In the year 2000, my partners and I launched the PETERKA & PARTNERS law firm in Prague, Czech Republic. Over time we developed an ambitious idea - to create an integrated regional law firm, which at first seemed almost impossible. However, after years of dedication and hard work, we became a strong alternative to the global giants and local law firms active in the CEE region through their networks or best friends.
The final conditions for the additional support of those small-sized1 enterprises in Bulgaria which have annual turnover of more than BGN 500,000 (approximately EUR 255,653) have been finally disclosed.
In brief, companies established under Bulgarian law may already apply for a grant of up to BGN 50,000 (approximately EUR 25,565). As of yesterday, applications may be submitted until 15 March 2021. The main conditions which were initially disclosed at the end of 2020 remain unchanged. To name a couple:
This grant could be received together with state aid in the form of direct grants, repayable advances or tax advantages under the Temporary Framework for State Aid Measures to Support the Economy in the Current Covid-19 Outbreak. Such combination is allowed as long as the expenses covered by the two types of aid differ from each other and the total amount of the received aid (together with this grant) does not exceed EUR 1,800,0003.
More information regarding the grant, drop in turnover calculation rules, exclusions and examples, may be found in our previous alert on this topic.
1 Under Bulgarian law, small-sized companies are companies with (i) an average number of staff of fewer than 50 and (ii) an annual turnover not exceeding BGN 19.5 million (approximately EUR 9.970 million) and/or whose asset value does not exceed BGN 19.5 million (approximately EUR 9.970 million).
2 The candidate must not have submitted to the National Statistical Institute a Declaration for an Enterprise Having Revenue and Expenses Less Than BGN 500 (approximately EUR 250) or a Declaration of No Business Activity for 2018 or 2019.
3 EUR 270,000 when the company's activity is in the fishing and aquaculture sector.
For further information and assistance with respect to the above, and any other Covid-19 related legal matters, please do not hesitate to contact us at email@example.com.
This document reflects the status as of 23 February 2021. This document is for informational purposes only and may not be considered a legal opinion or advice.