State-guaranteed loans should help companies struggling with coronavirus crisis

Parliament adopted measures to help businesses.

Illustrative stock photoIllustrative stock photo (Source: Sme)

All types of companies will be able to ask for state-guaranteed financial assistance during the coronavirus crisis.

This stems from the draft law on some exceptional measures in the financial area related to the spread of COVID-19, adopted by parliament on May 13 in a fast-track proceeding. The draft law was supported by 110 MPs, while one was against and 29 abstained from voting, the SITA newswire reported.

The financial assistance should help companies secure sufficient liquidity, the Finance Ministry said, as reported by the TASR newswire.

The aid will be provided in the form of a bank credit guarantee or the forgiveness of a guarantee fee for a bank loan. The financial assistance will be provided by Eximbanka and the funds managed by the state-run Slovak Investment Holding (SIH) company.

“The financial mediators will be banks and foreign bank branches,” the Finance Ministry wrote in the explanatory memorandum, as quoted by TASR.

The conditions

Related articleBusinesses can request aid as of Monday Read more 

Companies will have to meet certain requirements to receive assistance.

- The applicants cannot have any debts on premiums paid to the state-run social insurance provider Sociálna Poisťovňa or health insurers.

- Companies in the middle of a bankruptcy or restructuring process cannot apply for the aid.

- It will be possible to forgive the guarantee fee for a bank loan only if the company maintains employment during the period set in the agreement on the respective loan signed with the bank.

The financial assistance in both forms should be provided until December 31, 2020. The complete rules for providing this assistance will be part of the state aid scheme that needs to be notified by the European Commission.

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