Loan size increased to £200 million under large business interruption scheme

Several changes to the CLBILS scheme have taken effect from 26 May.

Several changes to the CLBILS scheme have taken effect from 26 May. The government has extended the maximum loan size available through the Coronavirus Large Business Interruption Loan Scheme (CLBILS) from £50 million to £200 million.

However, companies borrowing more than £50 million through theCLBILS will be subject to restrictions on dividend payments, senior pay and share buy-backs during the period of the loan. This will include a ban on dividend payments and cash bonuses, except where they were previously agreed.

Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said:

'It is good to see the government continue to listen to business concerns and make improvements to existing schemes.

'These important changes could make a real difference to larger firms in particular, and alongside the other lending support schemes will help ensure that more businesses of all sizes get access to the finance they need to help weather this unprecedented economic storm.'

Internet link: British Business Bank website

Have we convinced you yet?

Please feel free to get in touch via phone email or our quick contact form.

We offer initial free consultations simply contact us to find out more.

Copyright

© 2020 Higson & Co. All rights reserved.

powered by totalSOLUTION

We use cookies on this website, you can find more information about cookies here.

Contact Us

Please call:
0115 947 5662

Quick links

Site map | Accessibility | Disclaimer | Privacy | Help |

Address
Higson & Co, White House, Wollaton Street, Nottingham, Nottinghamshire NG1 5GF

D V Bonnert FCA, W E Messom FCA, S C R Skill FCA, Mrs G J Strickland FCA, D R Wallwork BA FCA, Miss E C Davey FCCA

Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be viewed at www.auditregister.org.uk under reference C005395100.

A member of the ICAEW Practice Assurance Scheme