Putin signed a law on credit holidays every five years for SMEs and the self-employed

Russian President Vladimir Putin has signed a law allowing small and medium-sized businesses, as well as self-employed citizens, to take credit holidays every five years. The document is posted on the official Internet portal of legal information.

As part of the signed law, SMEs and participants in the "Professional Income Tax" experiment were given the right to request from banks, MFIs or VEB every five years.The Russian Federation suspends loan payments for up to six months. Interest during the holidays continues to accrue under the terms of the agreement.

The law does not apply to syndicated loans, loans from non-profit and government-owned MFIs, loans with encumbered collateral, as well as to certain categories of borrowers (credit institutions, NPFs, securities market participants, gambling, non-residents and other entities excluded from government support).

Maximum amounts of loans for vacations: microbusiness — up to 60 million rubles, small business — up to 400 million rubles, medium business — up to 1 billion rubles, self—employed - up to 10 million rubles. The final limits will be set by the Government of the Russian Federation.

The law was passed to reduce the risks of borrowers defaulting and maintain the financial stability of lenders. The document will enter into force on October 1, 2025 and applies to loan agreements concluded on March 1, 2024.

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On May 25, the Ministry of Economic Development reported that the number of registered small and medium-sized enterprises in Russia exceeded 6.56 million, updating the record since the start of their accounting. At the same time, the number of self-employed reached 10.2 million people. Almost half of the SMEs created since the beginning of this year are engaged in retail and wholesale trade (38.2%), transportation (7.8%) and construction (5.9%).

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