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Departmental Contingent Liability Notification (Coronavirus Business Interruption Loan Scheme)
24 March 2020
Type
Written Ministerial Statement
Department
Department for Business, Energy and Industrial Strategy
At a Glance
Issue Summary
The statement discusses details of the Coronavirus Business Interruption Loan Scheme announced by the Chancellor to support small and medium-sized businesses affected by the coronavirus outbreak.
Action Requested
The scheme, facilitated by the British Business Bank through its delivery partners, will offer loans up to £5 million without limit on number or aggregate value. It is based on the existing Enterprise Finance Guarantee scheme and has an initial period of six months with potential extension.
Key Facts
- The Coronavirus Business Interruption Loan Scheme was launched on 23 March.
- Loans can be up to £5 million for businesses with a turnover up to £45 million affected by coronavirus.
- No limit on the number or aggregate value of loans under the scheme.
- Initial period of six months, extendable as required.
- Government will lay a Departmental Minute describing the contingent liability.
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