by Dries Torreele and Iris De Groote
The coronavirus crisis is having a huge impact on the cash position of our companies. The tax authorities have already partly responded to this by granting deferrals of payment, either automatically or on request. Nevertheless, entrepreneurs are still confronted with cash flow problems, for instance loans that have to be repaid. The Minister of Finance has now drawn up an agreement with the financial sector in order to address these problems.
Companies do not have to make capital repayments for a maximum period of six months. Interest, on the other hand, remains payable. After the deferral period has expired, payments will resume again. The term of the credit is extended by the period of the deferral.
In orde to draw upon this, companies must meet the following conditions:
The deferral can be requested from the financial institution for the following credits:
Leasing and factoring are not part of the agreement concluded between the government and the banking sector. If payment problems should arise, a bilateral solution should be sought.
Applications made up before 30 April are limited to 31 October. Applications made after 30 April will also lead to a postponement until 31 October.
Companies experiencing problems will have to contact their financial institution and have to be able to demonstrate the impact of the crisis on their liquidity.
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