Lawyers, doctors and CAs are now covered by the MSME loan program

The Union Ministry of Finance has expanded the scope of the MSME loan program announced in the wake of COVID-19 to include professionals like doctors, lawyers, chartered accountants and others, the Financial Express reported. The 3 lakh crore program was announced by the Minister of Finance. , Nirmala Sitharaman, in May as part of the government’s “Athmanirbhar package” to help micro, small and …

The Union Ministry of Finance has widened the scope of the MSME loan program announced in the aftermath of COVID-19 to include professionals like doctors, lawyers, chartered accountants and others, reported the Express Financial.

The 3 lakh crore program was announced by Finance Minister Nirmala Sitharaman in May as part of the government’s “Athmanirbhar package” to help micro, small and medium enterprises.

“The government has decided to relax the eligibility criteria to use the Rs 3 lakh-crore Emergency Line of Credit Guarantee (ECLGS) program to cover professionals and allow more businesses to ‘benefit from it,’ Financial Express said, citing Nirmala Sitharaman.

Financial Services Secretary Debashish Panda said people such as doctors, accountants, lawyers, etc. who wish to take out loans for business purposes will also be covered by the program.

Last week, the Delhi High Court had rejected a PIL seeking inclusion of lawyers in the MSME program.