STANDARD BANK SME CLIENTS GET PAYMENT HOLIDAY
As of the 1st of April 2020, for 90 days standard bank will offers a payment holiday relief to qualifying small and medium businesses in an effort to ease the business obligations burden amid the covid-19 pandemic crisis and to help to keep businesses afloat.
If you are a standard bank business clients, and your business is impacted by the current outbreak of the coronavirus the bank has announce business relief strategy for the SME’S to keep afloat while the country is battling the Covid-19 pandemic.
In their statement that advised, during these challenging times, they would like to reassure their clients the SME’S that their team are dedicated to helping entrepreneurs and business with practical advice and assistance for any contingency plans during this period.
The bank has a range of options available to support businesses, this including the Coronavirus Business Interruption Payment Scheme, which will provide payment relief to businesses for a 90 days period. “This scheme will launch on the 1st of April and strives to support small and medium-sized business with a payment holiday for 90 days” Stan dard bank said on their statement.
To access the relief you must be Eligible and the following is the criteria you must meet. You are eligible for the Coronavirus Business Interruption Payment Scheme if:
• Your business is South African based, with a turnover of no more than R 20 million per year.
• Your Business Current account, Bizlaunch account and Business Lending accounts are paid up to date.
• Your business is in good standing.
The initiative has been welcomed
by The DA, Geordin Hill-lewis shadow minister of finance calls on all other banks to match this relief intervention as soon as possible.
Nedbanŭ has also introduced the Ɖayment holiday Ĩor its clients eǀen though is not so clear they say they are committed to assisting business during this COSI -ϭϵ Ɖeriod. The inǀite entreɖreneurs and SDES to contact the banŭ to edžɖlore their challenges and Ŭind oĩ assistance they could afford.