Explanation:

Recently, Union Cabinet has approved additional funding of up to Rs. three lakh crore through introduction of Emergency Credit Line Guarantee Scheme (ECLGS). The Emergency Credit Line Guarantee Scheme (ECLGS) has been formulated as a specific response to the unprecedented situation caused by COVID-19 and the consequent lockdown, which has severely impacted manufacturing and other activities in the MSME sector. Under the scheme, all MSME borrower accounts with outstanding credit of up to Rs. 25 crore as on 29.2.2020 and with an annual turnover of up to Rs. 100 crore would be eligible for Guaranteed Emergency Credit Line (GECL) funding. The scheme would be applicable to all loans sanctioned under GECL during the period from the date of announcement of the Scheme to 31.10.2020, or till an amount of Rs. three lakh crore is sanctioned under the GECL, whichever is earlier. Hence both statements are correct.