Brasília – Brazil’s federal government this Friday (27) announced a line of credit to support wage payments for small and medium business as the country declared a state of emergency amid the novel coronavirus (Covid-19) pandemic. The credit is expected to go to 1.4 million companies employing 12.2 million workers between them.
The revenue range for eligibility is BRL 360,000 to BRL 10 million. BRL 20 billion per month will be made available to help businesses honor two months’ worth of wage payments. Thursday (26) saw Brazil’s Chamber of Deputies greenlight a BRL 600 three-month emergency aid for workers who are self-employed, informal, or varying income. The bill is now pending review from Senate and then the president.
Translated by Gabriel Pomerancblum
