These entities benefit overall from a moratorium on an overall volume of loans estimated at around 220 billion euros. They are frozen until 30 September current account credit lines, loans for advances on debt securities, short-term loan maturities and installments of loans and installments due.
The legislation expressly provides for theabsence of new and greater charges for both parties, businesses and banks.
What the moratorium measures consist of
The measures, to support business activities damaged by the Covid-19 epidemic, they have for object:
- the possibility of using the unused portion of the revocable openings and loans granted for advances on loans existing on February 29, 2020 or those on March 17, if higher. The amounts granted by the bank or financial intermediary cannot be revoked, even in part until 30 September 2020;
- the extension of non-installment loans falling due before 30 September 2020 under the same conditions until 30 September 2020;
- the suspension until 30 September 2020 of the payment of the installments or leasing installments falling due before 30 September 2020, for mortgages and other loans with repayment in installments, also completed through the issue of agricultural bills. It is the faculty of the company to request the suspension of the entire installment or of the entire rent or only of the capital quota.
Companies and individuals who can access the moratoriums
Micro, small and medium-sized enterprises (SMEs) operating in Italy and belonging to all sectors can access the moratoriums. According to the definition of the European Commission, SMEs with fewer than 250 employees and with a turnover of less than 50 million euros or whose annual balance sheet total does not exceed 43 million euros are SMEs.
As already announced on March 17 by the Ministry of Economy and Finance, self-employed workers with VAT numbers are also included among the companies.
The requirements for obtaining a funding moratorium
The company, when forwarding the communication, must be performing, that is to say that it must not have debt positions classified as impaired exposures, broken down into the categories of bad debts, probable defaults, past due and / or overdrawn impaired exposures. In particular, it must not have past due installments (i.e. not paid or paid only partially) for more than 90 days.
Given that the epidemic from Covid-19 is formally recognized as an exceptional event of serious disturbance to the economy, the measures provided for in the “Cura Italia” decree are also not considered as measures of forbearance (tolerance) in the meaning used by the Authority of European supervision and therefore the company which is in any case performing even if it has already obtained suspension or restructuring measures for the same loan over the previous 24 months can also resort to moratoriums.
The methods and subjects to whom the communication is to be presented
All banks, supervised financial intermediaries and other entities authorized to grant credit in Italy must accept the moratorium notices, if obviously the same notices comply with the requirements of the “Cura Italia” law decree.
Communications can be submitted by companies from the entry into force of the decree, that is from March 17, 2020. The communication can also be sent by the company via PEC, or through other mechanisms that allow you to keep track of the communication with a certain date.
In any case, the company should contact the bank or financial intermediary to evaluate the best options, taking into account that other important measures in favor of the companies are also provided for in the Decree Law “Cura Italia”, for example those that require intervention of the SME Guarantee Fund. Banks can also offer additional forms of moratorium, for example those provided for in the specific agreement between the ABI and business representatives, which was expanded and strengthened on 6 March.
In communication the company must also self-declare:
- the funding for which the moratorium communication is presented;
- “To have temporarily suffered shortages of liquidity as a consequence of the spread of the epidemic from COVID-19”;
- to meet the requirements for the qualification of micro enterprise, small or medium enterprise;
- to be aware of the civil and criminal consequences in the event of false declarations pursuant to art. 47 Presidential Decree 445/2000.
Special cases
In the event that the financing is supported by public subsidies, the bank or the financial intermediary, after 15 days from the communication to the facilitating body, can proceed without further formalities with the suspension of the financing, according to the principle of silent consent.
In the standard reference is made to accessory elements. By accessory elements we mean all the contracts connected to the loan agreement. Among these, in particular, guarantees and insurance; these contracts are extended without formalities, automatically, under the conditions of the original contract. Even for revocable credit openings and for loans granted against advances on existing credits, the ancillary elements to the loan agreement remain unchanged without any formalities
The suspension period includes the installment due on 30 September 2020, that is, the installment due on September 30th must not be paid.
