Coronavirus, the decree on guarantees for commercial loans is in the Gazette: this is who can benefit from it and the coverage percentages

Two days after the very long council of ministers characterized by arm wrestling over the powers of the Treasury compared to Sacecontrolled by Cassa Depositi e Prestiti, the decree for facilitate access to credit landed overnight in the Official Gazette. The rules of access to credit with the guarantees of the State and those that allow the continuity of the entrepreneurial activities with an impact on the company code and bankruptcy law are contained in two of the six chapters of the commercial decree that largely confirms the contents anticipated by the government, including the golden powerhe tax deadlines, the extension of the procedural terms and other provisions on health and work.

Meanwhile, banks and companies have begun to move on the basis of drafts to assess the extent of the public guarantees, the impact on credit approval times and the bets provided by the provision. Already this morning theAbiimmediately launched one circular signed by the president Antonio Patuelli, by the general manager Giovanni Sabatini and the deputy general manager Gianfranco Torriero. The main ones are illustrated provisions in which Abi draws maximum attention and the immediate implementation commitment of associates, given the extreme need and urgency to give them immediate application by the banks. “

The heart of the decree is, as stated, the granting of guarantee from the state to guarantee that the banks grant credit without too many doubts to the companies that, given the blockade, do not have charges but still have to face certain payments. The mechanism must move, in accordance with the government’s intentions, 400 billion euros of financing. Two channels have been identified: the Guarantee Fund improved for small and medium businesses with up to 499 employees and professionals, the Sace for large companies. Sace’s guarantees do not exceed the maximum total amount of 200 billion eurosof which at least 30 billion intended to support SMEs, it is understood that SMEs must have first exhausted the possibility of obtaining coverage from the ad hoc guarantee fund.

The publications provided by the decree – They can benefit from the guarantees of Sace All companies of any size. However, the decree provides for some stakes that companies to benefit must comply. For example, those who already had before the end of February are excluded impaired exposures towards an institution. Furthermore, it should not be classified in the category of companies in difficulty. Finally, there are two commitments for companies: not approve the distribution of dividends or the repurchase of shares in the current year and always go through the unions to discuss the employment levels.

For SMEs 100% guaranteed up to 25 thousand euros – However, only SMEs and VAT numbers can obtain loans guaranteed in 100% by state, without an investigation by the bank. For a figure that does not exceed 25% of income and in any case not exceeding 25 thousand euros, which will be repaid in six years plus two pre-amortizations. Loans between 25,000 and 800,000 euros will be backed by a state guarantee of 90% and 10% of the guarantees. consortia, but the company must have a turnover of less than 3.2 million. The guarantee will stop at 90% for loans up to 5 million awarded to all companies with less than 499 employees, with no income limit. In the last two cases, the institute will not make an evaluation of the progress of the last months, but will still have to instruct one normal practice with not very short times.

For medium to large companies of 70 to 90% – For him medium to large companies – more than 499 employees: the guarantees will come from a fund managed by Sace, in which Cassa Depositi e Prestiti is a subsidiary, and will apply to Loans of up to 25% of turnover or double staff costs. Those with less than 5,000 employees in Italy and a turnover of less than 1.5 billion get coverage of 90% of the amount of funds requested. Coverage falls to 80% in more than 5,000 employees and a turnover between 1.5 and 5 billion euros and others 70% for companies with a turnover of more than 5 billion. Once the question is asked, the bank will carry out a normal assessment of the company’s situation. For the release of the guarantee, a “simplified” procedure is foreseen for companies with less than 5,000 employees in Italy and with a turnover of less than 1,500 million euros. For companies with higher turnover and employees, explains the Abi circular, the release of coverage is decided with decree the mef based on theResearch sace.

The drop point in discussions about who will administer the guarantees was, in fact, that Sace remains in the group. CDP but answer from your business directly to Ministry of Economy: the company specialized in the insurance of exporting companies must consult the Treasury in advance on “commercial decisions relevant to the effective implementation of support measures for the internationalization of companies and for the relaunch of investments, with particular reference to decisions on making commitments and debt collection”. In exchange, the Ministry of Foreign Affairs got 50 billion new guarantees for exports.

The golden power – Finally, in defense of Italian companies, it was decided to strengthen the special powers to prevent Italian companies in strategic sectors from being bought by foreign groups at reduced prices with the fall of the stock exchanges. There will be agolden power spread, which already exists in the defense, telecommunications and energy sectors, also for I think, Health, banks and safe. The rule will also apply to operations within the EU.