ECONOMY

Sixth-phase deadline on Feb 22

sixth-phase-deadline-on-feb-22

Corporations and self-employed professionals have until February 22 to declare their interest in the sixth phase of the cheap state loans program on the Independent Authority for Public Revenue’s online platform myBusinessSupport.

The decision to that effect was published in the Government Gazette, and as announced it will constitute the state’s compensation for the losses of professionals during January. A seventh phase of the so-called “Deposit To Be Returned” program will follow, covering the turnover losses of the entire first quarter of 2021, with the cash of the sixth phase also factored in. The budget of the sixth phase will run to about 500 million euros, and that of the seventh to €1 billion.

The support of the sixth round of state loans will be disbursed over the first few days of March, according to a recent announcement by Finance Minister Christos Staikouras. As this only concerns last month, the minimum amount of support for the sectors that have not been shuttered by state order will come to €500, and the maximum to €50,000. Self-employed professionals without any dependent workers will receive between €500 and €1,000, depending on how much their revenues have declined.

However, for food service and the sectors that remained closed at the end of January, the support will start from €1,000 for enterprises without employees, from €2,000 for companies with one to five workers, €4,000 for enterprises with staff from six to 20 people, and €8,000 for businesses with over 20 workers on their payroll.

Just as in the fifth phase, 50% of the support will not have to be returned, on the condition that the beneficiaries maintain their staff numbers until at least July 31.

Friday’s decision clarifies that the details on the eligibility criteria for the sixth phase, the application process and the disbursement of the support, the basis of calculation of the loans and the procedure for their return will be determined through a new decision that will be released after the completion of the application submission process.