Loan moratorium, extension with limits: Ace strengthened for recapitalisations

Loan moratorium, extension with limits: Ace strengthened for recapitalisations
Loan moratorium, extension with limits: Ace strengthened for recapitalisations

It is called Ace Innovativa and represents the main dish of the measures to support businesses introduced by the Sostegni 2 decree. A measure to incentivize the recapitalization of SMEs and which in reality it was not thought would have already found a place in this decree, also by virtue of its cost for the state, estimated at 2.2 billion for 2021.
The tool, known as Economic Growth Aid, allows a tax deduction to companies that carry out capital increases. The novelty introduced in the draft decree – and urged in particular by the president of ABI, Antonio Pautelli – significantly broadens its scope: the rate on which to calculate the share of the increase, for a maximum amount of 10 million, rises from 1, 3 to 15 percent. Not only that: the amount that can be deducted, in the event of incapacity, can be transformed into a tax credit and offset with other taxes or charges, such as VAT, social security contributions and insurance premiums for accidents at work. But that’s not enough: the credit can also be sold to third parties, starting with banks. The main limitation, at the moment, is in the duration of the measure which is limited to 2021.

Extension of liquidity measures

The chapter dedicated to the extension of the liquidity measures is rich in the decree. The deadline for the initiatives introduced with the Liquidity decree of last year is postponed from the end of June to the end of December. And, above all, for loans over 30 thousand euros, the terms are extended from 6 to 8 and up to 10 years.


However, there are a number of “buts”, or systems to initiate a gradual exit from public support. And therefore, as regards the moratoriums guaranteed by the State – today there are about 130 billion in existence – the suspension can continue until the end of the year but only in relation to the principal amount, while from July it is necessary to start paying interest again.

Stop to the automatic mechanism

And again: it will be up to the company to make an explicit request for an extension to the bank and it will therefore no longer be an automatic mechanism as has happened up to now. This is to avoid dragging out situations that could restart payments and to align the treatment with the moratoriums of the former category agreements that have already been resuming repayments for a few months because, at their expiry, they are not renewed by the credit institutions to avoid the need to reclassify exposure to forborne (in fact Npl). The cost of the extension is around 200 million.

More expensive secured loans

The guaranteed loans chapter is enriched with details that make it a little more expensive to use. Those who want a loan of up to 30 thousand euros must know that from 1 July they will no longer have a 100 percent guarantee, but a 90 percent guarantee.
Thus, even loans above 30 thousand euros can be requested for periods of up to 8 years, but at that point the guarantee drops from 90 to 70 percent and drops to 60% for periods of up to 10 years.
Those who already have a loan in place and want to extend it can do so by paying a premium. The cost of these initiatives, possible by virtue of the refinancing of the guarantee fund for SMEs, will amount to approximately 1.8 billion.

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