The impact of the coronavirus on people’s ability to earn an income and remain committed to their financial obligations has been huge.
A number of financial institutions have offered South Africans a payment holiday or an opportunity to pause or reduce monthly repayments for a period of time.
There are some things to consider before taking a payment holiday, like:
- How will this affect the repayment terms and interest rates?
- Who is eligible for a payment holiday?
- How could this benefit business owners?
- Are there alternative ways for a business to pay off debt now?
We opened this discussion up to our community in a live Q&A with DoughGetters Accounting, an online accounting consultancy that works with SMEs and small businesses.
Watch the live Q&A:
Join us next time.
If you’d like to participate in our next live chat, join our SA Small Businesses Unlocked Facebook Group here.