GSB to halt debt repayments by restaurants until Dec

[snoop1130]

 

BANGKOK (NNT) - 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 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.

 

-- © Copyright NNT 2021-07-02

 

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[BKKTRAVELER]

That's a very good and honorable thing to do, finally some hope for the people it will relieve.

[Airalee]

35 minutes ago, snoop1130 said:

Food and beverage businesses that took out a loan of up to 250 million baht

Wait….what!?  250 million baht!?  
 

Are restauranteurs really leveraging themselves to that extent?

[BestB]

Finally , but why only 1 bank and why only restaurants ? Anyone affected should qualify and given the time by all banks 

[BestB]

8 minutes ago, Airalee said:

Wait….what!?  250 million baht!?  
 

Are restauranteurs really leveraging themselves to that extent?

Up to . Huge amounts would be by nationwide chains 

[BKKTRAVELER]

11 minutes ago, BestB said:

Finally , but why only 1 bank and why only restaurants ? Anyone affected should qualify and given the time by all banks 

True, but it may encourage wider relieves in the future. One step at a time...

[hotchilli]

Just staving off the inevitable for some.

[Nanaplaza666]

17 hours ago, BKKTRAVELER said:

That's a very good and honorable thing to do, finally some hope for the people it will relieve.

No longer then 90 days old ??? You know how long many restaurants have been suffering from this !@#$ show already ?? I can tell you , it has been longer then 90 days. 

[BKKTRAVELER]

2 hours ago, Nanaplaza666 said:

No longer then 90 days old ??? You know how long many restaurants have been suffering from this !@#$ show already ?? I can tell you , it has been longer then 90 days. 

I was confused by the wording, can it mean that it applies to people who haven't defaulted on their loan repayments more than 90 days? I'm not sure but it would make more sense.