Commons Sense

House of Commons · Written Ministerial Statement

Departmental Contingent Liability Notification (Coronavirus Large Business Interruption Loan Scheme)

27 April 2020 · Department for Business, Energy and Industrial Strategy

Proposed by Alok Sharma Con Reading West

Business & TradeEconomy

Summarised by AI from the official record, so it can contain mistakes.

View on Parliament.uk

At a glance

Key points

  • The Coronavirus Large Business Interruption Loan Scheme was launched to offer financial support to large businesses impacted by the coronavirus outbreak.
  • A Departmental Minute is being laid today with details of the statutory contingent liability for the scheme.
  • The scheme will be available from April 20th for an initial period of six months and can be extended as needed.

Issue summary

The statement discusses the launch of the Coronavirus Large Business Interruption Loan Scheme to provide financial support to large businesses affected by the coronavirus outbreak.

Action requested

I am laying a Departmental Minute today containing details of the statutory contingent liability for the new scheme, which will be available from April 20th for an initial six months and can be extended as needed.

Key facts

  • The Coronavirus Large Business Interruption Loan Scheme is facilitated by the British Business Bank.
  • Loans range between £30,000 and £50 million to support businesses with a turnover of £45 million or more.
  • The scheme was launched on 20 April for an initial six-month period and can be extended as required.
▸ Assessment & feedback
Summary accuracy