The Central Bank of Russia clarified the measures, taken to support the business during the pandemic

Let us look at the key points.

• The representatives of small and medium-sized businesses from the list of sectoral economy, which suffered the most during the pandemic, will have a right for a deferral on the loan agreement payments. The credit vocation period is 6 months.

• To be granted a deferral, it is necessary to provide an application.

• The lender considers the application within 5 days (calendar) and sends a notification about amendments to the terms of the contract to the entrepreneur.

• During the holidays, no penalty is charged for the absence of payments, the lender cannot demand early repayment of the loan. In addition, the lender is deprived of the right to recover the funds in case of having a pledge.

However, it should be understood that the interest rate will still be charged for the entire vocation period and the borrower agrees to pay this amount at the end of the vocation in accordance with the amended repayment schedule.

If the activity is not contained in the list above, it is not the reason to be upset. The lenders actively help the business representatives by providing the restructuring of their loans.

It is also necessary to emphasize a very important moment. According to the current legislation, the lender cannot refuse to grant a deferral, provided that the borrower submits an application that meets the requirements of the law. Now, the entrepreneurs of various industries can obtain the loans for any purpose at the very reasonable rate (8.5%) per annum for a fairly beneficial period (up to three years).

What is more, it is possible to get a loan at a rate of 0% for up to 6 months under the government program in certain banks.

Due to the current situation, the demand for online orders for goods and services has increased. Considering this fact, the acquiring commission fee for online purchases will be a maximum of 1% for organizations, engaged in the retail trade of food, food, medicine and consumer goods from April 15 to September 30.

The provision of the credit vocation for IP (individual entrepreneurs) is slightly different. Thus, the IP can choose the options for obtaining a deferral:

• according to the rules, provided for the citizens;

• according to the rules for granting the credit vocation for small and medium-sized businesses, provided that to compliance with the above list of industries.