House of Commons · Written Ministerial Statement
Business Update
15 June 2020 · Department for Business, Energy and Industrial Strategy
Proposed by Alok Sharma Con Reading West
Summarised by AI from the official record, so it can contain mistakes.
At a glance
Key points
- Changes were made to the Coronavirus Large Business Interruption Loan Scheme (CLBILS) on May 26.
- Loan size caps were increased and restrictions on multiple loans per business were removed.
- Detailed technical changes are available on the British Business Bank's website.
Issue summary
The statement addresses changes made to the Coronavirus Large Business Interruption Loan Scheme (CLBILS) to provide more flexibility for businesses.
Action requested
On May 26, changes were made to CLBILS to increase loan size caps and remove restrictions on multiple loans per business. Detailed technical changes are available on the British Business Bank’s website.
Key facts
- CLBILS is facilitated by the Government-owned British Business Bank.
- Loans range from £30,000 up to £50 million for businesses with a turnover of £45 million and above affected by the coronavirus outbreak.
- Caps on maximum loan sizes have been lifted; there remains no limit on the number or aggregate value of loans issued under CLBILS.
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