Coronavirus Guidance for Large Businesses

COVID-19 Corporate Financing Facility (CCFF)

The Bank of England will buy short-term debt from larger companies under the new COVID-19 Corporate Financing Facility.

There is detailed guidance on the facility on the Bank of England’s website, here.

Coronavirus Large Business Interruption Loan Scheme (CLBILS)

On 3 April, the Chancellor announced a new source of government-backed funding for large companies: the Coronavirus Large Business Interruption Loan Scheme (the Scheme).

The Scheme will provide a government guarantee of 80% to enable banks to make loans of up to £25 million to firms with an annual turnover of between £45 million and £500 million.

Loans made under the Scheme will be offered at commercial rates of interest.

Further details are expected later this month.

Deferral of IR35 changes

The Government has announced that the proposed changes to the IR35 rules for larger private-sector businesses will be delayed by one year, to 6 April 2021.