Ladies and Gentlemen,
on March 28, 2020, the Sejm passed the Act amending the Act on special solutions related to the prevention, counteraction, and combating of COVID-19, other infectious diseases and the resulting crisis situations, and certain other acts, the so-called "anti-crisis shield." Legislative work on the Act is still underway, so we are awaiting its final form.
The aim of the anti-crisis shield is to help primarily entrepreneurs who have suffered negative consequences related to the occurrence of COVID-19 in Poland.
While waiting for the final version of the Act to be adopted and for it to enter into force, and given the risk of losing financial liquidity for many entrepreneurs, we would like to draw your attention to the solutions proposed by Bank Gospodarstwa Krajowego and other financial institutions.
I. De minimis guarantees
The aid package for micro, small and medium-sized enterprises developed by BGK aims to reduce the effects of COVID-19 on entrepreneurs in Poland and includes the following solutions:
- increasing the guarantee scope to 80% of the loan amount,
- no commission for issuing a guarantee – for the first one-year warranty period,
- extension of the guarantee period from 27 months to 39 months for working capital loans,
- purpose of the loan: financing liabilities arising from business activities,
- waiving the collection of commissions on guarantees already existing and due in the period until December 31, 2020.
The above guarantees will be available to entrepreneurs who, as of February 1, 2020, had no arrears to the lending bank or arrears in paying dues to the Social Insurance Institution and the Tax Office.
These solutions will be available until December 31, 2020. The financial situation will be assessed by the lending banks, the list of which can be found at https://www.bgk.pl/pakietpomocy/systemy-gwarancji/ , while more details can be found at https://www.bgk.pl/pakietpomocy/systemy-gwarancji/ .
We recommend contacting the relevant bank to take advantage of the BGK assistance package.
BGK is also developing an aid plan for medium-sized and large businesses affected by the COVID-19 epidemic. Guarantees for medium-sized and large businesses from the Liquidity Guarantee Fund will include the following solutions:
- security up to 80% of the loan amount (guarantee amount from PLN 3.5 million to PLN 200 million),
- for new or renewed loans,
- loan amount covered by the guarantee – up to PLN 250 million,
- warranty period – maximum 27 months,
- purpose of the loan – ensuring financial liquidity.
II. Suspension of loan repayments, interest rate reduction
Additionally, many financial institutions are offering the option of suspending loan repayments or lowering interest rates. To this end, we encourage you to contact banks and leasing companies to learn more about possible solutions that could stabilize or improve your financial situation.
It's important to note that a growing number of entrepreneurs are struggling with financing their ongoing operations, and as a result, the demand for state budget funds is growing. We therefore recommend that you immediately take steps to utilize the solutions proposed by BGK and the legislature. We hope this will help you maintain financial liquidity.
If you have any questions regarding the above or other issues related to the solutions provided by the so-called anti-crisis shield, please contact our law firm.
This information was prepared based on official announcements published on the BGK website.
