Eurofound's EU PolicyWatch collates information on the responses of government and social partners to the COVID-19 crisis, the war in Ukraine, rising inflation, as well as gathering examples of company practices aimed at mitigating the social and economic impacts.
Factsheet for measure GR-2020-12/674 – Updated – measures in Greece
|Country||Greece , applies nationwide|
|Time period||Open ended, started on 18 March 2020|
|Type||Legislations or other statutory regulations|
Supporting businesses to stay afloat
– Access to finance
|Author||Penny Georgiadou (INE GSEE)|
|Measure added||16 April 2020 (updated 16 November 2021)|
The Greek government announced on 18 March 2020 the availability of new loans for the businesses affected by COVID-19 pandemic, with a 100% interest rate subsidy for two years. The Hellenic Development Bank's Entrepreneurship Fund will be simplified and its resources increased by €250 million to lend the above mentioned loans. The measure is aimed to provide economic aids to the companies most affected by the COVID-19 outbreak, to support them in staying afloat.
The Hellenic Development Bank's Entrepreneurship Fund will be simplified and its resources increased by €250 million to lend new loans to companies affected by COVID-19 with a 100% interest rate subsidy for two years. Businesses that have been financially affected as per their Activity Code Numbers (ACN), or their operation has been suspended under a state decision are eligible to apply. This is one, among other measures amounting to a total of €3.8 billion - €2 billion from the state budget and an additional €1.8 billion from the Special Purpose European Fund set up to deal with the COVID-19 exceptional circumstances.
According to a Press publication (newspaper “Kathimerini”, 19 August 2020), 11,800 companies had already been loaned through the TEPIX, while another 1,000 applications were pending and expected to be loaned in the near future, more than the programme estimated budget coverage, which was totally €1.8 billion. The average loan provided through the TEPIX was estimated at €128,000, when the maximum loan amount was €500 000, confirming that the TEPIX operated as an emergent tool at the beginning of the crisis in order to cover immediate liquidity of the businesses. Also, according to the Bank of Greece, the disbursements of bank loans under the auspices of the co-financing programme (TEPIX II) approached the €1.8 billion.
|Does not apply to workers||Applies to all businesses||Does not apply to citizens|
EU (Council, EC, EP)
Social partners' role in designing the measure and form of involvement:
|Trade unions||Employers' organisations|
|Role||No involvement||No involvement|
|Form||Not applicable||Not applicable|
Social partners' role in the implementation, monitoring and assessment phase:
There is no involvement of social partners.
Eurofound (2020), New loans through the entrepreneurship fund of the Hellenic development Bank, measure GR-2020-12/674 (measures in Greece), EU PolicyWatch, Dublin, https://static.eurofound.europa.eu/covid19db/cases/GR-2020-12_674.html
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