Law.com reports..
Law firms are awaiting a response from the Bank of England after the Law Society asked if the legal profession will be able to access government loans designed to help businesses cope with coronavirus disruption.
A person at the Law Society said the U.K. body wrote to the Bank of England last week to seek clarification on whether law firms were eligible for the Covid Corporate Financing Facility (CCFF), a government package worth £330 billion to help support struggling businesses struck by financial strains caused by the outbreak.
The package includes a Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs, and a lending facility to help aid liquidity at larger institutions, according to the government’s website.
But the CCFF covers mostly incorporated companies with significant revenues, customer base and operations in the U.K. The Law Society is seeking clarification as to whether law firms could apply.
Read full article at https://www.law.com/international-edition/2020/03/31/law-society-asks-bank-of-england-if-firms-can-access-government-loan-scheme/
