As of today, beneficiaries of the 5th cycle of the Repayable Advance Funding Scheme can submit to the online platform «myBusinessSupport» of the AADE application for an expression of interest for the granting of aid, as announced by the Ministry of Finance.
The total amount of financial assistance available is expected to reach €1.5 billion. This will bring the total direct support from the State to enterprises, in particular small and medium-sized enterprises, through the five cycles of the Repayable Advance Facility to €7 billion.
The categories of beneficiaries are defined in the Joint Decision of the Ministers of Finance and Development and Investment, which was published in the Official Gazette (Government Gazette 7/B/4-1-2021), on the «Procedure for the submission of expressions of interest for the temporary aid measure in the form of a refundable advance to businesses that were financially affected due to the emergence and spread of the COVID-19 coronavirus during the months of September to December 2020».
Recall that in Reimbursable Advance 5, as in the previous cycle, the 50% of aid is non-reimbursable. It is conditional on maintaining the same level of employment up to 30/6/2021.
Businesses interested in taking advantage of the 5th cycle of the Reimbursable Advance can express their interest on the «myBusinessSupport» online platform until Friday 15 January 2021.
As the Ministry of Finance clarifies, a subsequent Joint Ministerial Decision, which will be issued after the deadline for submitting applications, will determine the method of calculating the amount of aid and other relevant issues.
