The final accepted version of Anti-Crisis Shield project

The government accepted a project of the so-called Anti-Crisis Shield – said the government spokesman Piotr Müller. Work on the final version of the project lasted from the beginning of March. The final version, adopted in circulation mode, was sent to the Sejm yesterday.

According to the government’s declaration, the value of the package is to amount to 212 billion PLN.

Anti-Crisis Shield project – the most important aspects

According to the government announcement, the anti-crisis package provides, among others:

• coverage by the state of contributions to ZUS for three months – for micro-enterprises that employ up to 9 employees (this refers to contributions for all employees), and self-employed;
• monthly benefit in the amount of up to about 2,000 PLN – for those employed under a mandate or specific task contract and self-employed;
• co-financing employee remuneration and making working time more flexible – for companies in trouble.
• consumer protection in terms of excessive price increases and other unfair practices;
• temporary abolition of the extension fee in tax and social security claims;
• enabling deduction of donations given to counteract COVID-19 from income (income);
• more favorable settlement rules;
• ARP support for transport companies in refinancing lease contracts;
• facilities for the tourism industry;
• enabling stores – on Sundays that are not allowed to trade – to accept goods, unload them and put them on shelves;
• 90% reduction rents of tenants of premises and the so-called islands in shopping malls, as long as these facilities are prohibited from operating normally;
• extension of legal stay and work permits for foreigners;
• exemption from charging contractual penalties for – related to the epidemic – delays in the execution of tenders;
• enabling municipalities to refrain from charging real estate tax on companies that have lost their liquidity due to the coronavirus epidemic;
• extension of working capital loans, based on financial data at the end of 2019;
• de minimis guarantees from BGK;
• BGK subsidies for interest;
• BGK, PFR and KUKE liquidity funds, including the possibility of obtaining – by medium and large companies – from the PFR Investments fund an increase in capital or financing in the form of bonds – with a total value of PLN 6 billion.

A detailed description of the solutions and proposed regulations can be found at gov.pl

De minimis repayment guarantee

As of March 26rd, 2020, only certain provisions related to the support package concerning the coronavirus pandemic apply. The most important changes include the commitment of Bank Gospodarki Krajowej (BGK) to grant repayment guarantees in the de minimis formula for micro, small and medium-sized enterprises. These guarantees will not be covered by the commission fee. Also, entrepreneurs will be able to apply for a reduction or remission of arrears.

Liquidation of the system risk buffer

Last week, the Minister of Finance signed a regulation eliminating the systemic risk buffer, thanks to which additional capital of 30 billion PLN will be released into the financial system. This will allow banks and financial institutions to grant additional loans for a total amount of 40 billion PLN.