Background information

The Greek Government, with the Law No 4790/31 March 2021 (Articles 64 - 77), launched the "GEFIRA II" (“Bridge”) programme, which concerns businesses and establishes a state financial contribution of the tranches of businesses’ loans to all banks. The subsidies of tranches concern companies with performing loans as well as those that cannot meet their loan obligations. The main features of the programme are:

• Subsidy of the monthly loan tranche of businesses for 8 months
• Subsidy of both the capital and the interest of the loan
• Reward of consistent borrowers, with high subsidy rates of up to 90% of the monthly tranche.
• Installment subsidy of up to 80% for companies that have non-performing loans in order to settle them and avoid foreclosures and auctions.

Content of measure

In the GEFIRA II programme, are entitled to be included companies with debts to financial institutions that have been affected by the coronavirus pandemic in a proven way and have therefore been included in the emergency support measures against the dispersion of COVID-19. The application process for inclusion in the programme is simple, fast and electronic through the platform www.keyd.gov.gr. Applications can be submitted from 5 April to 9 May 2021.

Beneficiaries of the programme are: Small, micro or medium-sized enterprises and active freelancers or professionals or partners of personal or capital companies. The categories of business or professional debts that can be subsidized are (on the basis of their classification in 31 December 2020):

• performing debts or with a delay of up to 90 days
• Non-performing debts with a delay of more than 90 days
• Non-performing debts the contracts of which have already been terminated.

The income and property criteria taken into account for inclusion in the programme and the amount of monthly funding vary according to the beneficiary's category and the debt category. The subsidy of the business loan tranche is valid for eight months and ranges from €300 per month to €40,000.

Use of measure

According to the Minister of Development, the beneficiaries freelancers, professionals and businesses from the Bridge II programme are expected to be 100,000 – 150,000.

A state subsidy of €48.7 million was paid to 83,141 beneficiaries of the two "GEFYRA (BRIDGE)" programmes for the month of November.

The payments of the "GEFYRA (BRIDGE) I" programme, at the end of November, amounted to a total of €15.9 million and correspond to the subsidy of 151,625 first residence loans and 73,233 beneficiaries. Beneficiaries for whom the nine-month grant has been completed continue to receive the extension of the grant for another three months and thus, in total, will be subsidized for 12 months. Beneficiaries for whom the nine-month subsidy has not been completed, will receive a three-month additional subsidy, after the end of their nine-month period. Taking into account the previous twelve payment phases, of the months November-December 2020 and January-October 2021, the total amount of state subsidy paid, to date, amounts to €234.6 million to 75,666 beneficiaries.

Regarding the "GEFYRA (BRIDGE) II" programme, the payments amounted to a total of €32.8 million and correspond to the subsidy of 17,511 loans and 9,908 beneficiaries, who are freelancers and small and medium-sized enterprises that have been affected by the pandemic, that is, they have reduced their turnover by at least 20% in 2020, compared to 2019. Taking into account the previous four phases of payments, of the months July-October 2021, the total amount of state subsidy paid, to date, amounts to €212.6 million to 10,470 beneficiaries. The beneficiaries who have non-performing loans, can regulate them in cooperation with their creditors, no later than 31 December 2021, in accordance with the three-month extension established by Law 4842/2021. Then, the subsidy will start for eight consecutive months.

Target groups

Workers	Businesses	Citizens
Does not apply to workers	Solo-self-employed SMEs One person or microenterprises Other businesses	Does not apply to citizens

Actors and funding

Actors	Funding
National government Company / Companies	National funds

Social partners

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:

• No involvement
• Main level of involvement: N/A

Involvement

There is no involvement of social partners.

Views and reactions

The social partner's have not reacted to this measure.

Sources

• 09 October 2020: 'Bridge' Programme (Πρόγραμμα 'Γέφυρα') (www.oenet.gr)
• 11 March 2021: Bridge 2 (Γέφυρα 2 (www.keyd.gov.gr)
• 30 March 2021: “GEFYRA 2: Clarifications for the new programme by the Ministry of Finance - From 05.04 the platform is available” (ΓΕΦΥΡΑ 2: Διευκρινίσεις για το νέο πρόγραμμα από τον Υπ.Οικ. - Από 05.04 διαθέσιμη η πλατφόρμα (www.taxheaven.gr)
• 30 March 2021: “Between 100.000-150.000 the beneficiaries of "Bridge II" - In April 5th the platform opens” (Μεταξύ 100.000-150.000 οι ωφελούμενοι του "Γέφυρα ΙΙ" - Στις 5 Απριλίου ανοίγει η πλατφόρμα (www.capital.gr)
• 06 April 2021: “Bridge 2: All the criteria for inclusion in the programme in detail” (Γέφυρα 2: Αναλυτικά όλα τα κριτήρια υπαγωγής στο πρόγραμμα (www.naftemporiki.gr)
• 13 October 2021: Law 4842 (www.taxheaven.gr)