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The BCRA Regulates Credit Line of the ATP Program

The Board of the BCRA has approved the implementation of a subsidized credit line to companies in accordance with the provisions of Executive Order No. 332/2020, which established the Emergency Assistance for Work and Production Program (Asistencia de Emergencia al Trabajo y la Producción, ATP).

Financial institutions must grant this credit line to companies, when so requested, provided that they are included in the list of beneficiaries disclosed by the Federal Administration of Public Revenues (Administración Federal de Ingresos Públicos, AFIP).

The funds must be directly credited to salary accounts within five business days from the date the request is received.

The interest rate shall be determined based on the company’s turnover year-on-year change:

Positive nominal change in year-on-year turnover
interanual en la facturación
Interest rate - annual nominal -
- nominal anual -
from 0% to 10% 0%
more than 10% up to 20% 7,5%
more than 20% up to 30% 15%

The subsidized credit line has a three-month grace period from the deposit date and must be reimbursed as from the fourth month, in twelve consecutive, equal installments on a monthly basis.

This credit line will be guaranteed by the Argentine Guarantee Fund (Fondo de Garantías Argentino, FOGAR), and the National Fund for Productive Development (Fondo Nacional de Desarrollo Productivo, FONDEP) will subsidize the difference between the rate paid by the company and the maximum nominal rate of 15%.

Moreover, the BCRA Board approved the zero percent credit line for Culture also provided for in Executive Order No. 332/2020. The AFIP will disclose the list of eligible beneficiaries, amounts and institutions that will process the request.

The funds will be credited to the credit card of the requesting party in three consecutive, equal installments on a monthly basis. The amount corresponding to taxes and mandatory contributions will be withheld by the financial institution and transferred to the AFIP.

The credit line is granted at an annual nominal interest rate of 0% and has a twelve-month grace period from the first deposit of funds and must be reimbursed as from the thirteenth month, in twelve consecutive, equal installments on a monthly basis.

August 6, 2020.

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