CMN Resolution No. 4846 — Credit Operations for Payroll Financing under the Pese Emergency Employment Support Program

Resolution No. 4,846

CMN RESOLUTION
NO. 4,846, OF AUGUST 24, 2020

Provides for credit operations for financing payroll or the payment of labor payments within the scope of the Emergency Employment Support Program (Pese), established by Law No. 14,043, of August 19, 2020.

The Central Bank of Brazil, in accordance with Art. 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in an extraordinary session held on August 24, 2020, based on Arts. 4, items VI and VIII, of said Law, and 16 of Law No. 14,043, of August 19, 2020,

R E S O L V E S:

Art. 1 Financial institutions may participate in the Emergency Employment Support Program (Pese), in accordance with Law No. 14,043, of August 19, 2020, and this Resolution.

Art. 2 The institutions mentioned in Art. 1 that participate in Pese may finance the payroll or the payment of labor payments referred to in Art. 3 of Law No. 14,043, of 2020, for entities responsible for:

I - entrepreneurs;

II - simple societies;

III - business societies;

IV - cooperative societies, except credit societies;

V - civil society organizations defined in Art. 2, item I, of Law No. 13,019, of July 31, 2014, and in Art. 44, item IV, of Law No. 10,406, of January 10, 2002; and

VI - rural employers defined in Art. 3 of Law No. 5,889, of June 8, 1973.

Sole Paragraph. The annual gross revenue of the persons financed under Pese must be greater than R$360,000.00 (three hundred and sixty thousand reais) and equal to or less than R$50,000,000.00 (fifty million reais), calculated based on the 2019 fiscal year.

Art. 3 For the purpose of granting credit operations under Pese, the following conditions must be observed:

I - the total term must be 36 (thirty-six) months, of which the first 6 (six) will be a grace period;

II - the interest rate must be 3.75% p.a. (three and seventy-five hundredths percent per annum);

III - the contracting must occur by October 31, 2020; and

IV - the outstanding balance and the installments due for the credit operation must be calculated as follows:

a) the French Amortization System (Price Table) monthly, with an annual calculation base of 360 (three hundred and sixty) days; or

b) the Constant Amortization System (SAC) monthly, with an annual calculation base of 252 (two hundred and fifty-two), 360 (three hundred and sixty), or 365 (three hundred and sixty-five) days.

§ 1 The credit operations referred to in the main text may be formalized by financial institutions through instruments signed digitally or electronically.

§ 2 The contractual instruments signed by financial institutions must specify the obligations assumed by the financed persons in accordance with § 3 of Art. 2 and § 10 of Art. 3 of Law No. 14,043, of 2020.

Art. 4 In credit operations intended for financing payroll:

I - the amount to be financed will cover up to 100% (one hundred percent) of the payroll of the persons mentioned in Art. 2, for a period of 4 (four) months, limited to the value equivalent to up to 2 (two) times the minimum wage per employee in each payroll; and

II - the financial institution that processes the payroll of the financed person must observe the rules of Resolution No. 3,402, of September 6, 2006, for the crediting of resources to the employee's salary account.

Art. 5 The National Bank for Economic and Social Development (BNDES), through a prior contractual instrument of adherence with the participating financial institution, may transfer to this participant the Union resources related to credit operations contracted with own resources prior to the filing of the operation at BNDES.

§ 1 In the contractual instrument of adherence referred to in the main text, BNDES must provide for maximum values that may be transferred to the participating financial institution, observing the global limit of resources effectively transferred to BNDES by the Union and available for the execution of Pese.

§ 2 The credit operations referred to in the main text must:

I - adhere to all conditions established in Law No. 14,043, of 2020, and this Resolution; and

II - be formalized on a date subsequent to the entry into force of this Resolution.

§ 3 Provided that the provisions of § 1 are observed, the credit operation filed at BNDES will follow the discipline established for operations granted under Pese, including with respect to the constitution of provisions to cover probable losses, as referred to in Art. 6 of this Resolution.

§ 4 BNDES will transfer the Union resources to the participating financial institutions remunerated at the fixed rate of 3.75% p.a. (three and seventy-five hundredths percent per annum), considering as the initial term the date of formalization of the credit operation contracting.

§ 5 If the operation does not meet the provisions of this article, it will not be considered carried out within the scope of Pese and must observe all current regulations applicable to credit operations.

Art. 6 The institutions mentioned in Art. 1 must apply the percentages defined in Art. 6 of Resolution No. 2,682, of December 21, 1999, for the constitution of the provision to cover probable losses of operations carried out under the aegis of Pese, only on the portion of the credit whose credit risk is assumed by the institution.

Art. 6 (Revoked, effective January 1, 2025, by CMN Resolution No. 4,966, of November 25, 2021.)

Art. 7 The institutions mentioned in Art. 1 must disclose in an explanatory note the classification by risk level of the operations referred to in Art. 6, accompanied by the amount of the provision constituted for each level.

Sole Paragraph. The provisions of the main text apply only from the annual financial statements relating to the year 2020.

Art. 7 (Revoked, effective January 1, 2025, by CMN Resolution No. 4,966, of November 25, 2021.)

Art. 8 The institutions mentioned in Art. 1 must include the credit operations carried out within the scope of Pese in the scope of the annual internal audit plan and the annual internal audit report, prepared in accordance with current regulations.

Sole Paragraph. The provisions of the main text apply, inclusive, to the plan and report relating to the 2020 fiscal year.

Art. 9 Resolution No. 4,800, of April 6, 2020, is hereby revoked.

Art. 10. This Resolution enters into force on the date of its publication.

Roberto de Oliveira Campos Neto
President of the Central Bank of Brazil