, unlike CBILS, CLBILS facilities will otherwise be on normal commercial terms and will not include a 12-month interest-free period.

The maximum repayment term for CLBILS facilities is three years.

CLBILS facilities are available from a panel of more than 40 lenders accredited by the British Business Bank.

Contact us today for more information on the Government support available to businesses during the coronavirus outbreak.

Loading Quotes...

Latest News

Be prepared for changes to VAT penalties and VAT interest charges

Changes to charges and penalties applied to late submission of VAT returns will …
Read more…

Penalties for misuse of Coronavirus Job Retention Scheme

New legislation allows HM Revenue & Customs (HMRC) to recover Coronavirus …
Read more…

Don’t pay more tax
than you need to

Register for our newswire

Our regular Newswire mailings are designed to keep you up to date with the latest industry news and events.

Register here

Client Login
Complete our Client
Satisfaction Survey

Spring Statement 2022

Exactly two years since the first lockdown was announced, the eyes of the public were firmly...

Read full our summary