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Government to Extend Loan Repayment Moratorium by Six Months

MTI-Hungary Today 2020.09.19.

The government will extend for another six months the moratorium on loan repayments introduced in the spring to ease the economic fallout from the coronavirus crisis, Prime Minister Viktor Orbán said after the meeting of the Economic Operative Corps on Saturday.

Jobs and the living standards of families must be protected during the epidemic, Orbán said in a video posted on Facebook.

The automatic opt-in moratorium will be extended for families raising children, pensioners, people without a job and those participating in public work schemes, the prime minister said.

Businesses will have to apply for an extension and if they suffered a more than 25 percent revenue loss during the crisis, they will be granted the option, Orbán said.

Furthermore, the government will impose a six-month termination ban on all retail and business loans taken out before the start of the coronavirus pandemic, he added.

The repayment moratorium has so far helped 1.6 million families and 60,000 businesses, leaving 2,000 billion forints (EUR 16.6bn) with debtors until December.

featured image via Pixabay