Standard Bank was first of the major banks to announce a payment holiday for students and small business borrowers in response to the Covid-19 economic downturn.
The bank announced its Coronavirus Business Interruption Payment Scheme, which will provide payment relief to businesses for 90 days, starting 1 April 2020 and providing 90-day payment holidays for small and medium-sized businesses.
Eligible businesses must be:
- South African-based, with a turnover of no more than R20 million per year.
- Existing Business Current accounts, Bizlaunch accounts and Business Lending accounts must be paid up to date.
- The business is in good standing.
“If you are not eligible for the Business Interruption Payment Scheme and are experiencing difficulties, we still want to help. Please fill in the form and a business team member will be in touch to see what other options we can assist with,” says the bank in a statement.
Standard Bank is also offering relief to student borrowers with a payment holiday from 1 April until end of June at 0% interest and with zero fees. This is an automatic offer that requires no action from student borrowers. More information for students here.
For more information on the Coronavirus Business Interruption Payment Scheme, click here.