KUALA LUMPUR, July 20 — The Federation of Malaysian Manufacturers (FMM) has called for the loan moratorium for small and medium enterprises (SMEs) and individuals which will end in September 2020, to be extended by a further six months. In a statement today, the association said this would...
FMM president Tan Sri Soh Thian Lai said the extended moratorium could provide financial relief to those who are currently economically disadvantaged. — Picture by Shafwan Zaidon
Its president, Tan Sri Soh Thian Lai said the extended moratorium could provide financial relief to those who are currently economically disadvantaged, especially companies that are struggling to sustain their businesses and workers who have been retrenched and have lost their source of income. Manufacturing companies supporting the construction and hospitality industries were also further impacted as these sectors could only resume operations after the additional conditions and precautionary measures and Standard Operating Procedures being implemented, he said.
He viewed that the Wage Subsidy Programme which as at July 6, 2020, had benefitted 310,622 employers covering 2.48 million workers, as an indicator that companies were unable to sustain their businesses and had to resort to obtaining aid from the government. This includes a six-month moratorium from date of disbursement on all of the Penjana financing schemes as currently only the RM500 million Bumiputera Relief Financing has provided this relief.
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