Government enacts law that extends payment period for Pronampe loans

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Text of the MP, now converted into law, also establishes a minimum grace period of twelve months for the beginning of payment of installments. Small Businesses, Big Businesses / TV Globo President Luiz Inácio Lula da Silva (PT) sanctioned this Monday (24th) the provisional measure that extended from four to six years the payment period for loans under the National Support Program to Micro and Small Businesses (Pronampe). The sanction appears in the “Official Gazette of the Union”. The new maximum payment term is valid for both new contracts and loans concluded from January 2021, provided that the renegotiation follows conditions established by the federal government. The text of the MP converted into law also establishes a minimum grace period of twelve months for the beginning of payment of installments. As for the interest rate, the law maintained the ceiling of monthly interest at 6% plus the Selic rate, currently at 13.75% per annum. In effect since October The provisional measure was edited in October last year by then-President Jair Bolsonaro. With that, it was already in force, but it needed the approval of Congress to be able to be transformed into law. In March of this year, the Chamber approved the text with modifications. Afterwards, the Senate approved the text coming from the House. As it had some modifications, the measure had to be sanctioned by President Lula. Government extends Pronampe term and extends discharge to six years Pronampe Pronampe provides loans with lower interest rates for individual microentrepreneurs (MEIs) and small and medium-sized companies. Loans can be used for equipment purchases, renovations, operating expenses and merchandise purchases. Profit sharing is prohibited. The credit limit to be contracted is 30% of the company’s annual revenue. The line was created in 2020 to help small and medium-sized entrepreneurs during the Covid pandemic period, but in June 2021 it became permanent. In 2022, it started to include MEIs. Hiring is faster than traditional lines and the interest rate is lower, since any defaults are covered by the federal government, through the Fundo Garantidor de Valores (FGO). According to the Ministry of Development, Industry, Commerce and Services, interest rates for small businesses are around 30% per month outside Pronampe.

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