In a statement on Sunday, 22 March 2020 Standard Bank announced that it would “provide a three-month payment holiday to small business owners” in efforts to soften the blow the disease has thrown at its customers.
The small businesses, however, would only be eligible for the package if their turnover is not more than US$1.42 million per year, the bank said, adding that the business accounts must also be up-to-date.
The bank also said that it had approved a payment holiday from 1 April to 30 June for student loan customers who are studying full time at the country’s higher education institutions.
While non-infected South Africans have not been quarantined over the COVID-19 disease, the bank’s offer to its customers acknowledged that it was no longer “business as usual.”
A number of businesses have had their bottom line affected by the coronavirus pandemic, which has seen many companies closing offices.
This follows President Cyril Ramaphosa’s recent declaration of the nation as being in a “state of national disaster,” requiring certain measures which in the long run would affect the smooth running of businesses nationwide.