Law Decree 8 April

With Legislative Decree no. 23 of April 8th 2020, The Conte government introduces a series of "urgent measures regarding credit access and tax obligations for companies, of special powers in strategic sectors, as well as interventions on health and work, of extension of administrative and procedural terms ", deemed indispensable to deal with the health and economic emergency caused by the Covid-19 pandemic.

Below are the main measures provided for by the decree for the party relating to access to credit in favor of companies, Furthermore, It should be noted that the measures and rules illustrated in summary will be made operational by subsequent measures and circular of the bodies and economic operators involved.

Temporary measures for supporting the liquidity of companies

In order to ensure that they ensure liquidity to companies based in Italy, SACE S.p.a. grants up to 31 December 2020 guarantees, in favor of banks, National and international financial institutions for funding in any form to the aforementioned companies. The overall amount of the guarantee cannot exceed 200 billions of euros, of which at least 30 billions are intended for small and medium -sized enterprises, including self -employed workers and freelancers holding VAT number.

In summary, The guarantees are issued under the following conditions:

  1. The guarantee is issued by 31 December 2020, for loans of duration not exceeding 6 years, with the possibility for companies to make use of a duration of duration up to 24 months;
  2. The amount of the loan assisted by guarantee is not higher than the greater among the following elements:
  • 25 percent of the turnover of the company relating to the 2019, as resulting from the budget or the tax return;
  • double the costs of the staff of the company relating to 2019, as resulting from the budget or by certified data if the company has not approved the financial statements; If the company has started its activity after 31 December 2018, reference is made to the costs of the personnel expected for the first two years of activity, as documented and attested by the legal representative of the company;
  1. the guarantee, In joint and proportional competition between the guarantor and guaranteed in the losses for non -refund of funding, Cover the:
  • 90 percent of the amount of financing for companies with less than 5000 employees in Italy and turnover value up to 1,5 billions of euros;
  • 80 percent of the amount of financing for companies with more than 5000 employees in Italy and turnover value between 1,5 billion e 5 billions of euros;
  • 70 percent For companies with a turnover value higher than 5 billions of euros;
  1. The annual commissions due by companies for the issue of the guarantee are the following:
  • For financing of small and medium -sized enterprises are paid, in relation to the guaranteed amount, 25 Basic points during the first year, 50 Basic points during the second and third year, 100 Basic points during the fourth, fifth and sixth year;
  • For financing of companies other than small and medium -sized enterprises are paid, in relation to the guaranteed amount, 50 Basic points during the first year, 100 Basic points during the second and third year, 200 Basic points during the fourth, fifth and sixth year;
  1. The guarantee is at first request, explicit, irrevocable, and in accordance with the requirements provided for by the prudential surveillance legislation for the purposes of the best mitigation of the risk;

Signing contracts and communications in a simplified way

The possibility of concluding contracts is envisaged, with retail customers, in the period between the date of entry into force of this decree and the end of the state of emergency approved by the Council of Ministers on 31 January 2020 (July 2020), on digital documents (according to the article 20, comma I-bis, first period, of the Legislative Decree 7 March 2005, n. 82), even if the customer expresses his consent through his unrequented e -mail address or with other suitable tool, provided that these are accompanied by a copy of a valid identity document of the contractor, refer to a contract identifiable in a certain way and are kept together with the contract in question in such a way as to guarantee their safety, integrity and unchangeability. The requirement of the delivery of the copy of the contract is satisfied by making available to the Customer to copy the text of the contract on durable support; The intermediary delivery paper copy of the contract to the customer at the first useful opportunity following the end of the state of emergency. The customer can use the same tool used to express consent to the contract also to exercise the right of withdrawal provided for by law.

Suspension of the deadline for credit securities

Relating to Vaglia Cambiari, bills and other credit securities issued before the date of entry into force of this decree, and to any other act having executive effectiveness to that same date, these, they are suspended for the same period. The suspension operates in favor of debtors and also obliged in the start of regression or warranty, saves the faculty of the same to expressly renounce it.

The check presented to the payment during the suspension period can be paid on the day of presentation. The suspension referred to in paragraph 1 Opera on

  1. The terms for submitting payment;
  2. The terms for the cherry of the protest or equivalent findings;
  3. The terms provided for in the article 9, comma 2, letters to) e b), of the law 15 December 1990, n. 386, as well as article 9-bis, comma 2, of the same law n. 386 of the 1990;
  4. the deadline for late payment of the check provided by’ item 8, comma 1, of the same law n. 386 of the 1990.

