BUSINESS

Cheap loans to 174,000 enterprises

TAGS: Finance

The 174,000 enterprises that have applied to participate in the third phase of the program for cheap state loans, known as the “Deposit To Be Returned,” will share 1.5 billion euros.

The third phase concerns the period from March to August 2020, for which the Independent Authority for Public Revenue will inspect the turnover of applicant companies to establish whether they qualify to enter the low-interest loans program.

According to the decision by the Finance Ministry, a necessary condition is for the companies’ turnover to have shrunk by at least 10% in the period from March to August compared to the same time last year.

The amount of funds will depend on the degree of turnover loss, after the deduction of payment to workers in furlough. Just as in the program’s previous couple of phases, the minimum amount is €2,000 for business ventures without workers, €4,000 for companies with one to five employees, €8,000 for employers of 6-20 people, €15,000 for enterprises with 21-50 workers and €30,000 for corporations with over 50 staff. The maximum amount that can be paid to each company is €500,000.

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