Funding $ 25,000 Coronavirus liquidity decree, 100% guaranteed by the state for self-employed companies and self-employed workers: who is responsible and with what interest rate?
Do not concern those referred to in the aforementioned loans
Loan 25.000 USD coronavirus how it works: what are its requirements and conditions? Who is it for? Therefore, first the Law Decree n. 18 of 17 March 2020 (known as the Liquidity Decree ), then Law Decree no. 23 of 8 April 2020 (known instead as the Cura Italia decree ), provided for a series of interventions aimed at facilitating credit for VAT numbers, SMEs and companies in general that had liquidity problems (drop in turnover and/or total and/or partial closure of the business) directly related to the coronavirus pandemic.
NB: covid financing for companies, freelancers, small businesses, self-employed workers, etc. however, it is a loan which therefore will be repaid! Ultimately, the coronavirus financing in Italy, unfortunately, is NOT a non-repayable one, compared to a country like Germany which, on the other hand, disburses it from 5 to 15 thousand USD precisely as a non-repayable fund in addition to the fact that it disburses it of the applicant within 24-48 hours… But then, are there any fundings available, covid 19? Sure! But they do not concern those referred to in the aforementioned loans guaranteed by the Liquidity and Care Italy Decree, but rather those of regional disbursement.
Case certainly included among those of covid non-repayable loan
For example, a case certainly included among those of covid non-repayable loan is that provided by Piedmont to SMEs and autonomous ones. However, what is the covid-19 loan facility? Basically, the main advantage of the covid loan lies in the state guarantee, that is to say, a loan guaranteed by the Italian state which starts from the 90% guarantee and up to 100% of the same.
State-guaranteed covid loans: we express ourselves in the plural (loans) because we are dealing with three (3) different forms of financing even if, here, we will deepen (pre-amortization, requirements, rates, conditions, etc.) that of 25 thousand USD.
Funding guaranteed by the coronavirus state: what are they? We anticipated that we have 3 different loans. Let’s describe them briefly and then focus on the most popular one in Italy: the loan of up to 25,000 USD coronavirus!
A) financing up to 25,000 USD; B) financing over 25,000 USD and up to 800,000 USD; C) financing of over 800.00 USD and up to 5 million USD.
Then, the first (A) and the most popular of the three, which can be requested from 20 April 2020, generated almost 35,000 requests in a week: from 20 to 27 April 2020! This is a loan guaranteed 100% by the Italian state where “state” means the Central Guarantee Fund. Let’s see what are the conditions and requirements to request it. First of all, the application for a covid loan of up to $ 25,000 rests entirely (or almost) on self-certification: it is in fact the applicant who self-certifies, that is, declares under Bassgeini law, to have a series of requirements and/or conditions as well as to authorize some concessions in the hands of the state. In fact, the normal investigation of merit both in terms of income and assets is not provided to the person who submits the covid loan application up to $ 25,000 but only a check at databases and risk centers (Crif, Assilea, Bank of Italy, etc. ).
Unfortunately, as required by the Liquidity Decree, the Italian state does NOT give guarantees to those who have been reported as bad payers, protests, foreclosures etc. until January 31, 2020: the latter will NOT be able to take advantage of the 100% guaranteed loan by the state for amounts up to $ 25 thousand… Anyone who finds himself with a negative report made up to 31/01/2020, will be able to try to access credit using other financial instruments, to which we refer any interested parties on loans for those reported in the bad payers lists and loans to those reported without assignment of the fifth. Let’s move on to the other requirements or let’s deal with the revenues, the interest rate, the deadlines for submitting the request and those for the repayment of the loan.
Loan $ 25,000 for Italy: conditions, requirements and who is responsible.
Among the conditions that affect the “quantum” request and to be disbursed, there is that of adjusting the loan amount to 25% of revenues so that to obtain the maximum loan (25,000 USD) you must have at least 100 thousand USD of revenues which will be those declared in the last tax return in the case of self-employed workers and freelancers or of the last balance sheet regularly deposited for companies, businesses, small and medium-sized enterprises (SMEs) and businesses in general. For any activity started on January 1, 2019 (i.e. for new businesses or new VAT numbers), as there is still no tax return, the revenues will be determined by the accounting and tax documents that the applicant will take care to indicate in the application form. (attachment 4-bis). For those who do not reach $ 100,000 in revenues, the loan will always be reduced to 25%: for example, if your business has annual revenues of $ 60,000, it will be possible to obtain only $ 15,000, that is, 25% of $ 60,000!
Loan deadline 25,000 USD coronavirus: by what date can I apply for a covid loan? The application can be submitted until the end of 2020, therefore until 31 December 2020. NB: attention, it is true that it expires on 31/12/20, but it is also true that the loan is granted until the funds are exhausted… Therefore, if you intend to make this request, hurry up! Who should I send the coronavirus loan application to? The request for a covid loan of up to $ 25,000 (not beyond) can first be sent to one of the many confidi, but it can be sent primarily to your bank, but also to other banks: the important thing is that the bank (yours or not yours) to which you send the covid loan request is one of the participating ones.
By the way: member banks covid loan: which are they? Certainly the following banks have joined: Banca Unicredit, Carige, Ubi Banca, Intesa San Paolo, Banca Bper, Mps and the banks belonging to the Bcc circuit. If your bank is not among those listed above, inquire with it… For example, in April 2020, Fineco Bank and Poste Italiane did not join! Now let’s see who is responsible, with what interest rate, which varies according to the repayment times and whether or not you choose pre-amortization.
To natural persons carrying out business
Loan 25,000 USD: who is it for? The financing of up to 25 thousand USD guaranteed by the state at 100% is aimed at micro, small (SMEs) and medium-sized enterprises, but also to natural persons carrying out business, arts or professions, also in the form of an individual company. Basically, in addition to SMEs, it is up to self-employed and freelance holders of VAT numbers which include a myriad of subjects, such as, for example, craftsmen, traders, lawyers, accountants and traders in general. The coronavirus loan, on the other hand, is NOT for families and private consumers.
However, just in a moment of socio-economic emergency such as that generated by the coronavirus, the preamortization rates are those that, sorry for the inappropriate way of saying, will give a breath of oxygen to the holders of VAT and SME numbers: those who choose to pre-amortize the covid loan, based on the rates (tan) provided for this loan (which we will see in a while), will pay interest-only installments of around 20 USD per month for up to 2 years (around 480 USD in 24 months) calculated on the maximum amount obtainable, that is 25,000 USD! Indeed, if some of our users may be interested, there is Best Bank which allows you to pre-amortize covid financing for up to three years!
Another clarification on the coronavirus loan: the repayment times. All financing must be repaid from a minimum of 2 years (24 months) and up to a maximum of 6 years (72 months), including any pre-amortization period. So, for example, if you decide to pre-amortize the loan in 2 years, the real amortization must take place in a maximum of 4 years! Let’s move on to interest rates: covid loan zero rate: is it expected?