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

27 April 2020

Proposing MP
Alok Sharma Con
Reading West
Type
Written Ministerial Statement
Department
Department for Business, Energy and Industrial Strategy
View on Parliament.uk -->

At a Glance

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.
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