The last moment to apply for a subsidy from Financial Shield

We remind that only until 31 July 2020 taxpayers may submit an application for a subsidy from Financial Shield for micro, small and medium-sized enterprises. At midnight on 31 July forms dedicated for subsidies from Polish Development Fund (PFR) will disappear from bank transaction websites – the Polish government has not decided to extend the program.

The support so far provided to Polish companies under the program has reached approx. PLN 60 billion. The amount allocated for this program amounted to PLN 75 billion, so the entire pool of funds has not been allocated yet.

To benefit from Financial Shield you have to submit an application through bank’s transaction services. Among others, the taxpayers may be entitled to receive returnable subsidies indented to cover costs of business activity, including salaries for employees. In practice the funding from PFR is provided without unnecessary bureaucracy and money is transferred within a few days.

However, it should be remembered that the end of the program also means the beginning of follow-up inspections carried out by PFR, which may not turn out to be as painless as the process of granting subsidies.

Currently, PFR estimates that about 1% of the beneficiaries received subsidies illegally. Equally problematic is the issue of settling subsidies from the Anti-Crisis Shield, which is already being seen by 36 thousand of entrepreneurs who have benefited from subsidies from the Guaranteed Employee Benefits Fund. In total, they received over PLN 6.5 billion in subsidies to the salaries of approx. 1.5 million employees.

We encourage you to contact our tax experts to verify whether your company is entitled to. Our experts will help you to determine the status of your company, whether the requirement to receive a subsidy is met, and estimate the amount of subsidy.

Our support also covers assistance in the correct settlement of received subsidies, both under the Financial Shield and the Anti-Crisis Shield.

Łukasz Bączyk
Head of Tax, Board Member

Anna Szafraniec
CEE VAT Compliance Director

Jarosław Szajkowski
Tax Manager – Tax Adviser

Marta Skrodzka
Tax Manager – Tax Adviser

Piotr Szeliga
Tax Manager – Tax Adviser

Paweł Jóźwik
Tax Manager – Attorney-at-law

Łukasz Woźniak
VAT Compliance Manager

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