Banks of the Russian Federation will issue business interest-free loans to pay salaries

Image: portal of the mayor and government of Moscow

the Russian banks will start to issue interest-free loans to the business for payment of wages. It is reported TASS with reference to the Secretariat of the first Deputy Prime Minister of Russia Andrei Belousov.

Belousov instructed in an accelerated mode to ensure the transfer of money to banks for lending to the wage funds of small and medium-sized businesses that suffered most due to the coronavirus.

the Central Bank will allocate for these purposes 150 billion rubles. Primarily the funds will be deposited in the savings Bank, VTB, MSP Bank, Promsvyazbank, Gazprombank, Alfa-Bank and “Opening”. Since April 8, they’ll give cash to entrepreneurs for support.

last week the payments were already at 0% Sberbank and VTB. Currently, the Ministry of economic development conducts additional selection of banks to grant.

on 1 April in Moscow approved a second package of measures to support small and medium-sized businesses. It included subsidies for banks that allows you to set the rate on loans to young companies is not above eight percent. Expanded measures to support foreign trade activities: there are subsidies on export of not only goods but also services, intellectual property rights.

Prime Minister Mikhail Mishustin announced that the bankruptcy will be free. Vladimir Putin signed a law on the right to vacation credit for individuals and organizations affected by the pandemic COVID-19. Arrange them for a period of 6 months.

the CBR has abolished allowances for risk coefficients on mortgage loans issued before 1 April. Reduced minimum rating of credit institutions in the context of access to the program of preferential refinancing. The conditions assume that banks can obtain loans at 4 percent with a limit of 500 billion rubles.

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