Sunday, 22 March 2020 14:21

 

Standard Bank has announced a 3-month payment holiday for small business owners in South Africa amid the coronavirus pandemic.

We understand the pressures of being a small business owner. So we would like to lighten the load by giving our customers with a turnover of less than 20M a 3- month payment holiday, effective 1 April 2020. Visit https://bit.ly/2wvUwXY for more information," the bank said on Twitter on Sunday.

According to Standard Bank's website you are eligible for the Coronavirus Business Interruption Payment Scheme if:

  • Your business is South African based, with a turnover of no more than R 20 million per year.
  • Your Business Current account, Bizlaunch account and Business Lending accounts are paid up to date.
  • Your business is in good standing. 
The bank has also approved a payment holiday for students.