EU funds working capital grants of 350 million EUR. The deadline of obtaining of the Emergency Situation Certificates has been extended!

Working capital grants financed by European funds amounting to 350 million EUR are available. The deadline of obtaining of the Emergency Situation Certificate has been extended to August, 1^st – September 15^th, 2020.

The Emergency Situation Certificates (CSU) issued by the Ministry of Economy have been regulated since March 16 ^th, 2020, from the beginning of the declaration of the state of emergency due to the Covid-19 pandemic. Subsequently, certain facilities were granted to the companies that obtained such Certificates, such as facilities of a commercial nature (e.g. postponement of payment of rent and utilities or exemption from payment of contractuaal penalties), banking (e.g. suspnsion of installments) or tax (e.g. exemption from the payment of an activity specific tax).

The issuance of these Certificates takes two (2) forms: type 1 (blue) and type 2 (yellow).

According to an article published by us in early May, a month after the platform of the Ministry of Economy issuing the Certificates became operational, a number of approximately 43,000 companies applied to obtain them.

The deadline for obtaining these Certificates expired on June 15^th, 2020, and has recently been extended for the period of August, 1^st to September 15^th, 2020. These Certificates may be issued to companies that have decreased their incomes or recipts by at least 25% in March, April or May 2020, compared to the average of January and February 2020.

As we anticipated, benefits or facilities based on the Certificates obtained will be granted through other normatice acts. Thus, 350 million EUR in working capital grants were allocated by European funds financing, one of he conditions being to obtain the Emergency

To date, about 60,000 companies have applied for these Certificates, but a significant number of those have been revoked. Therefore, as we have mentioned in the past, in addition to fulfilling the legal conditions, it is important that the submission of the documentation is done correctly in order to avoid the risk of revoking the Certificate.