April 22, 2020

Rent Waivers Needed For Small and Medium Businesses In T&T.

By Newsroom

  Government is being asked to consider legislation which will  give “legal protection to small businesses from the difficulties they face with loan repayments and rental payments caused by this economic downturn.”

 “It is troubling that six weeks after the Prime Minister promised that financial institutions would assist firms during this crisis, many business owners and chambers are publicly complaining that banks, as well as insurance companies, have offered no significant waivers while some landlords are still seeking rental payments despite the inability to operate,”  Point-a-Pierre MP David Lee, who is the Opposition Chief Whip in The House of Representatives is suggesting.The only solid solution to this dire situation is the passage of legislation which will provide a legal moratorium on loans for small businesses allowing their capitals to be protected to facilitate a successful restart to operations when the lockdown is over. 

These measures are critical as they will not only give Small and Medium enterprises the breathing space they need “to get back on their feet” when the lockdown is over but it will work to protect jobs and the economic recovery of our nation. The small and medium enterprise (SME) sector faces a nightmare as never seen before due to the prevailing crisis, the Government must move swiftly to bring legislation to our Parliament to not only save but prevent the destruction of hundreds of small businesses together with the thousands of jobs they provide,” the Point a Pierre MP said.

“At present, hundreds of businesses face permanent closure as the government’s tactic of moral suasion to financial institutions and landlords as well as the other “economic cushions” to protect businesses during this COVID-19 crisis have failed”  he noted.

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