Deadline for payment of Pronampe installments was extended from four to six years, in addition to a grace period of 12 months.| Photo: Marcello Casal Jr/Agência Brasil

The deadline for payment of Pronampe installments was extended from four to six years and is already in force according to the law published this Monday (24) in the Official Gazette (see in full).

The so-called National Support Program for Microenterprises and Small Porte Companies was created in 2020, in the government of former President Jair Bolsonaro (PL), to grant loans with subsidized interest to entrepreneurs affected by the effects caused by the Covid-19 pandemic.

The legislation also provides for a minimum grace period of 12 months for the start of payment of financing installments, and maintained the monthly interest ceiling at 6% plus the Selic rate, which is currently at 13.75%.

The change in the program’s legislation was initially proposed through a provisional measure last year and converted into law in March of this year, sanctioned this beginning of week by President Luiz Inácio Lula da Silva (PT).