Banks Extend Loan Maturities and Other Benefits to Religious Facilities Participating in Social Distancing

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[Asia Economy Reporter Kim Hyo-jin] Banks have decided to extend loan maturities and defer principal and interest repayments for religious facilities participating in social distancing measures related to the novel coronavirus infection (COVID-19).

According to financial authorities and the Korea Federation of Banks on the 8th, banks plan to implement measures to extend loan maturities for at least three months or defer principal and interest repayments for religious facilities that comply with the government's social distancing to prevent the spread of COVID-19 during worship services and other religious gatherings.

Religious facilities wishing to receive maturity extensions or other measures can visit their bank branch for consultation from today until the end of social distancing (the 19th). They must submit a "Social Distancing Participation Pledge" containing provisions such as the cancellation of support and other disadvantages if the agreement is violated. If social distancing is extended, the implementation period will also be extended.