Decreto Cura Italia (Law Decree 18/2020)

Financial support measures for SMEs affected by the Covid-19 epidemic

On 17 March 2020 the so-called Decreto Cura Italia came into force with the following provisions aimed at providing financial support to businesses:

  • Limitations on the revocation of credit lines: for relationships involving revocable credit facilities and for loans granted against credit advances existing on 29 February 2020 or, if higher, on 17 March 2020, the amounts granted, both for the part used and for the part not yet used, cannot be revoked in whole or in part until 30 September 2020;
  • Extension of non-instalment loans: for non-instalment loans with contractual expiry before 30 September 2020, the related contracts are extended, together with the respective ancillary elements (for example guarantees) and without any formalities, until 30 September 2020 under the same conditions;
  • Suspension and extension of mortgages and leases: for mortgages and other loans with repayment in instalments, the payment of instalments or lease payments due before 30 September 2020 is suspended until 30 September 2020 and the repayment plan for instalments or payments subject to suspension is deferred, together with the ancillary elements (for example guarantees) and without any formalities, in a manner that ensures the continuity of the ancillary elements of the receivables concerned and does not provide for new or higher charges for both parties; companies are entitled to request the suspension of capital repayments only.

Requirements for applicants

In order to benefit from these support measures, the applicant must meet the following requirements on 17 March 2020:

  • Be a micro, small or medium-sized enterprise, as defined by the European Commission Recommendation no. 2003/361/CE of 6 May 2003, based in Italy;
  • Have already formalised the monetary financing for which suspension is requested;
  • Not have debt exposures classified as non-performing;
  • Have temporarily suffered liquidity deficiencies as a direct consequence of the spread of the Covid-19 epidemic (this requirement must be certified in a specific self-certification).

How to Apply

The company must inform the Bank that it wants to take advantage of the financial support measures for SMEs, completing one of the following modules based on the type of product:

The form must be:

  • Compiled in all its parts;
  • Digitally signed by the subject with the necessary legal representation powers of the company;
  • Sent via certified e-mail to the addresses indicated below.

If the form is signed with a handwritten signature, instead of digitally, it must be sent by registered mail to Banca Ifis, Via Gatta, 11 – 30174 Mestre (Venice) – Ufficio Modulistica e Contratti, and sent in advance via certified e-mail to the following addresses:

Banca Ifis shall send a formal response to the application to the certified e-mail address provided by the Customer in the form.