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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 PL-2021-27/1949 – measures in Poland

Financial Shields extended

Tarcze Finansowe przedłużone

Country Poland , applies nationwide
Time period Open ended, started on 29 June 2021
Context COVID-19
Type Legislations or other statutory regulations
Category Supporting businesses to stay afloat
– Direct subsidies (full or partial)
Author Jan Czarzasty (Warsaw School of Economics)
Measure added 11 July 2021 (updated 11 March 2022)

Background information

In late June the government decided to prolong some of the measures provided under the Financial Shield coverage. The Financial Shield is the support scheme operated by the state-controlled Polish Development Fund (PFR) PL-2020-20/806 .

The amendments affect both the scheme for the large enterprise as well as small and medium enterprises, albeit in different ways.

Content of measure

The new regulations for the scheme are likely to include the following provisions. As far as large enterprises are concerned:

  • the deadline for concluding liquidity and preferential loan agreements has been extended to 30 September 2021 with the possibility of disbursement by 31 December 2021;
  • the maximum deadline for cancellation of preferential loans concluded after 30 June 2021 has been extended to 30 September 2022.

Key solutions for micro, small and medium-sized companies:

  • it has been made possible to submit an application for financial subsidy or an appeal - no later than 23 August 2021 for entrepreneurs who addressed the PFR no later than 15 April 2021 with an enquiry as part of the investigation procedure concerning the application for financial subsidy;
  • the financial subsidy will be granted no later than 31 August 2021.

Use of measure

The Council of Ministers adopted a resolution amending two of its earlier resolutions: on the Financial Shield for large companies and on the resolution on the Financial Shield 2.0 for micro, small and medium-sized companies on 29 June 2021.

Target groups

Workers Businesses Citizens
Does not apply to workers Applies to all businesses Does not apply to citizens

Actors and funding

Actors Funding
National government
National funds

Social partners

Social partners' role in designing the measure and form of involvement:

Trade unions Employers' organisations
Role Unknown Unknown
Form Not applicable Not applicable

Social partners' role in the implementation, monitoring and assessment phase:

  • Unknown
  • Main level of involvement: N/A

Involvement

No known involvement of social partners in any aspect the process.

Views and reactions

Employer organisations, such as Business Centre Club commented favourably on the government's proposal.

Sources

  • 29 June 2021: Financial aid granted under the Financial Shield not to e taxed (www.bankier.pl)
  • 29 June 2021: Financial shield for large enterprises to be extended, the government decided (www.bankier.pl)
  • 29 June 2021: The government wants to extend financial shield for large companies and SMEs (www.gazetaprawna.pl)
  • 29 June 2021: On 29 June the Council of Ministers adopted a draft resolution on the PFR Financial Shield (www.bcc.org.pl)

Citation

Eurofound (2021), Financial Shields extended, measure PL-2021-27/1949 (measures in Poland), EU PolicyWatch, Dublin, https://static.eurofound.europa.eu/covid19db/cases/PL-2021-27_1949.html

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Disclaimer: This information has not been subject to the full Eurofound evaluation, editorial and publication process.