RIO DE JANEIRO, March 27 (Xinhua) -- The Brazilian government announced on Friday a 40-billion-real (8-billion-U.S.-dollar) financial aid for small and medium-sized companies amid the COVID-19 pandemic.
This emergency credit line will be available to help these enterprises to cover their payroll expenses.
The credit will be provided in two months, with 20 billion reals (4 billion U.S. dollars) for each.
Companies will have up to three years to pay for the loans at a favorable annual interest rate of 3.75 percent.
With the measure, the government hopes to avoid mass layoffs.
The measure was announced one day after the House approved a minimum income program to help the unemployed, self-employed and informally employed people affected by the pandemic.
