Thai Cabinet Earmarks 2 Billion Baht to Help Restaurants Affected by COVID-19 Restrictions

[webfact]

 

By Subhabhong Rarueysong

   

BANGKOK (NNT) - Thailand’s Cabinet has earmarked 2 billion baht to help restaurants affected by regulations which prevent patrons from dining on the premises.

 

According to Finance Minister Arkhom Termpittayapaisith, the new remedy, called “Im Jai Loan”, will be limited to a maximum of 100,000 baht per applicant and will apply to established food and beverage businesses, such as restaurants, eateries and stalls in department store food courts.

 

The loan will be granted by the Government Savings Bank at an annual interest rate of 3.99% for up to five years, with borrowers being given a payment respite for the first six months. The measure applies to businesses in Greater Bangkok and border provinces in the South.

 

It is expected that up to 40,000 businesses will seek to borrow an average of about 50,000 baht each. The government already has a similar measure for roadside food vendors, who can borrow up to 10,000 baht from the Government Savings Bank at a monthly interest of 0.35%.

 

-- © Copyright NNT 2021-07-07

 

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[wensiensheng]

Finally, something being done to help those financially hurt by lockdowns. But why on earth wasn’t it done at the time the lockdown was announced? It was obvious restaurant business would need help.

 

 

Whether it’s enough, who knows. 

[darksidedog]

Headline is a bit deceiving, it sounded like help in the form of grants, rather than loans, albeit at preferred rates, which still means restaurant owners have to take on more debt through no fault of their own when many of them are to their neck in it already.

[SooKee]

Would have been far better to use this money to order vaccines a year ago!

[Surelynot]

.......and will one Satang find its way to any employees?

[Surelynot]

This money will be used to pay already affluent Landlords like of CP ..........and the restauranteurs will still be picking up the bill.....what about employees?

[djayz]

It makes no sense to me at all. Why not leave the restaurants open for in-house dining but keep customers the minimum 1-2m apart. 

It keeps people in business and jobs. 

[Sydebolle]

First the forbid booze sale which kills 90% of the profit and then they throw in a loan candy of 4% p.a. 

Beats me; specially under consideration that no other country on the planet banned alcohol due to Covid, Corona or any other funny ideas they have here ....... 

 

[ChipButty]

Most of the owners are upto their eye's in debt already and the government want to put them in more debt

[hotchilli]

4 hours ago, wensiensheng said:

Finally, something being done to help those financially hurt by lockdowns. But why on earth wasn’t it done at the time the lockdown was announced? It was obvious restaurant business would need help.

 

 

Whether it’s enough, who knows. 

It's only a loan, when the doors open again and times are tough they will have to start repaying from a very small profit margin.

[wensiensheng]

5 minutes ago, hotchilli said:

It's only a loan, when the doors open again and times are tough they will have to start repaying from a very small profit margin.

Sure, appreciate that.
 

As I said, whether it’s enough help, I can’t say. But why on earth didn’t they do it when the restrictions went in and then increase if necessary. Too little, too late…..again.

[madmitch]

2 hours ago, Sydebolle said:

First the forbid booze sale which kills 90% of the profit and then they throw in a loan candy of 4% p.a. 

Beats me; specially under consideration that no other country on the planet banned alcohol due to Covid, Corona or any other funny ideas they have here ....... 

 

South Africa had tougher anti-booze controls than they did here.

[connda]

8 hours ago, webfact said:

established food and beverage businesses, such as restaurants, eateries and stalls in department store food courts

Just the way it's worded.  How much will be shoveled into the gaping maw of corporate restaurant franchises and how much will 'trickle down' to small business owners. 
My guess?  Not much.

[connda]

4 hours ago, ChipButty said:

Most of the owners are upto their eye's in debt already and the government want to put them in more debt

That way when they are forced out of business by the same government who is shutting their business down, then the government becomes a lien holder when the business eventually goes bust.  H*** of a racket, 'eh?