Covid-19 lockdown costs for businesses at $1.4b monthly

Financial Tribune – Iran Chamber of Guilds has identified and introduced 57 groups of businesses to the government to receive coronavirus bailout, including coffee shops, reception halls, beauty salons, clothing units and bag and shoe shops

Coronavirus lockdowns inflicted monthly losses worth 260,000 billion rials ($1.47 billion) on local businesses under the supervision of Iran Chamber of Guilds.

According to Hoshyar Faqihi, an official with Iran Chamber of Guilds, the chamber has identified and introduced 57 groups of businesses to the government to receive coronavirus bailout, of which 25, including coffee shops, reception halls, beauty salons, clothing units and bag and shoe shops, have been found eligible to receive loans at the interest rate of 12%.

The monthly losses incurred by these 25 groups are estimated to stand at 143,000 billion rials ($812.5 million) and those of the remaining 32 groups at 122,000 billion rials ($693.18 million). The latter did not qualify for government loans.

“About 2.3 million people are working in sectors that were not found eligible for the bailout and 2.8 million people are working in guilds that will receive the government aid,” he was quoted as saying by ISNA.