COVID-19 fund loans to film, media sectors prolonged by one year

The recovery committee announced on 31 January that the repayment period for the loans issued to nearly 900 businesses, including the film and media sector and the COVID-19 fund’s loans have been extended by one year.
Loans have been lent to businesses most affected by the film, music, press and media sectors since 28 January 2022 to recover from the economic damage caused by the COVID-19 pandemic. The Union government order extended the loan repayment period to 8 March 2023.
However, due to the COVID-19 pandemic, businesses are being affected again, and local firms have been instructed to extend the loan repayment period for the second time by another year from the date of the loan repayment period to facilitate financial operations.
A total of 879 companies and businesses from these sectors were issued loans amounting to K13.1325 billion from the COVID-19 fund, with an interest rate of one per cent and a loan term of one year, according to the statement. Therefore, from the above 879 companies and businesses that received loans from the COVID-19 fund, the businesses that have paid interest for the first and second years will be extended another year from the day the loan period reached two years. If someone fails to repay the loans, further action will be taken under the law, as described by the statement. — TWA/KZL