The business of Moscow will obtain perpetual loans

After the speech of the president and the announcement of a month of non-working days with full pay last week, it became clear that the threat of the spread of coronavirus remains, which means that business will have a lot of pressure, especially on the small and medium-sized enterprises (SMEs).

In such a situation, the help of federal and regional authorities is critically necessary; the Government of the Moscow Region has already prepared a number of measures, aimed at supporting the entrepreneurship.

In addition to the already known tax holidays, a moratorium on the inspections, penalties and sanctions by the tax authorities, and a moratorium on bankruptcy, suspension of enforcement proceedings, deferral and reduction of rental payments in contracts with municipal owners, as well as blocking of accounts, a number of new measures have been introduced, in particular: 

• Provision of the interest-free loans for the payment of wages to employees in the amount of the minimum wage for up to six months;

• The issuance of perpetual loans to businesses at a reduced rate - up to 8.5%;

• Granting a deferral on existing loans for a period of six months, restructuring of debts;

• Automatic renewal of permits and licenses;

• Provision of credit holidays for up to six months to the individual entrepreneurs, who are faced with a sharp drop in income due to the pandemic.

In addition, the subsidies were provided to partial coverage of the costs of acquiring equipment and compensating the first installment when concluding a leasing contract for equipment. The costs of socially oriented SMEs and the SMEs that carry out the activities in the field of physical education and sports, will be subsidized separately.