Today, 8,652 beneficiaries of the financial support are credited to the bank accounts in the form of the Repayable Advance of a total amount 55,5 million euros.

Repayable Advance

It is recalled that the minimum amount of aid that beneficiaries will receive, depending on the number of workers they employ, starts from 2.000€ and can reach a maximum of 350.000€ for enterprises employing up to 250 persons and up to €500,000 for enterprises employing more than 250 persons .

Beneficiaries can, through the platform myBusinessSupport, to be informed of the amount pre-approved for their business and of the exact conditions for joining the financing scheme for Repayable Advance. In order to complete their accession, they should, until Friday, May 15, complete and finalise the Grant Application and, in case they wish to receive a smaller amount than that pre-approved, choose the final amount of direct financial assistance.

The operation of the scheme consists of directly supporting small and medium-sized enterprises that operate throughout the economy, regardless of the sector, and are affected by the effects of the pandemic. The aid is, in whole or in part, repayable to the State, depending on the course of the business, as of 2022, in 40 equal amortization monthly installments, with a very low interest rate (the base rate set by the European Commission for Greece, increased by 109 basis points).

It is noted that the companies that will take advantage of the financing scheme of the Repayable Advance are obliged to maintain until October 31, 2020 the number of employees they employed under any employment status on March 30, 2020, based on the data of the "Ergani" system.

The second payment will be made on Friday, May 15, 2020, and the next one next week.

A second round of applications for the Repayable Advance will follow in June.