The action concerns grants to businesses in the sectors of conference/trade fair organisation, catering for events, catering/entertainment/recreation, gyms and dance schools, which are facing insufficient liquidity but are also suffering significant financial losses due to the ongoing impact of the measures to contain the outbreak of COVID-19. The Action provides targeted public support to maintain the continuity of their economic activity.

Budget of the Action

50 million euros (46 million). EUR 4 million for SMEs and EUR 4 million for small and medium-sized enterprises. euros for Large Enterprises ) for all regions of the country.

React EU - Action funded as part of the Union's response to the COVID-19 pandemic

Beneficiaries of the Action

Businesses, regardless of their legal form, of the following branches:

• Provision of conference/trade exhibition organization services
• Catering for events
• Food/fun/entertainment
• Gyms and dance schools

Grant

Public funding covers part of the required Working Capital of businesses.

Specifically:

• Each business (distinct VAT number) will be awarded a total non-refundable grant in the form of Working Capital which may amount to a maximum of 8% of the annual turnover of the year 2019,
• In the businesses that have done start of operations within 2019, within 2020 or within 2021, the opening turnover of the year of commencement of operations (2019, 2020 or 2021) is calculated as the total turnover of the year (2019, 2020 or 2021) divided by the number of operating days of the year (2019, 2020 or 2021) times 365 or 366. Total non-refundable aid is given in the form of Working Capital. The aid may amount to a maximum of 8% of the turnover of the year of commencement of operations.
• In businesses that in the year 2019 they demonstrably had no income from business activity of any kind, a total non-refundable grant is awarded which may amount to, maximum, at a rate of 8%, on the total or the opened Business Cycle of the year 2020. For the calculation of the appropriate turnover (total or opened) the date of their re-operation (first day of revenue) within 2020 is taken into account.
• In businesses that incorporated in the year 2020 and demonstrably had no income from business activity of any kind in that year, a total non-refundable grant is awarded which may amount to, maximum, at a rate of 8%, on the total or reduced Business Cycle of the year 2021. For the calculation of the appropriate turnover (total or opened) the date of their re-operation (first day of revenue) within 2021 is taken into account.

In all cases, the grant cannot exceed the amount of 400,000 euros per company (distinct VAT number).

Basic Conditions for Business Participation

The beneficiaries of the Action should, among other things, meet the following conditions:

• to submit a Financing Application per VAT number for all the facilities they have
• to have started work by 31.12.2021
• to have until 31.12.2021 as the main activity code or as the activity code with the largest income one of the eligible NACE Code of Chapter 6: "ELIGIBLE FIELDS OF ACTIVITY". For businesses with start of work before 01.01.2020 the audit is carried out based on the NACE code with the largest income, as it is indicated in the relevant field of Form E3 (Statement of financial data from business activity) Tax year 2019 submitted in the year 2020. For companies starting operations within 2020 or within 2021, the control is carried out based on the main NACE code of activity, either of the company or of the branch,
• to keep simple or double-entry books in accordance with Law 4308/2014
• to be liable to submit VAT Returns

Business turnover

Businesses should present decrease in turnover his year 2020 rate 50% at least in relation to turnover of 2019. For the businesses they have done start of operations within 2019, the turnover of the year 2019 is compared with the turnover corresponding to an equal number of days in 2020 (total turnover of 2020 by 365 X number of operating days of the year 2019).

The resulting reduction percentage is rounded to the second percentage decimal place. The condition for participation of the first paragraph of this paragraph is presumed to be met in the case of businesses starting operations within the year 2020 or within 2021, as well as in the case of businesses that in the year 2019 proved to have no income from business activity of any kind. For businesses that have an administrative year from July 1 to June 30, the turnover of the years is declared and compared 1.1.2019 - 31.12.2019 and 1.1.20 - 31.12.2020. The data is drawn from the periodic VAT declarations of these intervals.

Business engagement

If they are active in the marketing and processing of agricultural products, to undertake not to transfer the aid received in part or in whole to primary producers and to the obligation that said aid cannot be determined on the basis of the price or quantity of the products placed on the market by the undertakings concerned or that purchased from the primary producers, unless, in the second case, the products were either not placed on the market, or were used for non-food purposes such as distillation, methanation or composting by the undertakings concerned.

Highlights

It is pointed out that the working capital cannot be used for the establishment of a new establishment. The working capital grant is given only as a measure to deal with the consequences of the health crisis.

In particular, businesses that have entered into franchise agreements, in the capacity of franchisor or franchisee, declare this fact in the financing application. They are checked during the verification stage as to whether they are related businesses. And this in order to determine the aids that are counted for the control of the accumulation.

Eligible expenditure for the grant

January 1, 2022 is defined as the start of eligibility of expenses.

The working capital advance paid must have been used up from the start date of expenditure eligibility until 30.09.2022 based on the Codes:

• 361 Purchases and spending within the country
• 363 Other Imports excluding investment goods (fixed)
• 364 Intra-Community acquisitions of goods
• 365 Intra-community downloads of services no. 14.2.A.

of the relevant periodic VAT return forms for the period 1/1/2022 – 30/09/2022.

The amount of working capital corresponding to this Action must not exceed 70% of the sum of the amounts of the four (4) codes mentioned above.

Electronic Submission Start Date: Wednesday, March 16, 2022 at 12:00

Electronic Submission End Date: Friday, April 15, 2022 at 15:00

Electronic submission Applications for the grant

The application for funding is submitted electronically through the State Aid Information System (SAIS) provided by the Ministry of Development and Investment at: www.ependyseis.gr with the indication: Emergency subsidies for the most affected by the pandemic entertainment, event and exhibition organisation, event catering, gym and dance school services.

You can find more information about the Action here.