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Prime Minister Kyriakos Mitsotakis recently announced a new package to stimulate the economy that, as he said, will relieve more than 500,000 businesses, the self-employed and millions of employees.
Thus, in April the 7th round of financing of the Refundable Advance is inaugurated for companies that had a reduced turnover from January to March. It will be expanded to include all those affected, such as retail, catering and restricted industries. But also with greater support: the amounts will start from 1,000 euros for a self-employed person and will go up to 100,000 euros. From the first moment the pandemic struck, he had stressed that the priority of Health must go hand in hand with shielding the economy. For this reason, and in addition to the titanic effort to strengthen the SNA, in 2020 24 billion were allocated to support employees and companies. And today another 2,500 million are mobilized, raising the relevant funds for 2021 to 11,600 million.
Second, the exemption from 30% to 50% of the Refundable Advance refund will apply to those who had joined their first three cycles and had a significant drop in billing in 2020. While all refund fees increase from 40 to 60., in fact, the return is paid in lump sum, there will be a 15% discount. Thus, a large part of the aid becomes a direct grant, that is, a Non-Refundable Advance.
Third, to protect employment, the affected sectors will be relieved with another measure: the State will subsidize an important part of the fixed costs incurred in 2020 that were not covered by other aid. And this will take the form of “credit” for their future tax and insurance obligations, so that companies can restart after the crisis with the least possible burden.
Fourth, the Bridge Loan Program will include for the first time, in addition to homes and businesses, subsidies, for the first time, in addition to interest and principal. In daily loans, the aid will reach up to 90% of the installment, in order to reward the consistent ones. While in the “red” loans it will reach 80% if they are regulated, to help the weakest.
Finally, these options are accompanied by two more initiatives: As is the case so far, the March tax and insurance debts of those affected will be transferred at the end of the settlement period. Although this month the total exemption of the rent in commercial real estate is also maintained.
The specific plan will be presented in detail, in a short time, by the finance staff. However, as the government pointed out, these are measures that are possible thanks to the rational economic policy that preceded them. “Like the correct use of cash during the last period. They pave the way for our safe transition to the post-coronavirus era. And they show that the government knows and can follow the demands of the time, but also the needs of society. With trust in the Greeks and in the dynamics of our country ”.
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