Government expands loan scheme as lockdown extended for three weeks

Dominic Raab

The Treasury has said businesses that turnover more than £500m will now be able to apply for government-backed support as it extended the coronavirus lockdown by at least three weeks.

The government also confirmed that loans to medium and larger firms will now be included in its £330bn coronavirus support package for the economy.

Businesses with turnovers of more than £500m a year were not originally eligible for the coronavirus large business interruption loan scheme, which the government introduced on Monday.

Chancellor Rishi Sunak said: “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.”

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