Translation. Region: Russian Federal
Source: Central Bank of Russia –
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Holidays can be taken once every 5 years for a period of 6 months for each of the loans, if the entrepreneur has several of them. The corresponding law State Duma accepted immediately in the second and third readings.
The deferment of payments will also be allowed to entrepreneurs who received loans under preferential lending programs for small and medium-sized businesses. The holidays will be available to enterprises operating in any industry if they need a break in servicing the loan, regardless of whether their revenue has decreased or not.
The grace period will be approved if the amount of the loan or credit does not exceed the established values: for microenterprises – 60 million rubles, for small enterprises – 400 million rubles, for medium-sized enterprises – 1 billion rubles. A self-employed person will be able to apply for a loan holiday in the amount of up to 10 million rubles. The Russian government may revise these limits in the future.
During the grace period, interest will be accrued at the rate stipulated by the agreement and capitalized monthly. Holidays will also be allowed for those agreements that were concluded before the law was adopted, but not earlier than March 1, 2024.
The law will come into force on October 1, 2025. The adoption of the law does not limit the right of banks to provide SMEs with restructuring and holidays under their own programs.
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