bad credit

Who can take out a loan to resume operations
The rules for granting credit are established by the decree of the Government of the Russian Federation No. 696 of 16.05.2020 (hereinafter-the Rules). Credit can be obtained by employers-legal entities and sole proprietors who belong to at least one of three categories:

They work in the industry from the list of the most affected by the coronavirus. The list was approved by decree of the Government of the Russian Federation No. 434 of 03.04.2020.
They work in an industry that requires support to resume operations. The list is approved by Appendix 2 to the Rules.
They are included in the register of socially oriented non-profit organizations that receive support measures due to coronavirus.
Small businesses and microenterprises can take out a loan under the main or additional OKVED code. Medium and large-only on the main.

The type of activity must be specified in the USRLE or usrip on March 1, 2020. Therefore, it does not make sense to add new OKVED codes to the registry now.

Credit is given only to existing businesses. Those who are in the process of bankruptcy, have suspended their activities or stopped business as sole proprietors will not approve the loan.

What is the maximum amount of credit you can take out
Banks accept loan applications from June 1 to November 1. The maximum amount depends on:

number of employees as of June 1, 2020;
the estimated amount of remuneration — the minimum wage, taking into account the district coefficient, interest allowances and 30 % of insurance premiums;
the duration of the base period under the loan agreement is the number of full months from the date of conclusion to December 1, 2020.
The maximum loan amount is calculated using the formula:

Maximum amount per month = Estimated salary × n employees × N full months in the base period

The Bank will not give you the entire amount at once. Money will be transferred monthly within the limit. It is calculated using the formula:

Amount per month = Estimated salary × 2 × N employees

How to spend the money you received
Credit is given for the resumption of activities. In the Rules, it is understood as expenses that are related to the implementation of the borrower’s business activities and are confirmed by documents.

This list also includes the following expenses:

employees ‘ salary in the amount that does not exceed the amount specified in the employment contract;
payment of principal and interest on a preferential loan approved by the government of the Russian Federation dated 30.12.2018 No. 1764.
payment of principal and interest on a loan to support and maintain employment, approved by the government of the Russian Federation dated 02.04.2020 No. 422.
Money can not be spent on paying dividends, buying back your own shares or shares in the authorized capital, and charity.

How to repay a preferential loan
The terms of repayment of the loan depend on how much you have reduced the number of employees. Depending on this the entire term of the loan agreement is divided into three periods:

The base period is from the date of conclusion of the agreement until December 1, 2020. All borrowers have it.
The observation period is from December 1, 2020 to April 1, 2021. It starts for borrowers whose headcount has not fallen below 80 % of the number as of June 1.
The repayment period is three months after the base period or observation period. Does not apply to those who have fulfilled all the conditions for writing off the loan.
If the business on March 1, 2021 retains the number of employees at least 90 % compared to June 1, 2020 and meets the remaining conditions, the debt will be written off completely. The amount of debt written off can be omitted from income for both income tax and personal income tax.

The repayment scheme looks like this:

LLC «Hortensia» on June 1 took out a loan of 2 million rubles. Interest for the base period was accrued at a preferential rate of 2 %. In 6 months, 20,000 rubles were accumulated. The total amount of the debt with interest is 2,020,000 rubles.

During the base period, the organization’s staff decreased by 30 %, so it goes into the repayment period and must repay the loan in equal parts within three months. Until full repayment, the Bank will charge interest on the remaining debt, but at the standard rate. So, you will have to pay 673 333.33 rubles a month plus the Bank’s interest accrued during the repayment period.

The Bank will independently control the number of employees of the company according to tax data. The Federal tax service has a special blockchain platform for this purpose. It contains data on insurance premiums that employers submit to the FIU on a monthly basis.

How to get a loan to resume operations
The loan agreement with the Bank can be concluded in the period from June 1 to November 1, 2020. The earlier you submit your application, the more money you can request. The loan period is until June 30, 2021.

Application for a loan.
Constituent and title documents.
Accounting statements as of the last date.
Report with the last date of the CV-M, if you want to take out a loan to pay your salary.
Certificate of the amount of debt on the loan in a third-party Bank, if you take a loan to repay the debt.
Documents confirming collateral if you take out a loan to refinance another loan with collateral.

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