The project establishes a moratorium until December 31, 2020 on loans granted by banks, cooperatives, and financiers. It was approved in the third debate by the plenary session of the National Assembly.

The moratorium until December includes commercial and personal loans for individuals and companies economically affected by the new coronavirus pandemic.

It was approved that to be entitled to the moratorium, clients will have to prove the incapacity through an affidavit or with letters of dismissal or suspension of the contract.

Last April this project had been approved in the third debate in the legislative plenary and originally contemplated the suspension of payments for clients affected by the pandemic for three months, counting from March.

However, the President of the Republic, Laurentino Cortizo , partially vetoed the project and called extraordinary sessions, which ended today, for deputies to resume the project.

Deputy Gabriel Silva, from the independent party, said that the project has positive aspects, but that there are others that are inconvenient, because he cannot agree to remove the solidarity bond, which is being given to those affected by the pandemic, either for an amount based on the basic basket.

Kayra Harding, from the Democratic Revolutionary Party, highlighted that among the positive points of the law is that it includes cooperatives and finance companies. Furthermore, it is a binding moratorium on banks.

Alaín Cedeño, Deputy for Democratic Change, stressed that the changes to the law had to be made, but that it did not affect the Constitution, in order for it to be approved.

Also that the banks had reached an agreement with more than 50% of their clients, and that fewer debtors will benefit from this law.