Moratorium on loans extended – to date 560 businesses and 44,000 employees have benefitted

The moratorium on loans for companies under the Covid-19 guarantee scheme (CGS) has been extended for three months until the end of September.

The European Commission has also approved the maximum period of the moratorium which can be given by commercial banks under the CGS, which can be extended for a further six months up to 18 months, on a case by case basis.

In a statement, the Malta Development Bank said that the scheme has helped more than 560 business to date, which between them employ more than 40,000 people.

The businesses, which range from hotels, commercial establishments and small businesses received more than €440 million in financing to cover working capital costs, through nine commercial banks.

It was stated that companies related to tourism, especially in the the accommodation and catering sectors,  as well  as wholesalers and retailers who were the hardest hit during the pandemic, were given almost €200 million between them, or more than 45% of all the loans sanctioned under the CGS