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Due to the coronavirus, many entrepreneurs have plummeted the number of customers and revenue, sometimes to zero. We are examining what measures to support business in this difficult time the government proposes.
Companies and individual entrepreneurs (IEs) can minimize costs and mandatory payments during the pandemic and after it, until the business returns to its previous turnover.
Which companies are entitled to go on credit holidays?
According to the law, small and medium-sized enterprises, as well as individual entrepreneurs from the list of industries that are most affected by the pandemic, can apply for deferred payments on loans and borrowings.
It is enough to inform the bank, microfinance organization (MFO) or credit consumer cooperative that you want to postpone payments for up to six months. The lender does not have the right to refuse you if you are included in the register of SMEs or registered as an individual entrepreneur and your code (main or additional) was included in the list of affected industries.
You can submit an application in any way that is provided for in your agreement: through your personal account on the lender's website, his mobile application, or even just call the call center from the phone, the number of which you indicated in the agreement as a contact number.
The bank or MFI are obliged to consider the application and send the modified payment schedule within five calendar days.
If you do not comply with some of the requirements of the law, then it is not necessary to require exactly those holidays that are provided to victims of the pandemic. You can try to negotiate other conditions with your lender: for example, not a full stop, but a decrease in payments, but for a year, not six months. Such a restructuring will likely take more than five days to agree. But as a result, the payment schedule will be more convenient.
My business also suffered a lot, but it was not included in the list of industries that need support. Do I have a chance to defer payments?
Banks and MFIs now often find themselves in the position of borrowers who find it difficult to pay off loans and borrowings, even if their industry is not particularly hit. Usually lenders agree to delay or reduce payments.
The Bank allowed financial institutions not to create increased provisions for such restructured loans. That is, banks and MFOs do not have additional costs, and they are more willing to meet borrowers halfway.
Individual entrepreneurs have the right to receive a grace period as individuals - regardless of the type of business. People can take a loan vacation if their earnings in the last month have decreased by at least 30% compared to their average monthly income for the previous year. To do this, it is enough to notify the lender of your decision - for example, by phone that you indicated in the contract. And within three months, provide proof of a decrease in your income. You can read more about credit holidays for citizens in the text "Credit Holidays and Restructuring: How to Make It Easier to Pay Your Debt in 2021".
During the holidays, an individual entrepreneur can either completely suspend payments on loans and borrowings, or reduce them to a feasible level.
During my credit vacation, will I be charged interest and late fees?
Interest in the grace period continues to be calculated, but they will need to be paid after the end of the holidays. They will be taken into account in the new payment schedule that the lender will send you.
By law, a shift in the timing of contributions is not considered a delay, no additional interest will be charged. If you delayed payment before the start of the grace period and you have already been charged a forfeit, fines and penalties, they will be frozen and they will not grow during the holidays.
In cases where you took out a loan or a loan secured by property, in particular housing, a financial institution will not be able to foreclose on this collateral and sell it to pay off your debt. The lender also has no right to demand an early return of the money.
Under some agreements, the bank and MFI provide several tranches of the loan. It should be borne in mind that during the grace period, new tranches are not issued.
I have a loan guaranteed by another organization. Do I need to somehow prolong it or get a new one in case of holidays?
There is no need. If you have provided a pledge, surety or guarantee as security for a loan, then their term is automatically extended for the duration of the grace period. In this case, you do not need to request the consent of the surety, guarantor or pledger (if the pledge was provided not by you, but by another company or person).
What if the lender doesn't agree to the vacation?
If according to the law you have the right to deferment, bank, MFI does not have the right to refuse you. If you find it difficult to arrange a vacation, complain about the violators to the Bank.
I took out a loan in foreign currency, but the rate changed a lot. Can I re-register it in $?
The Bank recommended lenders in such cases to meet borrowers halfway. If you are unable to independently agree with the bank on restructuring, including changing the currency of the loan, you can contact the regulator for help. To do this, you need to go to the Internet reception of the Bank, describe your problem, attach an agreement with the bank and a copy of your correspondence with the lender.
If you manage to change the terms of the loan, for example, defer payments, will it ruin my credit history?
Not. If your financial situation has deteriorated due to the pandemic and you had to restructure a loan or loan, this will not affect your credit rating.
I had to send employees on paid vacation, but there is no money for salaries. Can you count on a preferential loan?
Now there are three programs of concessional loans with state support at once:
Targeted loans for salaries at 0%
Banks provide enterprises from particularly affected industries with interest - free loans for up to six months. Then you can extend the loan for another six months, but already at 3.5%.
