Russian President Vladimir Putin on Monday proposed to launch a special low interest loan program in June aimed at helping businesses keep their employees amid the COVID-19 pandemic
MOSCOW (Pakistan Point News / Sputnik - 11th May, 2020) Russian President Vladimir Putin on Monday proposed to launch a special low interest loan program in June aimed at helping businesses keep their employees amid the COVID-19 pandemic.
"I propose, staring from June 1, to launch a special loan program to support employment levels. All enterprises in the affected [by COVID-19 measures] sectors, as well as socially-oriented NGOs, will be able to use it ... The interest rate of the loan will be special, just two percent, and everything above that will be subsidized by the state," Putin said during a government meeting.
The president also said that 85 percent of the loan would be guaranteed by the state. The loan repayment deadline will be April 1, 2021.
"And most importantly, if, during the entire term of the loan program, the company will maintain employment at the level of 90 percent and above compared to the current level, then the loan itself and the interest on it will be completely written off after the loan expiration. The state will cover the cost. If employment is maintained at a level not lower than 80 percent, then, in this case, half of the loan and interest on it will be written off," Putin said.
