Gov’t economic measures on coronavirus crisis: Aid for SMEs, the state will cover the employees’ technical unemployment

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PM Ludovic Orban has announced in a press conference the measures adopted by the Government last night to support the domestic economic sector. The Executive will cover the payment of the technical unemployment for the workers of those companies that have temporarily closed their activity due to coronavirus crisis, however, not more than 75% of the average gross salary.

Another measure is increasing the cap of credit guarantee for SMEs by RON 5 billion, meaning the state will guarantee loans secured by companies for investments and working capital. The interest of these loans will be subsidized.

The Government has also decided to refund the VAT up to the limit of RON 9 billion.

We took some absolutely necessary measures to endorse the employees and employers who are affected the by the coronavirus epidemic.

We decided through emergency ordinance to increase the credit guarantee cap for SMEs, there are RON 5 billion in the first instance, but we are ready to rise it even more by another RON 5 billion up to RON 15 bln.

Practically we guarantee loans for investments and working capital. The interest is 100% subsidized. The guarantee will be 90% of loans for those up to RON 1 million and 80% for loans over RON 1 million,” PM Orban said.

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