RO Govt. goes ahead with covering 20% of HoReCa companies' COVID-19 losses

The Romanian HoReCa entrepreneurs, travel agencies and event organizers will benefit from aid grants from the Ministry of Economy, Entrepreneurship and Tourism through the emergency ordinance (OUG) 224/2020.

Among the partner banks are BCR, Banca Transilvania and OTP Bank.

The scheme runs until December 31, 2021, and the payment of the aid will be made by June 30, 2022, at the latest, Start-up.ro reported.

The scheme's budget is estimated by the Ministry at RON 2.5 bln (EUR 0.5 bln), made available to an estimated number of 74,000 recipients.

Through this non-reimbursable financing scheme, companies in the HoReCa field that meet the eligibility criteria will be able to obtain a grant in the amount of a maximum of 20% of the calculation base (losses incurred), up to a limit of 800,000 euros for each beneficiary. In brief, the calculation base is calculated as the revenues from eligible activity related to 2019 and those obtained from the eligible activity related to 2020.

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