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Saturday, June 22, 2024

Firms with bad debts can access zero-interest loans for salary payments

The Saigon Times

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HCMC – Firms incurring bad debts can now get zero-interest loans from the loan package of VND7.5 trillion aimed at supporting Covid-19-affected employers with salary payments and production restoration in line with the Government’s instructions.

Deputy Prime Minister Le Minh Khai issued Resolution 126 amending Resolution 68 on policies to support employers and employees affected by the pandemic.

Under the new resolution, the condition in which only employers with no bad debts at credit institutions are allowed to access the loan package has been removed.

Requirements on bad debts and tax finalization had hindered enterprises from benefiting from the loan package.

As of late September, the loan package had seen fewer than 1,000 employers get loans to pay the salaries of over 130,700 workers, with a disbursement of 6%.

Since the bad debt obstacle has been removed, the central bank expects the loan package to be quickly disbursed to help businesses resume their production operations, the local media reported.

The loan package benefits enterprises which have laid off their laborers participating in compulsory insurance for 15 days or more, from May 1 to March 31 next year, and those that suspended their operations due to the pandemic.

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