Small businesses promised free credits for payments to employees minimum wage

Enterprises of small and medium businesses in the affected because of the situation with coronavirus industries will be able to get a loan at 0% to pay salaries to employees. The calculation will be made on the basis of one minimum wage (the minimum wage) for each employee. This was stated by the Minister of economic development Maxim Reshetnikov at a briefing in the government transcript published on the website of the Cabinet.

“If, despite all this, enterprises will face a shortage of funds for the payment of wages, launched a loan program for zero [percent], for the purposes of wages. Enterprises of small and medium businesses in the affected industries can apply and receive a loan in the amount of one minimum wage (including social contributions) in the calculation for each employee in the company for six months, and the interest on this loan will be covered from the Federal budget”, – said the Minister.

He added that after six months the loan will be issued at 4%. The total program is 150 billion rubles, it is designed to cover 1.5 million employees.

“We agreed with the commercial banks that they are on this program do not earn. They are under 4% receive subsidized money from the Bank of Russia and under the same 4% after six months, respectively, offer businesses to pay this rate”, – said the head of Ministry of economic development.

He added that the main element of the anti-crisis plan is the postponement of payment of taxes and fees for small and medium enterprises in the affected industries, the total delay is 140 billion rubles. “Just today we have over 3 million people working in those sectors, which are among the victims,” – said Reshetnikov. The Minister recalled that the government approved a program under which six months can be transferred all payments on the loan. According to Ministry estimates, the program will cover 10% of the total SME loan portfolio.

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