Within the framework of your constant information from our company, we would like to inform you about the new support measures, which the Greek Government has announced. In particular, we would like to inform you about the opportunity, given to all the companies with 1 to 500 employees, to apply for a so – called “Repayable Advance Payment”, as liquidity aid. Beneficiaries, are all the companies, regardless of their legal form & activity (“KAD”). The relevant, electronic platform of the Ministry of Finance, will open from the beginning of this week, and the final approval by the European Commission, is also expected.

This grant was called, as “Repayable Advance Payment”, because the companies will pay it – in fully or partially – after 5 years, depending on their profitability.

The first year is considered, as grace period. The received grant has to be paid back, monthly, within the next 4 years.

The loan, since it is basically a loan, will be almost interest free. The interest rate has not yet been announced, but it will be very low, according to the Minister.

The relevant application has to be submitted, until 10.04.2020, but, in our opinion, this deadline will be extended, as the companies do have little time to prepare the applications and upload them.

The Government’s goal is to pay out this grant, by the end of April. The companies have to declare their turnover, which will be compared to a number of other data, via a standard automated mechanism of the Ministry. The Ministry’s expected decision will set the distribution terms, in this case, the beneficiaries, the aid’s height, the decision for the grant & the interest’s return, the procedure of submitting the corresponding application, the privilege obligations (for example, the prohibition of firing personnel, etc.), and any other required information.

The acceptance criterion will result from the Corona – Virus’ punch strength.

NOTE: This article does not cover advisory, but only informational purposes, and cannot serve, as a basis for further actions, on the part of      the reader. Reception of specialized advice is required.

Our company does not hold any responsibility for any actions, taken by the readers, based on the present article.