What Support Can Small Businesses Count On During A Pandemic?

Because of the coronavirus, the number of clients and revenues of many entrepreneurs dropped sharply, sometimes to zero. So let’s find out what measures to support business in this difficult time are offered by the state.  

– Loan restructuring. – Concessional loan – Grant

In November and December 2021, small and medium-sized businesses affected by the pandemic can apply for the following support options:

Restructuring

It is possible to ask the creditor to reduce the size of monthly payments by extending the payment term, postponing debt repayment to a later date, or otherwise revising the payment schedule for existing loans and credits.

Let’s look at who can take advantage of them and under what conditions.

There are now two business loan programs with government support:

Preferential loans

Business Revitalization Loans at 3%

Under the terms of the program, this money can be used for any business needs, including paying salaries and debts. But the credit funds can not be used for charity, payment of dividends, or the purchase of their own shares or stakes in the capital of the company.

Loans for small and medium-sized businesses at 1.5%

Under the program to stimulate lending to small and medium-sized businesses in any industry, as well as self-employed people, can get or refinance loans at a rate of 1.5% per annum for up to three years.

Employee grants

Small and medium-sized businesses on the list of industries needing pandemic support can count on this type of state support. The size of the subsidy under this program, although small, has a significant advantage – this money will not have to be returned.

Swipe up now to read the full post!

Read more

7 Tips & Tools To Track And Manage Personal Finances

8 Best Suggestions For Managing Your Small Business Finances

How to Manage Family Finances During Tough Times