Refundable Advance Payment 5: possibility of integrating new businesses

In a statement, the Department of the Treasury announced on Wednesday, January 27, that approximately €639 million had been credited to more than 200,000 beneficiaries of its Refundable Advance Payment 5.

At the same time, the ministry announces that they will now be able to join the scheme and businesses who did not previously have the opportunity to do so, but also to submit an application on an exceptional basis, companies that declared their revenue data but did not submit an expression of interest.

The Ministry of Finance's announcement in detail:

The Ministry of Finance is proceeding today, in line with its set schedule, with the first payment of amounts to beneficiaries of the Refundable Advance Payment 5.

At the same time, it broadens the beneficiaries of the aid, allowing new businesses that started operating between November 1, 2019, and February 29, 2020, or August 1, 2020, and October 31, 2020, to join this cycle of the financial instrument.2020-31.10.2020 and belong to the affected Activity Code Numbers (KAD). These businesses were not initially eligible to join the 5th cycle of the Refundable Advance Payment due to their low turnover during the first period of their business activity.

In addition, companies that have declared their revenue but have not submitted an expression of interest are given the opportunity to submit an application for membership on an exceptional basis.

Specifically:

1. Today, a total amount of €639 million is being credited to the bank accounts of 203,964 beneficiaries of the fifth cycle of the Refundable Advance Payment. The average aid per beneficiary amounts to €3,133.

Beneficiaries will see the credit in their accounts by the evening, depending on each bank's credit flows.

According to the data Independent Authority for Public Revenue (AADE), 269,420 businesses have already finalized their application for aid through the “myBusinessSupport” platform (www.aade.gr/mybusinesssupport). It should be noted that the deadline for final submission of applications is Tuesday, February 2, 2021.

The next credit of amounts for the 5th cycle of the Refundable Advance Payment will take place the day after tomorrow, Friday.

2. By joint decision of the Ministers and Deputy Ministers of Finance and Development & Investment, which will be signed immediately, it will be determined that specifically businesses that have commenced operations from November 1, 2019, to February 29, 2020, as well as from August 1, 2020, to October 31, 2020, and which belong to sectors that were directly affected during the period November-December 2020 (retail, catering, tourism, culture, sports, transportation, and other sectors that were closed by government order during that period) are eligible for the 5th cycle of the Refundable Advance Payment, regardless of their turnover or gross revenue.

Specifically for the above companies that have already submitted an expression of interest by January 19, 2021, the “myBusinessSupport” platform after the end of the current period ending on February 2, 2021, will reopen for the acceptance of aid amounts by the above companies, with a deadline of February 8, 2021.

The amount of financial assistance for these businesses is set at €1,000. If, based on Decision D1a/GP.oik. 3060/2021 – Government Gazette 89/B/16-1-2021, they remain closed by government order, the amount of aid increases to €2,000 if the business employs one to five employees, and to €4,000 if it employs more than five employees.

3. With the same Decision, companies that submitted data to the ’My Revenue« application on the »myBusinessSupport“ platform by January 19, 2021, will be given the opportunity to submit an application for inclusion in the Refundable Advance Payment 5, on an exceptional basis, but they did not complete the relevant application for financial support by that date. ”My Income" application on the "myBusinessSupport" platform by January 19, 2021, but had not completed the relevant application expressing interest in financial support by that date.

This addresses the fact that some companies were excluded from the process because they failed to submit an expression of interest by mistake, even though they had declared their revenue data in the relevant application on the platform. “myBusinessSupport”.

With these initiatives, the Government is demonstrating, once again, that it is responding quickly, methodically and effectively to the needs of the real economy, continuing, expanding, and adapting its support measures so that the impact of the health crisis is as small as possible and can be reversed as quickly as possible.