The Government Savings Bank (GSB) has issued a measure that delays debt repayments by restaurants for a six-month period in light of the COVID-19 situation resulting in tight restrictions on eateries.
GSB President Witai Rattanakorn explained that the Ministry of Finance has issued a policy enabling the bank to aid restaurants impacted by COVID-19 prevention measures, prompting it to adjust both principle and interest debt payment rates to zero for the next six months. SMEs and other debtors who took out loans to launch a dining establishment can request access to the leniency provisions, adding that hotels, resorts, guest houses and serviced apartments had received the same assistance previously.
Food and beverage businesses that took out a loan of up to 250 million baht and have outstanding payments no more than 90 days old, can join the program and be absolved of having to make any payments from now until December this year. They must indicate their desire to access the privilege at any GSB branch or SME Loan Center by July 23.
Hospitality/tourism businesses must also make their participation known by July 23 to have loan payments halted. The move is to allow such businesses to stay afloat until the COVID-19 situation is resolved. (NNT)