COVID-19 Pandemic: Expansion of UK Business Interruption Loan Schemes
Client memorandum | April 3, 2020
On April 3, 2020, the UK Chancellor of the Exchequer, Rishi Sunak, announced revisions to the Coronavirus Business Interruption Loan Scheme (the “CBILS”) and introduced a new Coronavirus Large Business Interruption Loan Scheme (the “CLBILS”). This expansion of the UK business interruption loan schemes significantly increases the number of eligible businesses who might participate. For smaller businesses, the revisions to CBILS obviate the need to show that business financing is otherwise not available on “normal commercial terms” adding a degree of clarity as to the ability to access financing and, for larger businesses (with turnover up to £500 million per annum), the introduction of CLBILS provides a loan scheme that is potentially available to them as well.
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