ECONOMY

Payment of cheap loans starts

payment-of-cheap-loans-starts

The payment of the fifth phase of the cheap state loans program known as the “Deposit To Be Returned” begins on Wednesday for 361,888 enterprises that the Finance Ministry deems have made the cut.

The companies to benefit most from the fifth phase are shuttered enterprises in the sectors of food service and agriculture as well as bars and taxi operators. Enterprises without any staff will receive 1,000 euros each. Those employing up to five people will get a minimum of €2,000 and those with over five people on the payroll will get €4,000. The state payments, adding up to €1.5 billion, will be completed next week.

The recipients are 24,534 food service companies, 21,087 bars and cafés, 16,264 taxi operators, 14,280 farmers, 13,356 short-term holiday accommodation enterprises, 5,510 hotel companies, 10,875 legal firms, 10,618 agricultural producers, 2,474 travel agencies, 2,495 betting agencies and 34 companies related to air travel.

The average amount of support for companies varies greatly from sector to sector, as the average loan to each restaurant comes to €4,592, while the average support for cattle farmers amounts to just €1,043.

It is noted that 50% of the loans in this phase do not have to be returned, provided the recipients retain the same number of workers up to June 30. The sum of the subsidies will bear the reference interest rate (0.64%) set by the European Commission for Greece.

For the period until December 31, 2021, the state has granted a grace period without interest, during which recipients will not have to pay any part of the capital or the interest. After the grace period ends, the part of the loan to be returned to the state will have to be repaid in 40 monthly installments.

The part of the loans to be paid back will appear along with any debts each benefiting enterprise may have to the state on the website of the Independent Authority for Public Revenue (aade.gr), in the data section on debts for which an arrangement has not been reached.