The loan agreement can be drawn up. But zero percent will be valid only until the end of December (even if less than six months have passed since the conclusion of the contract), and then the rate will rise to 3.5%.
The maximum loan amount is determined as the product of the number of employees by the minimum wage (taking into account regional coefficients) and by 6 (months). The loan is issued in installments - monthly based on the actual number of employees. This money can be spent exclusively on paying salaries.
The debt will need to be repaid at the end of the loan agreement - according to the schedule set by the bank.
The full rules for participation in the program are described in the Government decree.
Targeted loans are already issued by 40 of the largest banks. It is assumed that in the future the number of banks will increase - a list of them can be found on the website of the Ministry of Economic Development.
Loans to support employment at 2%
Enterprises can apply for loans at 2% per annum if they relate to industries affected by the pandemic or industries that require additional support. In particular, manufacturers of clothing, footwear, furniture, books, household appliances and other consumer goods have the right to apply for preferential loans.
Companies and individual entrepreneurs who have employees are eligible to participate in the program. For small and micro-enterprises, at least one code should be included in the list of affected industries - either the main one or the additional one. Medium and large companies are entitled to apply for preferential loans only for their core business.
Under the terms of the program, the company will receive a loan in installments. Every month, the bank will allocate an amount to him, which is equal to the number of employees multiplied by double the minimum wage (taking into account regional coefficients). Interest on the loan will be accrued, but you will not have to pay it on a monthly basis - they will be added to the principal amount.
Unlike targeted salary loans, under this program, an entrepreneur will have the right to use the money not only for payments to employees, but also for other purposes that will support production.
Loans received under the program, in some cases, it will be possible not to return or return incompletely. If the company retains at least 90% of employees from the state then the state will fully reimburse the loan and interest on it.
An entrepreneur who retains 80 to 90% of employees will have to pay only half of the loan and interest on it.
If in some month the state shrinks by more than 20% compared to the bank will not issue new amounts, and the loan and interest will need to be returned in full within three months. At the same time, the rate of 2% will be in effect until April 1, and then the bank will charge ordinary interest, as on other loans with similar parameters in terms of amount and term.
The full conditions for granting loans are set out in the Government decree.
The list of banks that will take part in the program will be published on the website of the Ministry of Economic Development.
Loans for small and medium-sized businesses at 8.5%
Under the program to stimulate lending to SMEs, representatives of small and medium-sized businesses in any industry, as well as self-employed persons, can obtain or refinance loans at a rate of 8.5% per annum for up to three years.
Entrepreneurs have the right to spend this money on anything, including paying salaries or replenishing working capital.
99 banks participate in the program. Their list is published on the website of the SME Corporation.
Entrepreneurship grants
Small and medium-sized businesses from the most affected industries can receive gratuitous financial assistance from the state. The company will be paid one minimum wage for each employee. The company has the right to spend this amount on any urgent needs.
Organizations that retained at least 90% of their employees will be able to apply for grants. If the company employed less than 10 people, then a reduction in staff by one person is permissible.
To receive a subsidy, you need to submit an application to the Federal Tax Service (FTS). More information about the conditions of the program and the procedure for obtaining grants can be found on the website of the Federal Tax Service and the special portal of the Ministry of Economic Development for entrepreneurs.
All our orders went online and customers pay with cards immediately. Can you save on acquiring?
If you sell food, ready-made food, medicines, other medical products, clothing or everyday items via the Internet, then the maximum acquiring rate for you will be 1%. This limitation will apply.
Online stores that sell household appliances and electronics can also pay a reduced commission to banks - but only in cases where the purchase amount using the card does not exceed $ 300.
A significant part of the proceeds goes to taxes. Is it possible to postpone their payment for a while?
Many companies, sole proprietors and self-employed people are entitled to a deferral of taxes and mandatory insurance premiums. You can postpone payments for a period of three months to a year.
Not everyone can get a reprieve. It relies only on taxpayers who work in the industries most affected by the pandemic. Their list was determined by the government. Moreover, payments can be postponed only if the revenue has decreased by at least 10%. You can read more about tax breaks on the website of the Federal Tax Service.
Companies and individual entrepreneurs (IEs) can minimize costs and mandatory payments during the pandemic and after it, until the business returns to its previous turnover.
- Credit Holidays
- Businessmen who do not have enough money to pay off credits and loans have the hardest time. The new law allows many companies and individual entrepreneurs to defer payments for up to six months.
- Concessional loans
- Small and medium-sized entrepreneurs (SMEs) of all industries can obtain new and refinance old loans at a rate of 8.5%, for example, under the SME Corporation's lending support program.
