Coronavirus loan payments to businesses exceed $390 million

Seventy-five percent of businesses that applied for the government’s relief package for enterprises hurt by the coronavirus have received their loans, Hossein Mahmoudi, an official with the Ministry of Cooperatives, Labor and Social Welfare, said on Saturday.

7 June 2021
ID : 32906
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Seventy-five percent of businesses that applied for the government’s relief package for enterprises hurt by the coronavirus have received their loans, Hossein Mahmoudi, an official with the Ministry of Cooperatives, Labor and Social Welfare, said on Saturday.

A worker checks headlamps at a production line in a company located in Tehran suburbs.

Seventy-five percent of businesses that applied for the government’s relief package for enterprises hurt by the coronavirus have received their loans, Hossein Mahmoudi, an official with the Ministry of Cooperatives, Labor and Social Welfare, said on Saturday.

A total of 94,360 billion rials ($393.16 million) worth of loans have been paid to the applicants. Registration for coronavirus loan started at Kara.mcls.gov.ir on May 9, 2020. Thus far, 519,165 applications, including 959,606 jobs, have been submitted. 

“The total value of loans requested stands at 137,040 billion rials ($571 million), of which 94,360 billion rials have been paid,” he was quoted as saying by IRNA.

Noting that the taskforce to combat the economic consequences of coronavirus had expected loan applications worth 200,000 billion rials ($833.33 million), the official said, “In general, 18.8% of manufacturing enterprises have applied for these bank facilities.”

As per the government’s coronavirus relief package, workshops that were affected directly and closed down by Covid-19 will receive 160 million rials ($666) for each worker and those which were not shut down are eligible to receive 120 million rials ($500) for each of their workers. With the repayment period of 24 months, the lending rate of these loans is 12%.

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