United Kingdom: COVID Corporate Financing Facility, Coronavirus Large Business Interruption Loan Scheme, Coronavirus Business Interruption Loan Scheme, the Future Fund: will they help your business?
In an attempt to provide support to as many businesses as possible as they battle the effects of the COVID-19 pandemic, and to deploy the GBP 330 billion of promised government support, the Chancellor is today launching the Coronavirus Large Business Interruption Loan Scheme as an addition to the ‘net of support’ provided by the two previously launched schemes. He has also announced the details of the Future Fund, which will support some of the UK’s most innovative start-up businesses.
The details of all four schemes are still evolving and being adapted in response to feedback. This alert sets out what we know so far about:
- The COVID Corporate Financing Facility (CCFF).
- The Coronavirus Business Interruption Loan Scheme (CBILS).
- The new Coronavirus Large Business Interruption Loan Scheme (CBILS).
- The Future Fund.
It is clear that HM Treasury, the Bank of England, the British Business Bank and the lending community generally are focused on utilising these schemes to provide support to British businesses that are running into COVID-19 related issues, but will this be enough?