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State Duma Adopts Bill on Loan Repayment Break for SMEs2.04.2020 |
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UrBC, Moscow, April 2, 2020. Russia’s State Duma adopted a draft bill on introducing ‘a loan repayment holiday’ for sole traders and small and medium enterprises in the third and final reading this week. This means borrowers can take a break from repaying the principal debt and the interest for a few months, Prime reports. Under the terms of the bill, businesspeople can apply for a loan repayment break with their bank through September 30, 2020. The ‘repayment holiday’ could last up to six months. Private individuals are eligible to apply for the six-month ‘repayment holiday’ as well. In order to be given the break, however, the applicant must prove that their income went down by at least 30% compared with the previous accounting month. Now the proposal to introduce a loan repayment break option was put forth by Russian President Vladimir Putin in his televised address last week. Вернуться назад |