Repayment of the deferred loan
The government is working on a plan to reschedule the repayment of cheap government loans issued during the closures, known as the deposit to be returned, to ease the pressure on mainly small and medium-sized businesses that are unable to to fulfill their obligations not only because of the current health crisis but also because of the rise in energy prices.
The finance ministry is looking for solutions to support the market with measures that will have a minor impact on the budget, such as those announced at the end of last month concerning the return of the special consumption tax on petroleum for some 220,000 farmers in 2022, for a total amount of 50 million euros. .
The delay in repaying state loans will inflict virtually no damage on the state coffers. The amount the government expects to collect is around 3 billion euros, much of which is expected to be returned by the end of the year, mainly from large companies in the tourism sector.
In this sense, the government plans to postpone the payment of the first installment from three to six months. Those who are able to pay can start paying their installments or even the whole amount at one time during that month.
For companies in difficulty, the idea is to start repaying their state loans either at the end of March or at the end of June. The payment plan could be similar to that used for Income Tax and Single Property Tax (ENFIA) debts. Thus, if the repayment of government loans is postponed for three months, the first three installments will all be due by the end of March.
Several alternative scenarios are currently on the table and decisions will be taken based on developments both in terms of the pandemic and in terms of energy market prices.
According to the legislation in force, companies will have to reimburse the cash they have received during the seven phases of the deposit to be returned program, either in a lump sum with an additional 15% discount, or in 60 monthly installments, the first a due by the end of January.