Deep breath in a row small and medium-sized enterprises and self-employed persons affected by the pandemic, The activation of the «Bridge 2» programme, under which business loan instalments will be subsidised for eight months.
According to government officials, the aim is for the relevant bill to be passed by March 15, so that the application platform can be opened in early April. The first instalment will be paid by the end of May. For non-performing loans, the relevant deadline for reaching an agreement between borrowers and banks on loan restructuring will also be fast-tracked.
Inclusion of debtors in the programme
A basic condition for the inclusion of debtors in the programme is proven to have been affected by coronavirus, have their 2020 revenues reduced by 20% compared to their 2019 revenues, and should not have received assistance from other grant schemes of more than EUR 1,6 million following the revision of the Temporary Framework. Also, the amount due should not be guaranteed by the Greek State.
It is estimated that around 150,000 borrowers who owe banks between €40 and €50 billion will be covered. Reportedly, for green loans serviced, the monthly state subsidy will be up to 600 euros in the first period for self-employed persons, up to 50,000 euros for companies with a turnover of 10 million euros and up to 100,000 euros for companies with a turnover of up to 50 million euros.
For loans over 90 days overdue, the monthly state subsidy will initially be up to €500 per eligible debt for self-employed persons, up to €40,000 for companies with a turnover of up to €10 million and up to €80,000 for companies with a turnover of up to €50 million.
The amount of eligible loans that can be included in the programme, which will be determined by a series of criteria, remains a subject of discussion with the institutions.
Conditions
Α. Loans serviced
1. For freelancers without employees:
- Real estate must not exceed EUR 600,000 in the case of non-performing loans.
- Income of EUR 24,000 for serviced loans plus 18,000 and 13,000 respectively for the spouse and 5,000 for each dependent child.
- Deposits must not exceed EUR 40,000 for performing loans.
- The total outstanding loan must not exceed EUR 300,000.
2. For legal entities and enterprises with up to 10 employees and a turnover of up to EUR 2 million:
- The value of the property must not exceed EUR 2,5 million.
- The annual turnover or income, as the case may be, must not exceed EUR 2 million
- Deposits must not exceed EUR 1 million.
- The total outstanding should not exceed EUR 1,5 million per creditor.
3. For legal entities and enterprises with up to 50 employees and a turnover of between EUR 2 and 10 million:
- The annual turnover or income must not exceed EUR 10 million.
- The total outstanding loan should not exceed EUR 2,5 million.
4. For legal entities with a turnover of between EUR 10 and 43 million and up to 250 employees:
- The annual turnover or income, where applicable, must not exceed EUR 50 million.
- The total outstanding loan should not exceed EUR 25 million in total to all creditors.
Β. Loans over 90 days overdue at the end of 2020
1. Freelancers without employees:
- The real estate must not exceed 280,000 euros.
- The income should not exceed 12,500 euros, plus 8,500 euros for each spouse and 5,000 euros for each dependent child.
- Deposits must not exceed EUR 15,000.
- The total outstanding loan must not exceed €130,000 per creditor.
2. For legal persons and enterprises with a turnover of up to EUR 2 million:
- The total value of the real estate must not exceed 800,000 euros.
- The annual turnover or income must not exceed EUR 2 million.
- Deposits should not exceed €250,000.
- The total outstanding capital should not exceed EUR 250,000 per creditor.
3. For legal persons and enterprises with a turnover of between EUR 2 and 10 million:
- The annual turnover or income, where applicable, must not exceed EUR 10 million.
- The total outstanding capital should not exceed EUR 500,000 per creditor.
