Shimla Hotel & Restaurant Association welcomes interest subvention scheme on loans

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Shimla. Shimla Hotel & Restaurant Association has welcomed interest subvention scheme on loans by HP Government.

Association’s President Sanjay Sood said the government”s interest subvention scheme on loans will help revive the tourism industry to survive and revive.

He said industry has been severely impacted because of the COVID-19 pandemic.

The Industry has since long cause of COVID-19 pandemic have been demanding financial help.

Hoteliers were finding it difficult to pay fixed expenses like electricity/water, insurance, taxes, staff and bank interest payments.

Under the Interest Subvention Scheme, tourism units paying GST up to Rs 1 crore will be entitled for maximum loan of Rs 50 lakh and those paying GST between Rs 1 crore and Rs 3 crore for at least one year ending March 31, 2020 will be entitled for loan up to Rs 75 lakh.

Units paying GST above Rs 3 crore will be eligible for loan of Rs 1 crore and small registered tourism units will also be eligible for maximum loan of Rs 15 lakh.

This loan period will be for four years with interest subvention of 50 per cent each for the first two years.

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