To ask Her Majesty's Government what support they are providing to professional membership companies during the COVID-19 pandemic.
Answered on
7 April 2020
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.