People’s Bank offers special COVID-19 loans up to Rs.20mn to CA Sri Lanka members

From left: CA Sri Lanka CEO Dulani Fernando, Vice President Sanjaya Bandara, Council Member Tishan Subasinghe, President Manil Jayesinghe, People’s Bank Acting Chief Executive Officer/General Manager M.A. Bonniface Silva, Chairman Sujeewa Rajapakse, Commercial Banking and Digitisation Deputy General Manager Ranjith Kodituwakku, Retail Banking Deputy General Manager Renuka Jayasinghe and Retail Banking Senior Deputy General Manager K.B. Rajapakse

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) entered into a memorandum of understanding (MoU) with People’s Bank this week to facilitate the members of the institute to obtain a special loan of up to Rs.20 million.Â

The loan scheme is available for the members who have been severely affected by the COVID-19 pandemic and the subsequent lockdown.Â

The MoU was signed between CA Sri Lanka President Manil Jayesinghe and People’s Bank Acting Chief Executive Officer/General Manager M.A. Bonniface Silva, on May 26, 2020.Â

Accordingly, the CA Sri Lanka members, who are employed in the private sector, self-employed and attached to accounting firms run by the members of the institute, are eligible for the loan of up to a maximum of Rs.20 million to help revive their businesses, which have taken a massive blow due to the lockdown, which was in effect for over two months, in an effort to curb the spread of the virus.

The loan scheme, which is available for a period of three months from May 26, 2020, also allows CA Sri Lanka chartered accountants, who are non-customers of People’s Bank, to obtain the loan.  Jayesinghe said that due to the global pandemic, big and small businesses as well as the accounting profession have been challenged in an unprecedented manner across Sri Lanka, which resulted in the members of CA Sri Lanka facing immense difficulties due to business and income losses stemming from the COVID-19 pandemic and the resultant lockdown.Â