Financial Aid for Businesses

April 3, 2020

A financial aid is expected for businesses, based on the income tax advance they have already paid. The aid will be granted directly by the government in the form of a loan, through “Taxis” platform with the condition that they maintain job positions.

This measure concerns small and medium-sized businesses with 1 to 500 employees, regardless of whether they are affected by the crisis or not. Those interested should register in Independent Authority for Public Revenue’s special platform by April 10.

Details about eligibility criteria, loan amount, interest rate, installments, total loan period and interest free period are still to be disclosed. They are expected to be finalized by ministerial decision after the completion of applications and the closure of platform.
The amount of aid will also be determined automatically and the aid will be non-discriminatory, tax-free and not off-setting.

We assume eligibility will be based on the comparison of the current situation with the prior one, interest rate will be extremely low, total loan period will be 5 years with 1 year grace period and the repayment will be done in equal monthly installments.