Thousands of professionals and businesses that were “cut off” by government loans will have to be patient
The control of the series develops objections which have been submitted by thousands of professionals and businesses who were “cut off” from the refundable advance payments or received smaller amounts than they think they are entitled to. Despite the fact that to speed up the audit procedures, a private company was hired to “dust” the cases is proving to be a particularly difficult case and all indications are that the timetable for the completion of the audits ending at the end of October will not be met.
According to competent actors, the duration of the extension has not yet been decided as it will depend on the number of pending objections that are in the drawers of the competent committee of the Ministry of Finance.
The completion of the objection checks will determine who will finally be definitively excluded from the refundable advance cycles and who will be justified and receive the aid retroactively.
It is noted that those who receive the aid will have a grace period of 2 months before starting to repay the refundable part of the aid. The grace period is considered to be “the period from the payment of the aid until the last day of the second month after the payment of the aid. Regarding the payment schedule the specific businesses and professionals will be asked to repay the debt of the refundable advance in 96 interest-free installments with the amounts being “cut” up to 75%.
The ministerial decision on the framework for review of objections and the criteria that taxpayers must meet stipulates that review requests concerning businesses for which work has been suspended, regardless of the reason, at the time of payment of the aid, cannot be satisfied while the requests from businesses that have made, in the previous year from the submission of the grant application, a declaration of initiation for the exercise of business activity and cessation of operations in the tax register, are examined taking into account exclusively the financial data of the business activity resulting from the last declaration of initiation.
It is pointed out that the control of the objections is carried out on the basis of the data declared by the companies and the data sent in writing by AADE and are contained in the database. Applications for government loans that were rejected for various reasons during the application period are re-examined after tax checks on books and data while other checks are carried out by the competent agencies.
According to the procedure, if the review shows the merits of the relevant request, the file is sent to the AADE, which again performs an automated check of the conditions, taking into account exclusively the data that the company has declared to the tax administration, subject to the specified in the decisions on making crossings, and carrying out tax audits. In the event that the automated control determines that the company is entitled to the grant of aid, a consolidated and detailed report is created with the details of the beneficiaries and the entitled amount.
