Putin signed the law on credit holidays for SMEs during mobilization

In Russia, credit holidays will be introduced for entrepreneurs called up for military service for mobilization, the law on this was signed by Vladimir Putin, the document was published on the portal of legal information.

We are talking about the owners and sole participants of the LLC, who are the head of the legal entity - small and medium-sized businesses.

The law applies to loans and credits, including mortgages, taken before mobilization.

So, the borrower can apply to the bank for a loan holiday by the end of 2023 for the period of his mobilization plus 90 days. The grace period is extended by the time spent in the hospital due to injury or illness, or if the borrower is recognized as "missing".

It also provides for the suspension of enforcement proceedings on the debts of those mobilized, and for citizens declared bankrupt, the ban on opening bank accounts to receive payments for participation in the SVO is lifted.

The government and the Central Bank will establish the maximum size of the obligations to be terminated on loans of a deceased mobilized person or a disabled person of group I. This limit will be determined depending on the types of loans.