Zero-rate loans begin on Monday for monotributistas and self-employed

The main banks will have available from tomorrow in the homebanking accounts of their monotributistas and self-employed clients lThe option of requesting loans at a zero rate in the amount of up to $ 150,000, as qualified and meet the criteria set by the national government for assistance to this sector in the face of the coronavirus pandemic.

It is expected that in the next few hours the AFIP will have – through the Central Bank (BCRA) – the list of the beneficiaries eligible for these loans, the amount that they will be able to request credit and in which entity they will be able to collect it to make effective the application mechanism via Web.

“Some details remain to be defined, but the idea is that the clients that are designated by the AFIP can enter online and request the credit. If you already have a credit card at the bank, we will credit the loan as indicated by the Central Bank”, Telam was assured from Banco Nación.

In this sense, due to the fact that the credits may be applied both by taxpayers who are banked or not, AFIP will be the one that determines in which banks each taxpayer to which they correspond must collect the money.

How they will work

To avoid having to go to bank branches, the AFIP will provide each bank with the contact details of the beneficiaries -email or other- so that it is the bank that contacts the beneficiary to start the account opening process and coordinate the delivery and authorization of the credit card.

The operation for granting these credits was established last Friday by the BCRA through Communication “A” 6993, in which it established that “from the moment the application is submitted, the financial institution will have up to 2 business days to proceed to the accreditation of the financing “.

The credit will be granted in three equal monthly and consecutive installments with a maximum of $ 150,000 for categories D and up to $ 104,370 for category C, while A and B will not be able to access since they have destined the $ 10,000 of Family Income Emergency (IFE).

The accreditation will work as an increase in the limit balance for consumption on the cards and, in case the total assigned for the month is not exhausted, it can be accumulated for the following periods until the expense is completed.

It is important to remember that the banking entities will not be able to refuse the payment to the clients that the AFIP assigns to him nor to charge for the card issuance or its maintenance and that, in turn, they will arbitrate the necessary mechanisms for the distribution of the cards, according to Télam.

For the latter, as confirmed by bank sources, the banks held dialogues with the companies in charge of credit card administration – Prism and First Data – to speed up the delivery mechanisms for plastics to new customers.

“We are already doing pilot tests to verify that the system works correctly. There will be a tab that says zero-rate loans in the loan section so that the client can access financing,” they explained from one of the main private banks in the country.

The Assistance to Monotributistas y Autónomos (AMA) will not take into account the patrimony for the granting but will exclude those who invoice the public sector, work in a dependency relationship, are retired or pensioned, have made purchases greater than 80% of their average monthly income or have invoiced between March 12 and April 12 a figure higher than the monthly average of the minimum gross income of the category in which they are registered.

How many are the beneficiaries

The zero-rate credit subsidized by the national state could reach some 500,000 monotributistas, indicated market sources after knowing the requirements that the potential beneficiaries of this aid must meet in the framework of the measures prepared to mitigate the economic effects of the coronavirus.

This number of potential beneficiaries represents a quarter of the total comprised within this segment, estimated at around 2,000,000 taxpayers.

“The fundamental requirement is to be enrolled in any category of the Monotax and, in the cases of taxpayers of categories A and B not to be reached by the benefit of the IFE,” they explained from the Federal Administration of Public Revenue (AFIP), where they specified also that unlike other benefits in this case “there is no limitation by family group”.

The conditions also specify that the amount of electronic invoicing for the period between March 12 and April 12, 2020 must have fallen below the monthly average of the minimum gross income of the category in which the potential is registered. beneficiary.

Those who register to access credit should not provide services to the national, provincial or municipal public sector, nor should they receive income due to maintaining a dependency relationship or coming from a retirement.

“In cases where electronic invoicing is not available, purchases should not exceed 80% of the monthly average of the lower limit of the category in which it is registered,” they added from the AFIP.

In turn, it was emphasized that “there will be no patrimonial parameters”.

The decree also establishes that “the beneficiaries of this financing they must not access the single and free exchange market for the formation of external assets, nor acquire securities in pesos for their subsequent and immediate sale in foreign currency or transfer in custody abroad until the total cancellation of the credit. “

“Category A monotributistas are about 1 million people. There are about 500,000 in category B and about 400,000 in category C. The three categories that account for most of the monotributo that in total registers 3.5 million people”, explained a source to Telam.

Of that total of 3.5 million beneficiaries, 600,000 are social monotributistas “while pure monotributistas – who are the ones who pay the three components – number around 1.8 million people,” added the same source.

For his part, the self-employed in conditions to access the benefit are around 600,000, out of a total of one million registered.

Thus, close to 1.8 million taxpayers are potential credit subjects, a figure that rises to more than 2 million when adding monotributistas and self-employed.

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