Manufacturers' group adds to call for extension of loan freeze

Many businesses are still struggling to stay afloat in the aftermath of the Covid-19 outbreak and movement restrictions imposed to curb the spread of infections.

Soh also noted that the end of the current six-month moratorium would coincide with the end of the Wage Subsidy Programme payment period, creating a “double cost whammy” on businesses which he said could severely impact their sustainability and initiatives to revive their businesses. While essential sectors were allowed to operate in stages during the MCO period, they were still impacted by disruptions to their supply chains and ability to meet their trade obligations – especially export orders – as they were only operating at half their capacity.

FMM also called for an extension of stamp duty exemptions to all loan and financing instruments for a one-year period from July 1, 2020 until June 30, 2021.

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