Law 156 of June 30, 2020, dictates economic and financial measures to counteract the effects of COVID-19.

To whom does it apply?

• Persons whose employment contract has been suspended or terminated,
• Self-employed workers, and
• Merchants whose activity has been affected by the health measures established by the Executive Branch.

Benefits

It establishes a moratorium on loans granted by banks, cooperatives, and finance companies until December 31, 2020, namely:

• Residential mortgage loans
• Personal loans
• Automobile loans
• Credit cards
• Loans to small and medium enterprises
• Commercial loans
• Loans to the transport sector
• Loans to the agricultural sector
• Consumer loans

Banks, cooperatives, and financial institutions may not make collections, increase applied interest rates, surcharges, or any other interest due to non-payment, late payment, or any other interest.

Requirements

One of the following must be submitted to support the state of incapacity or insolvency of payment:

• A sworn statement before a notary public stating the affectation on your income.
• Letter of dismissal.
• Letter of suspension of employment contract or reduction of working hours.

Other considerations

• The amount of the solidarity bond to be granted will be determined by the Executive Branch.
• It establishes a moratorium on payment for national radio stations in compliance with the obligation to inform the population.
• During the state of emergency caused by COVID-19 and until 60 days after it is lifted, people's credit histories will not be affected.