The main objective of the program is support to companies across sectors whose businesses suffered as a result of Russia's invasion of Ukraine. It was approved under the State aid Temporary Crisis Framework, adopted by the Commission on 23 March 2022.
Under this measure, the aid amounting to €1.2 billion scheme (PLN 5.5 billion) will take the form of:
- guarantees on new loans for a total budget of approximately €981 million (PLN 4.5 billion);
- guarantees on factoring products for a total budget of approximately €218 million (PLN 1 billion).
The measure will be open to companies across sectors, with the exception of credit and financial institutions. The eligible beneficiaries will be entitled to receive new loans and engage in factoring products that will be covered by a State guarantee not exceeding 80% of the loan amount or factoring limit. Losses will be sustained proportionally by credit institutions and the State. The aid will be provided from July 1 to December 31, 2022.
The Commission found that the Polish scheme is in line with the conditions set out in the Temporary Crisis Framework, in particular:
- the maturity of the guarantees will not exceed six years;
- the guarantee premiums respect the minimum levels set out in the Temporary Crisis Framework; and
- the guarantees will be granted no later than 31 December 2022.
Furthermore, the aid is subject to safeguards to ensure that the advantages of the measure are passed on to the largest extent possible to the final beneficiaries via the financial intermediaries.
The Commission concluded that the Polish scheme is necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a Member State, in line with Article 107(3)(b) TFEU and the conditions set out in the Temporary Crisis Framework.
On this basis, the Commission approved the aid measure under EU State aid rules.