- Interest Free Payroll Loans
- The entire April was declared non-working, while companies are required to pay their employees a salary. Accredited banks are ready to provide loans at 0% to pay salaries.
- Reduced tariff for acquiring
- Online stores offering consumer goods now donate to banks no more than 1% of the amount that the customer paid with the card.
- Deferral of taxes and insurance premiums
- The business most affected by the pandemic has the right to postpone the payment of taxes and mandatory insurance premiums for a period of three months to a year. The duration of the grace period depends on the amount of income, the amount of its decrease and whether the business has losses.
Which companies are entitled to go on credit holidays?
According to the law, small and medium-sized enterprises, as well as individual entrepreneurs from the list of industries that are most affected by the pandemic, can apply for deferred payments on loans and borrowings.
It is enough to inform the bank, microfinance organization (MFO) or credit consumer cooperative that you want to postpone payments for up to six months. The lender does not have the right to refuse you if you are included in the register of SMEs or registered as an individual entrepreneur and your code (main or additional) was included in the list of affected industries.
You can submit an application in any way that is provided for in your agreement: through your personal account on the lender's website, his mobile application, or even just call the call center from the phone, the number of which you indicated in the agreement as a contact number.
The bank or MFI are obliged to consider the application and send the modified payment schedule within five calendar days.
If you do not comply with some of the requirements of the law, then it is not necessary to require exactly those holidays that are provided to victims of the pandemic. You can try to negotiate other conditions with your lender: for example, not a full stop, but a decrease in payments, but for a year, not six months. Such a restructuring will likely take more than five days to agree. But as a result, the payment schedule will be more convenient.
My business also suffered a lot, but it was not included in the list of industries that need support. Do I have a chance to defer payments?
Banks and MFIs now often find themselves in the position of borrowers who find it difficult to pay off loans and borrowings, even if their industry is not particularly hit. Usually lenders agree to delay or reduce payments.
The Bank allowed financial institutions not to create increased provisions for such restructured loans. That is, banks and MFOs do not have additional costs, and they are more willing to meet borrowers halfway.
Individual entrepreneurs have the right to receive a grace period as individuals - regardless of the type of business. People can take a loan vacation if their earnings in the last month have decreased by at least 30% compared to their average monthly income for the previous year. To do this, it is enough to notify the lender of your decision - for example, by phone that you indicated in the contract. And within three months, provide proof of a decrease in your income. You can read more about credit holidays for citizens in the text "Credit Holidays and Restructuring: How to Make It Easier to Pay Your Debt in 2021".
During the holidays, an individual entrepreneur can either completely suspend payments on loans and borrowings, or reduce them to a feasible level.
During my credit vacation, will I be charged interest and late fees?
Interest in the grace period continues to be calculated, but they will need to be paid after the end of the holidays. They will be taken into account in the new payment schedule that the lender will send you.
By law, a shift in the timing of contributions is not considered a delay, no additional interest will be charged. If you delayed payment before the start of the grace period and you have already been charged a forfeit, fines and penalties, they will be frozen and they will not grow during the holidays.
In cases where you took out a loan or a loan secured by property, in particular housing, a financial institution will not be able to foreclose on this collateral and sell it to pay off your debt. The lender also has no right to demand an early return of the money.
Under some agreements, the bank and MFI provide several tranches of the loan. It should be borne in mind that during the grace period, new tranches are not issued.
I have a loan guaranteed by another organization. Do I need to somehow prolong it or get a new one in case of holidays?
There is no need. If you have provided a pledge, surety or guarantee as security for a loan, then their term is automatically extended for the duration of the grace period. In this case, you do not need to request the consent of the surety, guarantor or pledger (if the pledge was provided not by you, but by another company or person).
What if the lender doesn't agree to the vacation?
If according to the law you have the right to deferment, bank, MFI does not have the right to refuse you. If you find it difficult to arrange a vacation, complain about the violators to the Bank.
I took out a loan in foreign currency, but the rate changed a lot. Can I re-register it in $?
The Bank recommended lenders in such cases to meet borrowers halfway. If you are unable to independently agree with the bank on restructuring, including changing the currency of the loan, you can contact the regulator for help. To do this, you need to go to the Internet reception of the Bank, describe your problem, attach an agreement with the bank and a copy of your correspondence with the lender.
If you manage to change the terms of the loan, for example, defer payments, will it ruin my credit history?
Not. If your financial situation has deteriorated due to the pandemic and you had to restructure a loan or loan, this will not affect your credit rating.
