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
Amazon is testing a new “Top Brand” badge
What does Amazon’s “Top Brand” badge actually mean? Amazon is testing a new signifier, called “Top Brand”. But no one seems to know what, exactly, a “Top Brand” is, and Amazon won’t say. According to Business Insider, companies do not pay to receive the...
Amazon Uses a Twitter Army of Employees to Fight Criticism
Amazon 'ambassadors' defend working conditions at warehouses A group of Amazon employees known as “FC ambassadors” began tweeting again about how great it is to work at Amazon. When the ambassadors see others on social media discussing the brutal working...
US Senators want to know how the “Amazon’s Choice” badge works
Senators ask Jeff Bezos to explain how Amazon recommends products Two high-profile Senate Democrats are asking Amazon for answers about its “Amazon’s Choice” badge, as it could be deceiving consumers into buying “inferior” products. In a letter to Amazon...
