// Businesses that turnover more than £500m can now apply for government-backed support
// Government extended lockdown for “at least” another 3 weeks
// Loans to medium and larger firms is included in the £330 billion coronavirus support package
Following a three-week extension on coronavirus lockdown measures, businesses that turnover more than £500 million can now apply for government-backed support, the Treasury said.
The government said loans to medium and larger firms is included in its £330 billion coronavirus support package.
Initially, businesses with turnovers of over £500 million a year were not eligible for the coronavirus loan scheme.
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“I want to ensure that no viable business slips through our safety net of support as we help protect jobs and the economy. That is why we are expanding this generous scheme for larger firms,” Chancellor Rishi Sunak said.
“This is a national effort and we’ll continue to work with the financial services sector to ensure that our £330 billion of government support, through loans and guarantees, reaches as many businesses in need as possible.”
Meanwhile, one of the UK’s largest retailers Primark said its owner AB Foods confirmed its eligibility for the new funding in a note to the City on Friday.
The scheme follows foreign secretary Dominic Raab’s speech on Thursday confirming that the government would be extending the UK’s lockdown due to the virus for “at least” another three weeks.
On Tuesday, the government announced an overhaul of the emergency loan packages for larger businesses attempting to trade through the coronavirus pandemic.
The Treasury revealed plans to double the interest-free sums available to companies under the Coronavirus Large Business Interruption Loan Scheme (CLBILS) from £25 million to £50 million, which would be a step forward from the previous terms introduced at the start of April which meant businesses with sales of between £45 million and £500 million could borrow up to £25 million.
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