The Polish government announced a business support plan called the “Anti-crisis shield” on 18 March 2020. Its value is estimated at PLN 212 billion (10% of Poland’s GDP). The key propositions include:
– micro-loans (up to PLN 5,000) for micro-entrepreneurs;
– financing of medium and large entrepreneurs through equity or bonds (PLN 6 billion of total financing available);
– co-financing by the state of payment of interests on loans;
– support of entrepreneurs who need to suspend operations or have other financial constraints through the co-financing of salaries and social security contributions;
– the possibility to waive contractual penalties for delays in performance of investments covered by public procurement;
– state guarantees for debt-financing available to SMEs;
– postponing of deadlines for reporting and payment of taxes and social security contributions without any obligation to pay interest and prolongation fees;
– possibility to fully utilise 2020 tax loss against 2021 tax profit.
The details of the Anti-crisis shield are not yet known as the Polish government plans to publish the first drafts of relevant new regulations from 23 March 2020.