I had to send employees on paid vacation, but there is no money for salaries. Can you count on a preferential loan?
Now there are three programs of concessional loans with state support at once:
- targeted loans for salaries at 0%;
- soft loans to support employment at 2%;
- loans for small and medium-sized businesses at 8.5%.
Targeted loans for salaries at 0%
Banks provide enterprises from particularly affected industries with interest - free loans for up to six months. Then you can extend the loan for another six months, but already at 3.5%.
The loan agreement can be drawn up. But zero percent will be valid only until the end of December (even if less than six months have passed since the conclusion of the contract), and then the rate will rise to 3.5%.
The maximum loan amount is determined as the product of the number of employees by the minimum wage (taking into account regional coefficients) and by 6 (months). The loan is issued in installments - monthly based on the actual number of employees. This money can be spent exclusively on paying salaries.
The debt will need to be repaid at the end of the loan agreement - according to the schedule set by the bank.
The full rules for participation in the program are described in the Government decree.
Targeted loans are already issued by 40 of the largest banks. It is assumed that in the future the number of banks will increase - a list of them can be found on the website of the Ministry of Economic Development.
Loans to support employment at 2%
Enterprises can apply for loans at 2% per annum if they relate to industries affected by the pandemic or industries that require additional support. In particular, manufacturers of clothing, footwear, furniture, books, household appliances and other consumer goods have the right to apply for preferential loans.
Companies and individual entrepreneurs who have employees are eligible to participate in the program. For small and micro-enterprises, at least one code should be included in the list of affected industries - either the main one or the additional one. Medium and large companies are entitled to apply for preferential loans only for their core business.
Under the terms of the program, the company will receive a loan in installments. Every month, the bank will allocate an amount to him, which is equal to the number of employees multiplied by double the minimum wage (taking into account regional coefficients). Interest on the loan will be accrued, but you will not have to pay it on a monthly basis - they will be added to the principal amount.
Unlike targeted salary loans, under this program, an entrepreneur will have the right to use the money not only for payments to employees, but also for other purposes that will support production.
Loans received under the program, in some cases, it will be possible not to return or return incompletely. If the company retains at least 90% of employees from the state then the state will fully reimburse the loan and interest on it.
An entrepreneur who retains 80 to 90% of employees will have to pay only half of the loan and interest on it.
If in some month the state shrinks by more than 20% compared to the bank will not issue new amounts, and the loan and interest will need to be returned in full within three months. At the same time, the rate of 2% will be in effect until April 1, and then the bank will charge ordinary interest, as on other loans with similar parameters in terms of amount and term.
The full conditions for granting loans are set out in the Government decree.
The list of banks that will take part in the program will be published on the website of the Ministry of Economic Development.
Loans for small and medium-sized businesses at 8.5%
Under the program to stimulate lending to SMEs, representatives of small and medium-sized businesses in any industry, as well as self-employed persons, can obtain or refinance loans at a rate of 8.5% per annum for up to three years.
Entrepreneurs have the right to spend this money on anything, including paying salaries or replenishing working capital.
99 banks participate in the program. Their list is published on the website of the SME Corporation.
Entrepreneurship grants
Small and medium-sized businesses from the most affected industries can receive gratuitous financial assistance from the state. The company will be paid one minimum wage for each employee. The company has the right to spend this amount on any urgent needs.
Organizations that retained at least 90% of their employees will be able to apply for grants. If the company employed less than 10 people, then a reduction in staff by one person is permissible.
To receive a subsidy, you need to submit an application to the Federal Tax Service (FTS). More information about the conditions of the program and the procedure for obtaining grants can be found on the website of the Federal Tax Service and the special portal of the Ministry of Economic Development for entrepreneurs.
All our orders went online and customers pay with cards immediately. Can you save on acquiring?
If you sell food, ready-made food, medicines, other medical products, clothing or everyday items via the Internet, then the maximum acquiring rate for you will be 1%. This limitation will apply.
Online stores that sell household appliances and electronics can also pay a reduced commission to banks - but only in cases where the purchase amount using the card does not exceed $ 300.
A significant part of the proceeds goes to taxes. Is it possible to postpone their payment for a while?
Many companies, sole proprietors and self-employed people are entitled to a deferral of taxes and mandatory insurance premiums. You can postpone payments for a period of three months to a year.
Not everyone can get a reprieve. It relies only on taxpayers who work in the industries most affected by the pandemic. Their list was determined by the government. Moreover, payments can be postponed only if the revenue has decreased by at least 10%. You can read more about tax breaks on the website of the Federal Tax Service.