At the 2020 edition of the Micro Small and Medium Enterprises ( MSMEs) Awards which held via video conference , vice president Yemi Osinbajo stated that government has made extensive provision for financial support to MSMEs , ranging from a guaranteed off-take scheme to a survival fund that includes payroll support programme for qualifying businesses.
The survival fund will help to provide payroll support to MSMEs with a minimum of 10 and maximum 50 staff.
The MSMEs that qualify for these will make available their payroll for verification by the government.
Companies that meet the requirements will then be eligible to have the salaries of their verified staff paid directly from the fund for a period of three months.
The target beneficiaries of this scheme will include private schools , hotels, road transport workers , creative industries & others. The verification process will be very rigorous and painstaking.
In support of this move by government, the President of National Association of Proprietors of Private Schools, Yomi Olubela disclosed that the Federal Government have agreed to pay the salary of private school teachers for the duration of the lockdown.
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