Professional Organisations: Government Assistance

Department for Business, Energy and Industrial Strategy written question – answered on 7th April 2020.

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Photo of Lord Kennedy of Southwark Lord Kennedy of Southwark Opposition Whip (Lords), Shadow Spokesperson (Home Affairs), Shadow Spokesperson (Communities and Local Government), Shadow Spokesperson (Housing)

To ask Her Majesty's Government what support they are providing to professional membership companies during the COVID-19 pandemic.

Photo of Lord Callanan Lord Callanan Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy)

As of 3rd April, professional membership organisations that receive at least 50% of their income from trading activity and that otherwise meet the scheme eligibility criteria can access the Coronavirus Business Interruption Loan Scheme (CBILS).

CBILS supports small and medium-sized businesses with access to working capital (including loans, overdrafts, invoice finance and asset finance) of up to £5 million and for up to six years. The Government will also make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will benefit from no upfront costs and lower initial repayments.

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