Payment Facilities
Middle Class Protection Plan 3: Flexible credit program for the middle class (Plan de Protección Clase Media 3: Programa de créditos para la clase media)
Date announced
7/5/2020
Start date
8/8/2020
Date of last update
5/31/2022
Description
Credit to compensate up to 70% of income reduction, with a real interest rate equal to zero (it will only be adjusted by the IPC) and for a monthly maximum amount of CLP $650,000. The credit can be asked for three months (consecutives or not) from August 8th until December, 2020. The people who did not have access to the Covid Grant for the Middle Class can apply for this flexible credit for an extra month (making that an overall 4 month duration credit).
Official Sources
Prensa Presidencia de Chile (07-14-20). 'Presidente Piñera presenta nuevas medidas de apoyo para la clase media que incluyen bono, préstamo solidario y beneficios en vivienda y educación: “La misión de nuestro Gobierno en estos tiempos de adversidad es proteger a las familias chilenas”'. [https://prensa.presidencia.cl/comunicado.aspx?id=153126]
Prensa Presidencia de Chile (07-05-20). 'Presidente Piñera anuncia plan de protección para la clase media con beneficios en vivienda, educación y financieros: “Necesita seguridades y oportunidades para el futuro”'. [https://prensa.presidencia.cl/comunicado.aspx?id=153015]
Ministerio de Desarrollo Social y Familia (07-06-20). 'Ministros Monckeberg y Rubilar entregan detalles del Plan de Protección de Clase Media'. [http://www.desarrollosocialyfamilia.gob.cl/noticias/ministros-monckeberg-y-rubilar-entregan-detalles-del-plan-de-proteccion-de-clase-media].
Gobierno de Chile (visto el 07-10-20). 'Plan de Protección Clase Media'. [https://www.gob.cl/proteccionclasemedia/]
Gobierno de Chile (visto el 08-03-20). 'Clase Media Protegida: Créditos Blandos Covid para la Clase Media'. [https://clasemediaprotegida.gob.cl/fichas/creditos_blandos_covid_para_la_clase_media]
Gobierno de Chile (visto el 08-14-20). 'Presidente Piñera valora beneficios del Plan de Protección Clase Media: “Más de un millón de personas ya han recibido el Bono por un monto de 500 mil pesos”'. [https://prensa.presidencia.cl/comunicado.aspx?id=164296]
Characteristics of the measure
Type of measure
Payment facilities (6)
Sphere
Income protection (1)
Target population
Requirements to apply for the flexible credit: 1. Having a monthly average income of CLP $400,000 during 2019 as a formal worker; 2. That due to the COVID-19 pandemic the person has seen its monthly income reduced by at least a 30%; 3. Be in one of the following situations: i) be unemployed or having a suspended work contract that allows the use of the Unemployment Insurance, ii) be a formal worker that has seen its income reduced, even if it was by an agreement to cut work hours, iii) workers that issue bills in order to be paid and that have seen their income reduced, and iv) selfemployed people. (3) (8) (16)
Informed coverage
600,000 people
Delivery method
Transfer to bank account
Frequency / duration
Monthly, for 4 months
Place of delivery
Banks or cashiers
Recipient Registration System
-Innovación: Los interesados deben solicitar el crédito blando en línea, en un portal habilitado en la página web del Servicio de Impuestos Internos (SII)
Legal Framework
Law with tax benefits for the Middle Class in the cases indicated in bulletin No. 13.653-05
Responsible Institution
Internal Revenue Service; General Treasury of the Republic (Servicio de Impuestos Internos - SII; Tesorería General de la República)