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VEB.RF will give up to 100 billion rubles guarantees for loans for salaries
This week, entrepreneurs will be able to start applying for loans to pay employees if they encounter problems due to coronavirus. VEB.RF State Development Corporation will provide guarantees in the amount of up to 100 billion rubles for these purposes.
As the head of the Cabinet of Ministers Mikhail Mishustin stated at an operational meeting with deputy prime ministers, loans will be interest-free. Small business will take loans for salaries from systemically important banks and specialized SME Banks. According to Mishustin, in the coming days, Sberbank and VTB will receive guarantees of up to 20 billion rubles each.
Last week, the first deputy chairman of the Russian government, Andrey Belousov, announced the launch of a pilot project. He said that loans will be given for half a year and under subsidized interest rates.
President Vladimir Putin said earlier that small and medium-sized businesses in Russia will receive deferral of all taxes and loans for six months due to the coronavirus pandemic and the worsening economic situation. The measure will not affect only value added tax.