The State Duma adopted in the second and third readings the law on credit holidays for SMEs and the self-employed. The law will enter into force on October 1, 2025. This is reported on the website of the Bank of Russia.
Vacations can be taken every 5 years for a period of 6 months for each of the loans, if the entrepreneur has several of them.
Deferred payments can be used by entrepreneurs who have received loans under concessional lending programs for SMEs.
Businesses operating in any industry will be able to take vacations if they need a break in loan servicing, regardless of whether their revenue has decreased or not.
The grace period can be approved if the loan amount does not exceed the established values: for microenterprises — 60 million rubles, for small enterprises — 400 million rubles, for medium—sized enterprises - 1 billion rubles. The self-employed will be able to apply for a vacation loan in the amount of up to 10 million rubles.
During the grace period, interest will be accrued at the rate stipulated in the agreement and capitalized on a monthly basis. Vacations will also be allowed under those contracts that were concluded before the adoption of the law, but not earlier than March 1, 2024.
