There will be Credits for SMES Who Have Neither Written off their Workers nor Reduced their Wages

In recent days during the morning of the federal government, President Andrés Manuel López Obrador and the Director General of the Mexican Social Security Institute (IMSS), Zoé Robledo, reported that they will be increasing to a million new micro credits by the federal government to formal and informal Smes during this coronavirus contingency (COVID-19)have proved to be responsible and unconditional with their workers and with the support of the family economy, not to lay off or reduce the wages of their workers, but above all, that they are registered with the IMSS.

These micro-credits to support solidarity entrepreneurs consist of $25,000.00 that can be granted from May 04, through electronic transfers to companies that apply, among which are small and medium-sized enterprises, In the formal and informal sector, they voluntarily decided to take measures to isolate themselves from their workers without leaving the institute and continued to pay their salaries on a normal basis. Credits can be paid within a period of up to three years, with interest rates depending on the number of workers they have, as shown below:

The measure stemmed from the high level of unemployment recorded by the Mexican Social Security Institute (IMSS), through the report of departures from the institute so far and mainly because these sectors have maintained solidarity with the economy in general.

The federal government emphasized that from next week they will be offering more details of the program and how they will be notifying companies that can benefit.

In Bandala | Diaz | García we continue to offer you timely information of business interest and we continue to advise you on this and other issues.