COVID Corporate Financing Facility Explained

The coronavirus outbreak has been disruptive on an unprecedented scale and presents multiple challenges to UK businesses.

On March 18, 2020, the Bank of England and HM Treasury jointly published a notice detailing the Covid Corporate Financing Facility (“CCFF”). The facility, which is one of the main relief measures UK authorities have taken to support UK non-financial firms, is designed to provide liquidity support to larger UK businesses, to mitigate the effects of temporary disruptions of cashflow as a result of supply changes and weaker activity.

This memorandum provides an overview of the CCFF and summarizes the responses to key questions firms and banks seeking to participate in the CCFF may have.