Outlining further details of the Coronavirus Large Business Interruption Loans Scheme (CLBILS) ahead of its launch on Monday, Chancellor of the Exchequer Rishi Sunak said all firms with a turnover of more than £45m will now be able to apply for up to £25m of finance, and up to £50m for firms with a turnover of more than £250m.

Business with turnovers of more than £500m were originally not eligible for the scheme, which is being set up to help firms who do not qualify for the existing Coronavirus Business Interruption Loan Scheme – for small and medium sized businesses - and the Bank of England Covid Corporate Financing Facility – for investment grade companies.

The move, which comes after extensive consultation with businesses, will ensure even more firms are able to benefit from government support, which will provide lenders with a guarantee of 80% on each loan to give lenders further confidence in continuing to provide finance.

The scheme will be available through a series of accredited lenders, which will be listed on the British Business Bank website.

The government is also clarifying the position for firms owned by private equity, which will be able to access the guaranteed loan schemes in due course. Further details are expected to be announced next week.