SBP allows business to avail loan scheme for early payment of salary, wages

SBP allows business to avail loan scheme for early payment of salary, wages

KARACHI: State Bank of Pakistan (SBP) has allowed businesses to avail loan scheme for early payment of salary and wages in the wake of Eid-ul-Azha.

The SBP also relaxed condition for obtaining loans from more than one bank for the payment of salary and wages.

The central bank in a notification issued on Friday said that in order to facilitate businesses facing problems in availing financing under the above schemes from one bank due to their credit limits or for any other reason, it has been decided to allow them to avail financing from more than one bank.

However, a business cannot avail financing for a specific month from more than one bank.

Further, businesses may avail financing under above schemes for early payment of wages/salaries for the month of July, 2020 before Eid-ul-Azha.

Businesses may also avail reimbursement of wages/salaries of July, 2020 in case they make early disbursements from their own resources to their workers/employees due to Eid-ul-Azha.

The central bank in April 2020 introduced loan scheme at reduced rate for businesses to ensure no layoff of employment and payment of salary and wages in the wake of spread of coronavirus.

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