The funds will be used to compensate banks for deferring loan repayments, the Russian government’s press service reports.
«1 billion rubles will be allocated to deferring the repayment of preferential loans to enterprises and organizations from the most affected sectors of the economy under the payroll 3.0 program,» the report reads. “This order was signed by Prime Minister Mikhail Mishustin. «
We are talking about the possibility of transferring payments for the six months that the borrowers received by the decision of the Council of Ministers. During this period, they can defer the repayment of interest and principal on the loan.
As the Prime Minister explained at the Thursday meeting of the government, the payroll 3.0 program «enables Russian companies to receive preferential loans at the level of 3% and not to repay the principal amount of the loan and interest for the first six months.» In addition, in March, the Russian authorities decided to establish credit holidays for up to six months, they are available to both citizens and businesses.
In a speech to deputies of the State Duma with a report on the work of the government, Mishustin noted that preferential corporate lending programs have proved effective. During their operation, the total amount of credit support was approximately 600 billion rubles.
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