April 9, 2020 |
Brazil’s national development bank BNDES said it opened a new BRL40 billion ($7.8 billion) credit line on Wednesday to help up to 1.4 million small businesses pay their employees.
The new line, called the Emergency Employment Support Program, will provide funds to make payroll for companies with annual revenues between BRL360,000 and BRL10 million in return for a promise not to fire any employees for 60 days.
The line will finance two months of wages and could help 12.2 million people, BNDES sai
Brazil's national development bank opens a new $7.8 bln credit line to help companies make payroll