Amazon suspends loan repayments amid coronavirus
Amazon announced that it would temporarily suspend seller loan repayments, in the prospect of declining sales during the coronavirus pandemic.
Repayments under the Amazon Lending program will be paused until April 30. Interest would not accrue during that period.
This program has offered sums between $1,000 – $750,000 to merchants looking for capital to acquire inventory, expand their product lines and advertise on Amazon, reports LiveMint.com.
More than 20,000 merchants have gotten loans from Amazon, the company said in 2017. By the end of 2019, Amazon stood to receive $863 million from sellers to whom it provided financing through the lending program, according to a company filing. The loans’ terms range from three to 12 months, carrying interest rates from 6% to 19.9%.
More Amazon news
US considers putting Amazon overseas websites on counterfeit blacklist
Trump administration considers putting Amazon on “Notorious Markets” list Trump administration is considering putting some of Amazon overseas websites on a list of global marketplaces known for counterfeit goods, reports The Wall Street Journal, citing people familiar...
China insists on the removal of existing US tariffs
US-China Trade Deal Beijing’s top priority in the trade deal with the United States is the removal of existing tariffs on Chinese goods “Sources with direct knowledge of the trade talks told the Global Times on Saturday that the U.S. must remove existing...
Amazon is going to need a lot of robots
Amazon wants to ship you anything in 30 minutes Analysts predict that Amazon will try to add robots and automation to its entire operation. It is inevitable given Amazon's focus on efficiency and pleasing customers. Amazon is burning through billions to...
