The placement of loans at lower rates than expected inflation was one of the tools promoted by the Government to alleviate the crisis
Since the beginning of the quarantine, the financial system has granted 554,364 loans for $ 325,822.9 million at a subsidized rate for SMEs and with zero cost for monotributistas and freelancers, the Central Bank reported on Wednesday.
The credits are part of the measures taken by the national government to confront the crisis generated by the social isolation measures imposed since March 20.
The entity that Miguel Pesce conducts indicated that “the main tools were loans at a maximum nominal annual rate of 24% for micro, small and medium-sized companies, and loans at a 0% rate for monotributistas and self-employed.”
The mypimes line, with a maximum rate of 24%, reached 161,817 operations with a total disbursement of $ 263,887.4 million.
According to the report, 47% ($ 122,968.9 million) of that total was used to meet working capital, 23% for salary payments, 24% ($ 63,526.7 million) for deferred check coverage and the rest for health services and other items.
The line at Rate 0% It was, on the other hand, the instrument that was put into practice to help monotributistas and freelancers, indicated the Central.
The amount of credits granted is 391,164, for a total of $ 47,489.9 million.
The implementation of these loans was made through advances in the credit cards of the beneficiaries and the total accumulated amount already credited is $ 22,068.7 million.
Who has benefited so far?
According to official data from mid-June, one out of every four credits was granted to small merchants.In the ranking, the first five positions are occupied by the following items:
- Small shops: 24% of the total
- Professional Services: 17% of the total
- Personal services: 14% of the total
- Transportation: 8.5% of the total
- Health: 7.8% of the total
It is estimated that these sectors concentrate 71% of the total credits granted so far, according to official figures.
Zero rate loans extended for monotributistas
The Government resolved extend one month more credits at zero rate for the monotributistas taxpayers and self-employed, so that they will be in force until the end of July. Also the line of credit for the productive sector, which is 24%, and for cooperatives, which is 18%.
This happens when the continuity of the Emergency Assistance to Work and Production (ATP) program for companies that, from now on, it will be divided into two areas: the areas of the country that maintain mandatory isolation, where aid will be capped at up to two minimum wages, vital and mobile; and those with social distancing, where the cap will be up to a vital and mobile minimum wage.
Line a Rate 0% was the instrument for the assistance of monotributistas and self-employed which, since its launch in early May, has been granted 391,164 credits, for a total of $ 47,489.9 million.
According to AFIP data, some 70,000 procedures were started in June to access this subsidized line, and there are one million available.The line cap is $ 150,000 for categories D and up, up to $ 104,370 for category C, up to $ 78,277 for category B, and up to $ 52,184 for single-category category A.
Credit requirements rate 0%
The requirements to be able to request these credits to rate 0% arranged by AFIP for the monotributistas, are the following:
-To be enrolled in any category of the Regime.
-Do not provide services to national public sector, provincial or municipal by 70%.
-Do not receive income due to maintaining a dependency relationship or coming from a retirement.
The Zero Rate line was launched in early May
-That the amount of the billing electronics for the period between March 12 and April 12, 2020, has not fallen below the monthly average of the gross income minimum of the category in which it is registered.
-Not having a credit situation greater than 2, that is, those who have debts greater than 90 days will not be able to access. To consult the situation of each taxpayer you can enter the website of the central bank (Check credit risk).
In the case of freelancers, they must meet the following conditions:
-Not being adhered to Simplified regimen of Small Taxpayers.
-Not be a member of the board of commercial companies.
-Lack credit situation greater than 2.
-Own Electronic Tax Address.
Failure to meet any of these requirements may exclude them in the cheap credits for monotributistas and self-employed.
Loans at 0% rate for monotributistas and self-employed are managed from the AFIP website
Monotributistas y self-employed: how to get 0% credit
For access credit rate 0% You must enter the website of the AFIP, at service “Zero Rate Credit“, where the tax authority will carry out the automatic controls and will determine the minimum and maximum amount to be susceptible of being granted. In addition, the taxpayer must enter the amount to request.
Step by step is detailed below:
1-Enter the AFIP website with the tax code with security level 2.
2-Click on the flap “zero rate credit”
3-Report the amount total alleged. The system will indicate the minimum and maximum credit that you can access according to your contributory category.
4-Indicate the number of your credit card where the three monthly tranches of the loan.
5-If you do not have a card of credit, you must inform which bank is chosen to process the application for money.
6- To give course to credit, in some cases, the beneficiary approved by AFIP You must enter the application in your bank. For example from ICBC clarify iProfessional that this request from credit also available to your customers in the app ICBC Mobile Banking, in the section indicating “request for a new product / credit at zero rate. “The disbursement in the card from the first share generally occurs within 48 hours of entering the order.
“What should be highlighted is that the people who access this credit, and until its cancellation, they will not be able to access the single and exchange-free market for the purchase of foreign currencies (dollar or other currency), or acquire securities in pesos for its subsequent and immediate sale in foreign currency“, alert Urretaviscaya.
In other words, you will not be able to carry out counted with settlement or transfer in custody abroad. This is important because in case of non-compliance it will be a condition of expiration and, therefore, the beneficiary must make the pertinent restitution to the State.
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