Skip to content

AMLO announces a million credits for family businesses to face quarantine

April 16, 2020

The first loans of up to 25 thousand pesos will begin to be distributed electronically on May 4 to avoid crowds at bank branches.

3 min read

President Andrés Manuel López Obrador announced during his morning conference that one million loans of 25 thousand pesos will be given to formal and informal family businesses that have employees registered with the Mexican Institute of Social Security (IMSS).

AMLO announces a million credits for family businesses to face quarantineAMLO announces a million credits for family businesses to face quarantine

“It is a million new loans to all the companies that have workers enrolled in Social Security and that acted with great responsibility, especially in the small ones, not firing their workers, nor taking away or reducing their wages,” said the president in the Press conference.

According to López Obrador, the first loans of up to 25 thousand pesos will begin to be distributed on May 4 electronically to avoid crowds at bank branches. The rest of these supports will be given during the rest of May in alphabetical order.

“The padrón is being worked on, and the new loan is an expansion of another million small businessmen, in this case, all those who have workers in Social Security,” said the president.

López Obrador remarked that the money from the loans will come from the agreements with the group of large companies that owed taxes to the Public Treasury and that are around 15 billion pesos.

“There were 15 companies that owed 50 billion pesos. Of those 15, they already have guarantees of the 50 billion, they have come to offer arrangements to pay 15 billion pesos until Wednesday,” he said.

Zoé Robledo, general director of the IMSS, indicated in his speech in the announcement that there have been behaviors in companies where the worker is not terminated, but his salary level is.

“To companies that have not terminated their workforce or lowered their wages, these loans are offered to the floor for 25 thousand pesos,” said the official, explaining that these would be financing to be paid within three years to from May 4.

The official explained that interest rates would vary according to the number of company employees:

Image: Government of Mexico via YouTube

Receive Breaking News !

Install
×
Enable Notifications    Ok No thanks