JP Weber

Financial Shield.

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Financial Shield.

Please be informed that within the framework of the financial shield there will soon be a possibility to obtain financing through the Polish Development Fund. 

The final launch of the programme will take place after obtaining the consent of the European Commission, which is to take place within a maximum of 10 days. 

Programme for Micro Entrepreneurs

  • For an entrepreneur who employs at least 1 employee excluding the owner and no more than 9 employees and whose annual turnover or balance sheet total does not exceed EUR 2 million;
  • For an entrepreneur who records a decrease in economic turnover (sales revenue) of at least 25% in any month after 1 February 2020 in comparison with the previous month or the analogous month of the previous year due to disturbances in the functioning of the economy as a result of COVID-19 (decrease in the sale of goods or services within the meaning of Article 15g, section 9 of the Act of 2 March 2020 on special solutions related to the prevention, prevention and combating of COVID-19, other infectious diseases and crisis situations caused by them (Journal of Laws, items 374, 567 and 568);
  • No bankruptcy or liquidation proceedings were opened against the company or restructuring proceedings were opened.
  • A real beneficiary benefiting from financial support under the Programme has a tax residence on the territory of the Republic of Poland and settled taxes for the last 2 financial years (if applicable) on the territory of the Republic of Poland. Departure from this rule is possible only in the situation of the Programme Beneficiary's obligation to transfer his tax residence on the territory of the Republic of Poland within 9 months from granting the loan.
  • The Entrepreneur conducted business activity as at 31 December 2019.
  • As at 31 December 2019 or as at the date of granting financing, the Entrepreneur was not in arrears with payments of taxes and social security contributions, however, the distribution of payments in instalments or their deferment is not considered arrears. 

Program for Small and Medium Enterprises 

  • For an entrepreneur who has between 10 and 249 employees and an annual turnover not exceeding EUR 50 million or a balance sheet total not exceeding EUR 43 million
  • For an entrepreneur who records a decrease in economic turnover (sales revenue) of at least 25% in any month after 1 February 2020 compared to the previous month or the same month of the previous year due to disturbances in the functioning of the economy as a result of COVID-19 (decrease in the sale of goods or services within the meaning of Article 15g(9) of the Act of 2 March 2020 on special solutions related to the prevention, counteraction and combating of COVID-19, other infectious diseases and crisis situations caused by them (Journal of Laws, item 374, 567 and 568);
  • No bankruptcy or liquidation proceedings were opened against the company or restructuring proceedings were opened.
  • A real beneficiary benefiting from financial support under the Programme has a tax residence on the territory of the Republic of Poland and settled taxes for the last 2 financial years (if applicable) on the territory of the Republic of Poland. Departure from this rule is possible only in the situation of the Programme Beneficiary's obligation to transfer his tax residence on the territory of the Republic of Poland within 9 months from granting the loan.
  • The Entrepreneur conducted business activity as at 31 December 2019.
  • As at 31 December 2019 or as at the date of granting financing, the Entrepreneur was not in arrears with payments of taxes and social security contributions, however, the distribution of payments in instalments or their deferment is not considered arrears.

Program for large entrepreneurs

  • For companies with at least 250 employees, the turnover exceeds EUR 50 million or the balance sheet total exceeds EUR 43 million.
  • For entrepreneurs who:
    • record a decrease in economic turnover (sales revenue) of at least 25% in any month after 1 February 2020 in comparison with the previous month or the analogous month of the previous year due to the disturbances in the functioning of the economy as a result of COVID-19 (decrease in the sale of goods or services within the meaning of Article 15g(9) of the Act of 2 March 2020 on special arrangements for the prevention, prevention and combating of COVID-19, other infectious diseases and crisis situations caused by them (Journal of Laws, items 374, 567 and 568);
    • lost the ability to produce or provide services or to receive products or services by the contracting authorities due to lack of availability of components or resources in connection with COVID-19;
    • do not receive payments for sales under COVID-19 in the amount exceeding 25% of receivables;
    • due to financial market disruption, have no access to the capital market or credit limits in connection with new contracts;
    • are participants in the Sectoral Programmes.
  • No bankruptcy or liquidation proceedings or restructuring proceedings have been opened against the company.
  • The actual beneficiary benefiting from financial support under the Programme has a tax residence on the territory of the Republic of Poland and has settled taxes for the last 2 financial years (if applicable) on the territory of the Republic of Poland. Departure from this rule is possible only in the situation of the Programme Beneficiary's obligation to transfer his tax residence on the territory of the Republic of Poland within 9 months from granting the loan.
  • The Entrepreneur conducted business activity as at 31 December 2019.
  • As at 31 December 2020 or as at the date of granting financing, the Entrepreneur was not in arrears with the payment of taxes and social security contributions, however, the distribution of payments in instalments or their deferment is not considered arrears.

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JP Weber

Piotr Kucharczyk, CFA

Piotr Kucharczyk, CFA

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