Bez kategorii    23.05.2025

Anti-Crisis Shield 4.0 – What Can Entrepreneurs Expect?

On 24 June, most provisions of the Act on Interest Subsidies for Bank Loans Granted to Ensure the Financial Liquidity of Entrepreneurs Affected by the Effects of COVID-19, also known as the “Anti-Crisis Shield 4.0”, came into force. This legal act contains further solutions aimed at counteracting the effects of the COVID-19 pandemic present in the Polish economy. What forms of support does the government propose for entrepreneurs and employees?

Key solutions of the Anti-Crisis Shield 4.0

• Interest subsidies for bank loans

These will apply to loans granted to entrepreneurs based on loan agreements concluded from the date the Act enters into force, and if agreements were concluded earlier, provided they are adjusted to meet the Act’s requirements. Loan agreements with subsidies may be concluded until 31 December 2020. The provisions on interest subsidies have been clarified so that they no longer constitute income. However, it is also stipulated that only companies without arrears in instalment payments may benefit. Thanks to amendments, microloans for micro-enterprises will be exempt from enforcement and automatically written off. BGK publishes on its website a list of banks granting loans with subsidies. The funding includes, in the case of micro, small and medium-sized enterprises, 2 percentage points, and for others 1 percentage point.

• Simplified restructuring procedure

New regulations enable entrepreneurs to launch so-called quick restructuring, which does not require court involvement. It is only necessary to conclude an agreement with a specific restructuring advisor, prepare a settlement proposal, a list of receivables, and a list of disputed receivables, then submit them to the arrangement supervisor and publish the relevant notice in the Court and Economic Monitor. The procedure allows protection of the debtor against termination of certain contracts, e.g., lease, tenancy, or leasing agreements. The entrepreneur must conclude an arrangement with creditors within four months. Quick restructuring is also attractive cost-wise, as the Act provides a limit on remuneration for advisors acting as arrangement supervisors for micro and small entrepreneurs. This remuneration shall not exceed 15% of the amount allocated to creditors under the arrangement provisions, and if there is no arrangement, it will amount to approximately PLN 10,000.

• Credit holidays

The so-called “credit holidays” introduced by the Act concern only loan agreements concluded before 13 March 2020 and those with repayment due more than six months after 13 March 2020. The provisions allow suspension of the repayment of the interest and principal portions of the instalment at the borrower’s request. Suspension may last up to three months from the date the request is submitted to the bank. During this period, the lender may not charge any other fees related to the loan or suspension of repayment, except for loan insurance. Within 14 days of receiving the request, the lender is obliged to confirm receipt to the borrower and inform them of the insurance contract fees. The loan term and other deadlines specified in the loan agreement will be extended by the period of suspension accordingly. If the borrower has more than one loan, they must choose one loan for which they will use the credit holidays.

• Changes in labour law

The amendment allows entities which, despite a drop in economic turnover due to coronavirus, did not decide to implement economic downtime, downtime under Article 81 of the Labour Code, or a reduction in working time, to receive wage subsidies from the Guaranteed Employee Benefits Fund.

At the same time, the provisions limit compensation, severance pay, and similar benefits payable on termination of employment to an amount not exceeding ten times the minimum wage (currently PLN 2,600 gross). This limitation will also apply in the case of termination or expiry of contracts of mandate, contracts for specific work, or cessation of paid function performance, excluding agency contracts.

The possibility to introduce economic downtime or reduce working hours for six months has been expanded to include cases of revenue decline causing a significant increase in the wage fund burden.

The Act also clarifies provisions regarding remote work, accrued leave, and allows suspension of deductions to the company social benefits fund. Since the Act’s entry into force, remote work may be ordered if the employee has the skills and technical and local conditions to perform it. The employer provides the work tools, materials, and logistical support necessary for remote work. Moreover, according to new provisions, the employer may grant an employee, at a time indicated by the employer, without the employee’s consent and regardless of the leave plan, unused annual leave from previous calendar years, up to 30 days. The employee is obliged to use this leave.

New provisions also allow termination of non-compete agreements by both employers and employees. Employers, as well as contractors and ordering parties, have the right to unilaterally terminate a non-compete agreement binding after the end of the given legal relationship. Upon expiry of the agreement, the obligation to pay compensation beyond the term of the agreement will also cease.

• Provisions preventing foreign takeovers

Among the most controversial provisions of the Act are those aimed at protecting Polish companies from being taken over by enterprises that could exploit the difficult situation caused by the pandemic. Whether a takeover qualifies as “hostile” is decided by the President of the Office of Competition and Consumer Protection (UOKiK). Companies of strategic importance are subject to special protection. These include enterprises involved in creating IT infrastructure, fuel trading, heat production, and processing vegetables, meat, and fruit. To be covered by protection, a company must meet the condition of achieving, in one of the last two financial years, the relevant revenue from sales of goods and services on Polish territory, i.e., exceeding €10 million in revenue. Acquisition of such enterprises must be preceded by a proper notification submitted to UOKiK and obtaining consent from the competent authority. Failure to comply with this requirement may result in severe penalties – a fine of up to PLN 50 million or even imprisonment.

Bez kategorii    23.05.2025

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