KOTA KINABALU: An automatic three-month loan moratorium extension should be allowed for businesses following the partial lockdown here, says the the Malay Chamber of Commerce Malaysia (DPMM) Sabah chapter.
While welcoming the earlier announcement for businesses still affected by the pandemic to apply (for extensions) with banking institutions, they noted the current situation in Sabah required a different form of treatment.
“We are facing a worrying trend of increasing cases of Covid-19 in the country, particularly in Sabah where movement restrictions are imposed in districts declared as red zones (which sees only essential businesses and services operating), ” said DPMM Sabah head Datuk Awang Sham Amit in a statement yesterday.
“Therefore, we urge the government, especially the Finance Ministry, to provide an automatic moratorium extension to entrepreneurs – especially small and medium enterprises (SME) in Sabah – until December 2020 without having to apply with banking institutions.
“If implemented, the government should ensure all banking institutions and licensed financing companies adhere to it, ” he added.
Awang Sham said the automatic extension would provide relief for SMEs badly affected by the closure of their premises and having to bear the monthly costs when their incomes were affected.
Source: https://www.thestar.com.my/news/nation/2020/10/13/sabah-group-urges-moratorium-extension