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17 April 2020updated 06 Oct 2020 9:45am

Treasury expands loan scheme to include firms with turnovers of more than £500m

By Samuel Horti

The Treasury has expanded its loan scheme for businesses affected by the coronavirus pandemic so that firms with a turnover of more than £500m can now apply.

The Coronavirus Large Business Interruption Loan Scheme, which previously excluded the largest firms, will see businesses with a turnover of more than £45m apply for loans of up to £25m from banks. 80 per cent of the money will be guaranteed by government. 

“I want to ensure that no viable business slips through our safety net of support as we help protect jobs and the economy,” Chancellor Rishi Sunak said. “That is why we are expanding this generous scheme for larger firms.”

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