The Sejm has passed the Credit holidays law. Who can benefit from it?

The Sejm adopted most of the Senate’s amendments to the act, which introduces the so-called credit holidays and extends anti-inflation shields. The act will be signed by the president. Who can take advantage of credit holidays?

At the beginning of June, the Seym passed an act on crowdfunding for economic ventures and assistance to borrowers. The Senate proposed 43 amendments to the act, and the parliamentary Public Finance Committee supported most of them. On Thursday, the Sejm adopted most of the Senate’s amendments, and the bill will now be signed by President Andrzej Duda.

Credit holidays. Who will be able to benefit?

The bill provides that in 2022 and 2023, borrowers will be able to take advantage of credit holidays in any two months of the third and fourth quarters of the current year and one month in each of the quarters of 2023. Credit holidays are to apply to both the capital and interest part of the instalment, and the repayment date is to be postponed without additional interest.

The act increases the support from the Borrowers Support Fund to over PLN 2 billion and forces banks to depart from the WIBOR ratio. It also provides for the extension of anti-inflation shields until October 31. As part of the targets, which are currently in force until July 31, there is a lower VAT rate of 8% on fuels, a 5% rate on electricity and heat, and a zero rate on gas . The zero VAT rate now also applies to food, fertilisers and selected agricultural inputs.

Borrowers Support Fund – take advantage of the support today

The Borrowers Support Fund can be used today. The maximum support from the fund is 2,000. PLN and can be paid for up to 36 months, which gives a total of 72.000. zloty. The support is feedback. The repayment begins 2 years after the payment of the last additional payment and is made in 144 equal, interest-free monthly instalments.

Part of the support may be cancelled. The condition for redemption is the timely repayment of the first 100 instalments of the loan from the CEF. With the maximum amount of support (PLN 2,000 for 36 months), after the timely repayment of 100 instalments (PLN 50,000), another 44 instalments amounting to PLN 22,000. PLN will be redeemed.

To receive assistance, one of the following conditions must be met:

  • be unemployed by at least one of the borrowers;
  • monthly housing loan servicing costs must exceed 50%. monthly income;
  • the monthly income after deducting the costs of loans will not exceed a certain amount – in 2022 it is PLN 1,552 in a single-person household and PLN 1,200 per person in a multi-person household.

Source: Gazeta

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I am from Denmark but have lived and done business in Poland since the Spring in 2008. I have had a webshop with Scandinavian designed products, and event company in Poland. Today I am a business consultant and b2b IT consultant plus sales agent on the Polish market. I have lived/done business in 3 different cities and in 3 different regions (voivodeships) in Poland. My business network and knowledge about doing business in Poland and about Poland are therefore very big.

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