On 6 October 2016, the Portuguese government announced the approval of the Special Program for the Reduction of Debts to the State. Under the program, both individuals and businesses that pay outstanding tax and social security debts by the end of 2016 will not be subject to interest. The program also allows taxpayers to enter into an installment plan with a maximum duration of 11 years (150 payments) without the need to provide a guarantee. The regularization program is available for tax debts due up to 31 May 2016 and social security debts due up to 31 December 2015.