Government to cover one third of interest payments on SME’s restructured loans

Prime Minister Mikhail Mishustin chaired a meeting of the government yesterday. The meeting addressed issues facing small and medium-sized businesses, which have been especially hard hit by the COVID-19 crisis, government website reports.

As Mishustin said, “The government has put together a set of measures including tax breaks, insurance payment deferral for micro-enterprises, a temporary ban on inspections and bankruptcy for small and medium-sized businesses. The government also focused on loan conditions for small and medium-sized businesses. We have expanded ways to restructure existing loans and simplified the requirements for obtaining concessional loans to pay employees’ wages. The most hard-hit enterprises can postpone payments on their loans for six months. The federal budget will cover one third of interest payments.”

He also announced a decision “to increase by up to 50% advance payment to enterprises contracted to supply goods, works and services for public needs.”

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