The Government has initiated further relief for companies from the impact of COVID-19 by guaranteeing working capital loans of up to RP 1 trillion (approx. USD 68 million) with the minimum starting at RP 5 billion (approx. USD 340,000).* Applicants must satisfy a number of criteria to be eligible for the loans, including, among other things, that they must:
- have at least 50 employees;
- be negatively effected by COVID-19;
- be incorporated; and
- not be on a national blacklist.
Businesses may show that they are negatively effected by COVID-19 if:
- sales and/or profits have fallen during the pandemic;
- the business is in a sector deemed by the Government to be effected by COVID-19;
- the location of the business is deemed to be effected by COVID-19;
- there has been a business interruption due to COVID-19; and/or
- the business has had difficulty accessing other loans.
Applications may be submitted to a bank authorised by the Financial Services Authority.
*Finance Regulation 32/2021.