The procedure and conditions for granting aid in the form of a refundable financial assistance to companies financially affected by the outbreak and spread of COVID-19 coronavirus disease in September and October 2020 has been recently announced by the Greek Government.
Α Joint Decision of the Ministers of Finance and Development and Investment (No. GDOU 281) has been published in the Government Gazette (Government Gazette B '5047 / 14.11.2020) regarding the "Procedure and conditions for granting aid in the form of a refundable financial assistance to companies affected, due to the outbreak and spread of coronavirus COVID-19, in the months of September and October 2020 ".
Favorable conditions are provided for the beneficiaries and the amount of assistance, 50% of which is non-refundable, in order to cover the additional needs of supporting the real economy in the current phase of tackling the health crisis.
Participants deemed eligible to the financial support are:
- all sole proprietorships, whether they employ employees or have a cash register (including freelancers and scientists), provided they show a 20% reduction in turnover in the reference months (September-October) compared to 2019 figures and have a minimum reference turnover of € 300.
- Especially the companies whose activity has been suspended by state order or are based in areas affected by the Mediterranean cyclone "Janos", are entitled to participate in the Refundable Advance 4 regardless of the drop in turnover, provided they have a minimum reference turnover of 300 euros.
- New companies that have positive revenues for the first time since February 2020, based on the reference July-August turnover for those keeping double-entries books and third quarter for those keeping simple-entries books.
Half (50%) of the financial assistance is non-refundable, provided the company maintains the same level of employment until 31 March 2021.
For the remaining 50% of the aid, for the period up to 31 December 2021 an interest-free grace period is provided, during which the beneficiary company is not obliged to repay any part of the capital or interest, while, after the grace period has elapsed, the due amount is repaid in forty (40) equal interest-bearing monthly installments. Interest rate will be at 0,74%.
The application period starts at the end of the week and the platform will remain open until November 30, 2020.