Zwakele Mncwango said that this would allow individual customers and businesses a bit of financial relief as some people could possibly not earn at all or not earn enough during this period. coronavirus
Durban - In light of the outbreak and now spread of Covid-19 within South Africa, the Democratic Alliance in KwaZulu-Natal has proposed that municipalities and financial institutions allow their clients a four month grace period in which they will not pay their bills and loans.
“If people don’t go to work, they won’t be able to make money to pay their debts and monthly liabilities and it is the same with businesses. If a business closes today it means that rent for the business’s premises won’t be paid and there will be an inability to service the bonds taken to run the business,” Mncwango said.
He said that this made things even more difficult because a lot of local businesses were run on credit instead of cash meaning that a business shutting its doors in order to comply with safety measures around the virus puts it at great risk of collapse if banks and municipalities do not implement financial relief measures.
He said that they were calling for all the banks, not just one bank, to suspend repayments on loans and bonds to individuals and businesses for a period of just four months or until such a time that it can be confidently said that the coronavirus has been dealt with or until a time when everything gets back to business as usual.
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