• COMPANIES: The number of companies officially registered with Mexico’s Social Security Institute (IMSS) decreased by nearly 10,000 during the past two months as the economic shock from the coronavirus pandemic settled in the country, according to new government data.
• NUMBERS: With no major government relief program other than some microloans, thousands of Mexican businesses shut down for good as lockdown orders were implemented across the country. Official data shows that 6,689 companies closed down in April and 3,295 in May. The total number of private sector employment is now 997, 767.
• ASPIRIN: “These (microloans) amounts are not even like an aspirin. They are just enough to cover the wages of two workers earning on average 9,000 pesos a month (US $400) each without benefits”, said Armando Guajardo an official from COPARMEX, a Mexican employers federation.
• MEASURES: In addition to the microloans, the Mexican government has allowed the late payment of employers contributions to social security. However, the administration has been adamant against delaying payment of taxes or direct private support for companies.
