Extending loan moratorium will benefit you, banks told

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A new-empty restaurant in Kuala Lumpur operating under strict SOPs imposed by the authorities. A business group says SMEs would be able to regain only 30% of what they used to make.PETALING JAYA: The Small and Medium Enterprises Association of Malaysia has argued that banks will benefit if the moratorium on loan repayments is extended. The organisation’s president, Michael Kang, said the extension would enable the sector to retain their employees, who would then be able to service their loans. “SMEs nationwide employ some 10 million people, a majority of whom have loans with banks,” he told FMT. He said it would take time before SMEs recover from the economic impact of the Covid-19 crisis and there was no telling when the conditional movement control order (CMCO) would be lifted. The CMCO allows most businesses to resume operations, but Kang said the business generated would at th…