ELECTION 2020: IRD-as-bank small business loan scheme extended to end of year

Sun, 05 Jul 2020

The government's highly popular small business loan scheme, using the Inland Revenue Department as a de facto bank, is to be extended to Dec. 31 as the government announces its latest move to try and shore up business confidence against the economic threat of the covid-19 pandemic. Applications for loans worth more than $1.51 billion have already been made by 90,485 small and medium-sized businesses as of last Friday for the scheme, which was first announced on May 12. The scheme involves minimal due diligence, which has made it by far th...

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