State Bank Introduced loan scheme for businesses community for payment of salaries and wages from April to June 2020. Such loan announced to facilitate businesses not to fire there employees until the coronavirus pandemic ends. If employers to whom such loans given does not lay off to there employees in these months. Such scheme will apply for payment of salaries to all types of employees either they are permanent, temporary, adhoc basis Or temporary basis.

LOAN SCHEME TERMS & CONDITIONS

The interest rate of this scheme is 5%. The interest rate for active taxpayers list will be 4%. Businesses with a 3 month wage and salary expense of up to Rs. 200 million will avail full amount of their expense. Those businesses with a 3 month wage and salary expense of greater than Rs. 500 million can avail up to 50% of their salary expense. Businesses in the middle category type will avail up to 75 percent of their 3 months’ salary and wage expense.

HOW TO APPLY

For Information follow the below given links http://www.sbp.org.pk/smefd/circulars/2020/C6.htm and http://www.sbp.org.pk/smefd/circulars/2020/C7.htm. You can also apply at the given email directly covid19.stimulus@sbp.org.pk or you may call at calling 021-111727273. List of complete procedures are available at the given link also http://www.sbp.org.pk/corona.asp.

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