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5,7 billion rubles allocated for soft business lending in Russia

5,7 billion rubles allocated for soft business lending in Russia
Photo: pixabay.com

Banks that will issue soft loans to businesses and NPOs at a rate of 2% will receive 5,7 billion rubles to recover lost profits. The order on this was approved by the Russian government.

As noted in the explanatory note to the document, the total volume of loans issued should be at least 248 billion rubles. Small companies and large businesses from the sectors affected by the coronavirus, as well as a number of socially oriented non-profit organizations, will be able to get preferential loans.

Enterprises that have retained at least 90% of their employees will write off the loan along with interest - the state will repay the entire amount. Those who retain at least 80% of the staff will have to repay half of the loan and interest on it.

According to Prime Minister Mikhail Mishustin, the size of the loan will be calculated on the basis of one minimum wage per employee, then the amount will be multiplied by the crediting period. Entrepreneur or company can send money for any purpose.

“Of course, we expect that they will be spent primarily on the payment of wages,” the prime minister said.

The business must repay the loan before April 1, 2021. When issuing loans, the level of employment in companies will be controlled using a special platform of the Federal Tax Service.

Vladimir Putin suggested launching a special loan program to support employment in Russia. It will work from June 1 and will support seven million jobs.

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