On April 3, 2020, the Chancellor of the Exchequer announced the Coronavirus Large Business Interruption Loan Scheme.
The scheme, which offers government-backed loans to firms that have annual revenues greater than £45 million, is designed to provide liquidity support to larger non-financial firms facing cash-flow disruptions as a result of the coronavirus outbreak. This comes in response to criticisms that the existing corporate financing measures have been insufficient in providing relief to larger firms in need of financial assistance who may be too large to rely on them or fail other eligibility criteria (for example, because they are non-investment grade).
This memorandum provides an overview of the Coronavirus Large Business Interruption Loan Scheme and summarizes the responses to key questions firms and banks seeking to participate in the CLBILS may have.
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