Ministry of Finance: gradual “abandonment” of support measures for victims of the pandemic

At present, the Greek Ministry of Finance is transferring the country’s economy into a phase of gradual “shutdown” of support for those affected by the pandemic and intends to implement new measures to transition the economy into the post-coronavirus era.

This latest round of support measures includes around 4.5 billion euros in aid and aims to support businesses and households for the first time since the opening of the country’s economy.

In the coming days, the fixed cost coverage program will be implemented in practice with a budget of 500 million euros. The extension of the deadline for submission of final applications for inclusion in the program expires today, it was activated after the term of the relevant ministerial decree (JMC) was completed. This provides an opportunity for inclusion – on some conditions – of companies with branches, as well as 800 companies, whose applications were initially rejected, in the assistance program.

In the coming days, AADE will begin sending notices to approximately 30,000 beneficiaries who can cover their insurance and tax liabilities.

Recall that the coverage of the deficit of the enterprises selected (to join the program) will reach 70% for companies with up to 250 employees and 90% for small and very small businesses. After the end of the fixed cost recovery program, at the end of the month, a second related measure will be triggered.

Funding for companies will start with 35% of the assistance they received for the first three payments of the refundable advance. The move was announced last April, along with extending the 7-cycle repayment period of the advance from 40 to 60 months, and retroactively reducing the refundable amount from the refundable advances.

This concerns the ability of companies to receive direct liquidity of up to 35% of the total assistance they received during the first three payout cycles.

The beneficiaries will be provided with a loan to cover their liabilities to tax and insurance funds until the end of 2021. In return, they would have to lose the 50% discount on the redeemable portion of the first three cycles of the program.

Recall that there is a program “Bridge II” (“Γέφυρα ΙΙ”) to subsidize business loans with a budget of 300 million euros, which will work in parallel with “Bridge I” (“Γέφυρα Ι”), which deals with subsidizing loans related to the preservation first housing. The budget of “Most I” is 200 million euros, of which 140 million euros have already been paid.

At the same time, there are industry-specific support programs for catering and tourism. In particular, within the framework of a special program (ειδικό πρόγραμμα για κεφάλαιο κίνησης της εστίασης, με χρηματοδότηση από το ΕΣΠΑ), funded by ΕΣΠΑ, with a budget of 330 million euros A related tourism program with a budget of 420 million euros, together with small programs with a total budget of 16 million euros, is intended to support gyms and playgrounds.

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