Government plots fresh overhaul of emergency coronavirus loans

Rishi Sunak press conference

The government is preparing a fresh overhaul of the emergency loan packages on offer for larger businesses battling to survive the coronavirus pandemic.

The Treasury plans to double the interest-free sums available to companies under the Coronavirus Large Business Interruption Loan Scheme (CLBILS) from £25m to £50m, according to Sky News.

Companies with a turnover of more than £250m would be eligible to apply for the increased sums under new proposals set to be signed off by Chancellor Rishi Sunak.

It would mark a change from the previous terms unveiled by the government at the start of April. Then, it said that companies with sales of between £45m and £500m could borrow up to £25m.

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