Decree Law No. 23 of 2020 on urgent measures regarding access to credit and tax payment for businesses, special powers in strategic sectors, health and work initiatives, extension of administrative and procedural terms.
Country
Type of law
Legislation
Abstract
The Decree-Law 23/2020 lays down several measures that apply to agricultural and fishing enterprises; provisions are aimed at facilitating access to credit, promoting export, guarantee the business continuity exercise, as well as tax measures and provisions to strengthen special powers in areas of strategic importance, among others.
Art. 1 grants state cover for loans to enterprises depending on the size of the company, and subject to a series of conditions, including no dividends payout for twelve months and destination of the financing to support expenses for production activities located in Italy. The Decree also distinguishes the loan cover percentage depending on the size and its revenue providing higher coverage for smaller businesses and reserving an amount for free of charge guarantees for small and medium-size businesses.
Art. 13, Central Guarantee Fund, entail measures that apply "insofar as compatible" also to the guarantees referred to in Art. 17, paragraph 2, Legislative Decree 102/2004 in favour of agricultural and fishing businesses. The provisions provide for 100% access to the guarantee fund for loans to small and medium-sized enterprises and individuals carrying out business, arts and professions activities whose activities have been damaged by the Covid-19 emergency. The measures under Art 13 include: loans for liquidity and investments (paragraph 1, letter c); loans intended for renegotiation of debt (paragraph 1, letter e); loans for the renegotiation of financial transactions (paragraph 1, letter p).
Further measures introduced strengthen the discipline or make temporary changes to the company dissolution process. For instance it does not operate the cause of dissolution of the company for temporary capital reduction (Art. 6); it changes temporary the principles supporting preparation of financial statements (Art. 7); bankruptcy process (Art. 10); special powers of the state (Art. 15 extends the special powers of the state to the supply of critical inputs, such as energy or raw materials, as well as food security, among those); defers payment deadlines for tax (Artt. 18-35).
Art. 1 grants state cover for loans to enterprises depending on the size of the company, and subject to a series of conditions, including no dividends payout for twelve months and destination of the financing to support expenses for production activities located in Italy. The Decree also distinguishes the loan cover percentage depending on the size and its revenue providing higher coverage for smaller businesses and reserving an amount for free of charge guarantees for small and medium-size businesses.
Art. 13, Central Guarantee Fund, entail measures that apply "insofar as compatible" also to the guarantees referred to in Art. 17, paragraph 2, Legislative Decree 102/2004 in favour of agricultural and fishing businesses. The provisions provide for 100% access to the guarantee fund for loans to small and medium-sized enterprises and individuals carrying out business, arts and professions activities whose activities have been damaged by the Covid-19 emergency. The measures under Art 13 include: loans for liquidity and investments (paragraph 1, letter c); loans intended for renegotiation of debt (paragraph 1, letter e); loans for the renegotiation of financial transactions (paragraph 1, letter p).
Further measures introduced strengthen the discipline or make temporary changes to the company dissolution process. For instance it does not operate the cause of dissolution of the company for temporary capital reduction (Art. 6); it changes temporary the principles supporting preparation of financial statements (Art. 7); bankruptcy process (Art. 10); special powers of the state (Art. 15 extends the special powers of the state to the supply of critical inputs, such as energy or raw materials, as well as food security, among those); defers payment deadlines for tax (Artt. 18-35).
Attached files
Web site
Date of text
Repealed
No
Serial Imprint
Gazzetta Ufficiale della Repubblica Italiana No. 94 of 08 April 2020.
Source language
English
Legislation Amendment
No
Original title
Decreto Legge 8 aprile 2020, n. 23 Misure urgenti in materia di accesso al credito e di adempimenti fiscali per le imprese, di poteri speciali nei settori strategici, nonche' interventi in materia di salute e lavoro, di proroga di termini amministrativi e processuali.