Furthermore, the protests or equivalent consensus raised by 9 March 2020 Until the date of entry into force of this decree, they are not transmitted by public officials to the Chambers of Commerce; where already published, the chambers of commerce provide for their cancellation. With reference to the same period, the information to the prefect referred to in article 8-bis are suspended, paragraph 1 e 2, of the law 15 December 1990, 11. 386.

Central PMI warranty fund

Enhancement of the Fund Cent of Guarantee through the application of the following measures:

  1. Guarantee granted free of charge;
  2. Maximum guaranteed amount for single high enterprise, in compliance with the regulation of the European Union, a 5 million euros. Companies are admitted to the guarantee with a number of employees not exceeding 499;
  3. percentage of coverage of the direct guarantee increased, also through the competition of the special sections of the Guarantee Fund, al 90 percent of the amount of each financial operation, subject to authorization of the European Commission pursuant to the article 108 of the Treaty on the functioning of the European Union (The TFEU), for financial operations with duration up to 72 months. The total amount of the aforementioned financial transactions cannot exceed, alternatively:
  • double the annual wage expenditure of the beneficiary (including the social charges and the cost of the staff who work on the company's website but which formally appears in the subcontracting payroll) for the 2019 or for the last year available. In the case of companies set up starting from 1 January 2019, The maximum loan amount cannot exceed the annual wage costs scheduled for the first two years of activity;
  • il 25 percent of the total turnover of the beneficiary in 2019;
  • the needs for the costs of the capital capital and for investment costs in the following ones 18 months, In the case of small and medium -sized enterprises, and in the following 12 months, in the case of companies with a number of employees not exceeding 499; This needs are certified by means of a specific self -certification rendered by the beneficiary pursuant to the decree of the President of the Republic 28 December 2000 n. 445;
  1. for financial operations having the duration and amount characteristics referred to in letter c), The percentage of reassurance coverage is increased, also through the competition of the special sections of the Guarantee Fund, al 100 percent of the amount guaranteed by the confidi or other guarantee fund, provided that the guarantees issued by these do not exceed the maximum percentage of coverage of the 90 percent, subject to authorization of the European Commission pursuant to’ item 108 tfue, and that do not provide for the payment of a premium that takes into account the remuneration for credit risk. Until the authorization of the European Commission e, after the aforementioned authorization for financial transactions not having the aforementioned characteristics of duration and amount referred to in letter c) and this letter d), The roof percentages have increased, respectively, A11'80 percent for the direct guarantee referred to in letter c) and al 90 percent for the reinsurance referred to in this letter d);
  2. The Commission for the failure to improve the financial transactions referred to in the article is not due 10, comma 2, of the ministerial decree 6 March 2017;
  3. For real estate investment operations in the tourist sectors – hotel and real estate activities, with a minimum duration of 10 years and a amount greater than euro 500.000,00, The guarantee of the fund can be cumulated with other forms of guarantee acquired on funding;
  4. subject to authorization of the European Commission pursuant to the article 108 tfue, they are eligible for the guarantee of the fund, with coverage to 100 percent both in direct guarantee and in reinsurance, The new funding granted by banks, financial intermediaries referred to in the article 106 of the Consolidated Banking Text referred to in Legislative Decree 1 September 1993 n. 385 and by the other subjects authorized to concession credit in favor of small and medium -sized enterprises and natural persons operating business activities, Arts or professions whose business activities were damaged by the Covid-19 emergency as per self-certified declaration pursuant to the article 47 of the decree of the President of the Republic 28 December 2000 n. 445, provided that these funding provide for the beginning of the reimbursement of the capital not before 24 months from the delivery and have a duration up to 72 months and an amount not exceeding 25 percent of the amount of the revenues of the beneficiary subject, as resulting from the last budget filed or by the last tax return submitted to the date of the guarantee application or, For beneficiaries set up after January 1st 2019, from other suitable documentation, also through self -certification pursuant to the article 47 of the decree of the President of the Republic 28 December 2000 n. 445, e, Anyway, not more than 25 .000,00 euro. You have a new financing when, to the result of the granting of the loans covered by guarantee, The overall amount of the financier's exhibitions against the financed person is higher than the amount of exhibitions held on the date of entry into force of this decree, correct for the reductions of the exhibitions that occurred between the two dates as a result of the contractual regulation established between the patii before the entry into force of this decree or by the autonomous decision of the financed person.

They are expected, Therefore, In the next few days, Operational circulars capable of making the measures contained in the decree-law concrete.

Dr. Giuseppe Lamberti

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