The Polish government rubberstamped a new package of measures on Thursday intended to help Polish companies weather the coronavirus crisis and prevent hostile takeovers of Polish businesses whose valuation has dropped in the economic downturn.
New research by the Polish Economic Institute (PIE) has found that despite the pandemic crisis the situation for many companies has improved since March with the government’s Anti-Crisis Shield having thrown them a much needed lifeline.
Polish Prime Minister Mateusz Morawiecki believes that the European Commission (EC) will approve an aid package for large companies in the coming days. He made the statement during an economic forum of the Polish Development Fund (PFR) on Tuesday.
The Polish Development Fund (PFR) has paid out nearly PLN 25 billion (EUR 5.49 billion) in aid to companies over the past weeks under its financial shield mechanism, PFR deputy head Bartosz Marczuk wrote on Twitter on Friday.
The European Commission approved on Monday Poland's EUR 450 million support programme for the Polish economy in the context of the coronavirus outbreak.
Poland's Ministry of Funds and Regional Policy plans aid to the tune of PLN 3.03 billion (EUR 670 million) for companies struggling as a result of the coronavirus epidemic, according to a draft ordinance.
Poland's Sejm (lower house of parliament) passed a bill on Saturday aimed at supporting business during the coronavirus epidemic. The bill frees micro-enterprises and the self-employed from paying social insurance contributions (ZUS) for three months.
Poland will exempt self-employed people and micro-companies from social security payments for three months if their revenues drop by more than 50 pct compared to February, President Andrzej Duda announced on Saturday.
The criteria for being named a hidden champion on the European Bank for Reconstruction and Development’s list included that the companies had to have been operating for at least 5 years, had less than $1 billion in revenue and held the 1st or 2nd position globally or in the regional market.
The companies were listed by think-tank Klub Jagiellonska as firms in the forefront of the battles against anything from water pollution to fossil fuels.