The state granted loans specifically to companies with a turnover below MAD 500 million ($50 million).
Rabat – The Economic Watch Committee has taken a series of measures in favor of businesses affected by the COVID-19 pandemic, particularly micro-, small-, and medium-sized enterprises, and the liberal professions, said the minister of economy, finance, and of administrative reform, Mohamed Benchaaboun, on Monday in Rabat.
Responding to a question in the House of Representatives, Benchaaboun said that the measures include postponing repayments of maturities and leasings until June 30, as well as providing an additional line of credit from the Central Guarantee Fund (CCG) for companies experiencing liquidity deterioration due to the decline in activity, including those operating in the real estate sector.
The minister added that requests to postpone the repayment of maturities and requests linked to leasings amounted to 416,000, totaling MAD 33 billion ($3.3 billion).
He pointed out that of the total, 310,000 requests have been processed and approved, 5% have been rejected, and the remaining requests are still under review.
The state granted 9,000 loans specifically to companies with a turnover below MAD 500 million ($50 million). Granted through the CCG’s Damane Oxygene, the loans amounted to MAD 3.7 billion ($370 million), according to the minister.
Benchaaboun noted that companies whose turnover for the 2019 financial year is less than MAD 20 million ($2 million) can also opt to postpone the filing of tax statements until June 30. Companies can also postpone submitting income statements for individuals from the end of April to June 30.
The measures also exempt allowances paid to employees registered with the CNSS from income tax, within the limit of 50% of the individual’s average monthly net salary.
The minister concluded that self-employed individuals affected by the COVID-19 crisis may also be eligible to receive an interest-free loan of up to MAD 15,000 ($1,500).