The Polish President and Prime Minister have announced the creation of a so-called shield package for entrepreneurs, known as the anti-crisis shield, to help them meet the many unexpected challenges of the unprecedented coronavirus pandemic.
Further details on the introduction, operation and relevant authorised entities of the following five key pillars of the anti-crisis shield will be revealed in relevant legislation, a draft of which has been prepared and plans are to adopt it on March 25th 2020.
Protection of work places
A number of measures will be introduced, as follows:
- In the event of a decrease in turnover or financial loss in an enterprise, the state will bear a maximum of 40% of remuneration costs, limited by average wage as a reference point.
- Self-employed individuals and those undertaking contract work will receive payment of up to 80% of the minimum wage.
- Payment of care allowances can be extended by two weeks, with funds provided by the social insurance fund.
- Loan installment repayments can be delayed.
- Payments for utilities can also be delayed, under an agreement with utility companies to be developed, similar to the agreement concluded with the banking sector.
- The Anti-Usury Act has been amended, due to significant increases in food prices.
Support for entrepreneurs
- Credit guarantees.
- Measures aimed at ensuring liquidity.
- Micro loans of up to PLN5,000 for entrepreneurs.
- Higher guarantees for loans for entrepreneurs (provided by the Domestic Economy Bank, BGK) of up to 80% of loan value.
- Support for operating leases for the transport sector.
- An increased role for the Polish Development Fund, Domestic Economy Bank and Industry Protection Agency in supporting enterprises.
Support for the health care system
Over PLN7.5 billion is to be allocated for this purpose. The funds will be allocated to allow the modernisation and creation of single-purpose hospitals.
Financial system security
Measures will be introduced to protect the security of deposits, savings accounts and withdrawals under a package proposed by the National Bank of Poland, which also covers capital market and liquidity solutions.
Up to PLN30 billion will be invested by the state for various purposes, including roads, environmental protection and modernisation of schools. These funds will be independent of European Funds.
For more information, contact:
Advicero Tax Nexia
T +48 602 338 215
Date: March 2020