All viable companies with a turnover of more than £45 million will be able to apply for government-backed support, including those with revenues of over £500m.

Businesses with turnovers of more than £500m were not originally going to be eligible for the Coronavirus Large Business Interruption Loan Scheme, which will be launched on Monday.

The scheme, which will be part of £330bn of taxpayer money intended to support the UK economy, will let firms with a turnover of more than £45m apply for up to £25m of funding from banks, BBC News reports.

The UK government will guarantee 80% on those bank loans.

The Uk Government’s attention will turn next to businesses at an earlier stage of development that are backed with venture capital funds. Many of these firms have not been able to access other schemes because they are not profitable.

The Treasury said: “The government recognises many start-up and early-stage companies are facing challenges and is working with industry to assess these and consider further ways to offer support.” It may offer to commit funds on the basis that they match money put in by the existing backers.

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.

“This is a national effort and we’ll continue to work with the financial services sector to ensure that our £330bn of government support, through loans and guarantees, reaches as many businesses in need as possible.”

Business Secretary Alok Sharma said: “Coronavirus has struck a heavy blow against businesses of all sizes across the UK. Expanding this scheme will provide larger firms with the support they need during the pandemic, helping to provide job security to thousands of people and protect our economy.”

Rain Newton-Smith, chief economist at the CBI, commented on the announcement: “These measures set out by the chancellor will go a long way to supporting mid-cap companies, some of which are the UK’s most important and iconic regional employers.

“This scheme is clearly targeted at helping several thousand mid-tier firms, rather than those already up and running for small and larger businesses.”

Adam Marshall, director general of the British Chambers of Commerce, added that the changes “fill an important gap in government support, and could make a real difference to medium-sized and larger-firms navigating challenging circumstances”.

He said: “It’s now crucial to ensure that this enhanced support reaches companies in difficulty as quickly as possible.”

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