Bridge Program

The new program applies to individuals who have demonstrably reduced income due to COVID-19, either themselves, their spouse, or a dependent family member, and as a result, have received some form of allowance or benefit due to the pandemic.

Specifically, the following are eligible:

• Private sector employees who received financial support or experienced a reduction in income
• Freelancers and sole proprietors who received financial support or saw a decrease in their revenue
• Partners in personal or capital companies whose operations were mandatorily suspended or who received financial support
• Unemployed or long-term unemployed individuals who were provided with financial assistance
• Beneficiaries who received assistance in the form of refundable advance payments
• Individuals enrolled in the “SYNERGASIA” scheme
• Property owners who received reduced rent payments

To qualify for the loan subsidy program, the following criteria must be met:

• The applicant, their spouse, or a dependent family member must have been affected by the consequences of COVID-19.
• The applicant must have a property right (full or bare ownership or usufruct) on a property that serves as their primary residence and is located in Greece.
• The applicant should not have been included in Law 4605/2019 for the Protection of Primary Residence or in any debt restructuring under Laws 3588/2007, 4307/2014, or 4469/2017.
• There should be no guarantee by the Greek State or any other active state subsidy for the loan.
• The value of the primary residence, the household income, and the total value of the movable and immovable assets owned by the applicant must not exceed specific limits. These limits are scaled based on the category of the debt.

Loans for all purposes, whether current, overdue, or terminated, for individuals or legal entities.

 

The debt is categorized based on its status as of 29/02/2020 into:

• Serviced or with payment delay ≤ 90 days
• With payment delay > 90 days, Non-terminated debt
• With payment delay > 90 days, Terminated debt

The duration of the public subsidy applies for a total of 9 consecutive months.

The subsidy amount ranges from 90% to 30%, depending on the categorization of the debt, with a gradual reduction of the percentage every three months.

The subsidy is paid towards each installment, starting from the first installment after approval. The debtor is required to cover the remaining amount of the installment and any insurance premiums/other expenses that apply to the debt.

After the subsidy period ends, a monitoring period is imposed by the State to ensure timely payment of installments, ranging from 6 to 18 months, depending on the category of the debt.

The subsidy is discontinued if the customer fails to pay the total debt amount of €150 on time, either during the subsidy period or during the monitoring period (6-18 months after the subsidy period, depending on the debt category).

For more information, interested parties can visit any of the branches of the Cooperative Bank of Chania or visit the website of the Special Secretariat for the Management of Private Debt at www.keyd.gov.gr/covid19-gefyra-yliko/.

Applications must be submitted by 30/09/2020 by interested parties through the special electronic platform of the Special Secretariat for the Management of Private Debt (SSMPD) at www.keyd.gov.gr, which is also accessible through the national public portal www.gov.gr using TAXISnet identification codes.

 

It is noted that the application submission process is very simple. No supporting documents are required; the applicant only needs to fill in their contact details, select the property that constitutes their primary residence, and consent to the lifting of their tax and banking confidentiality. The certification of the household affected by COVID-19, as well as other information, is carried out by the Special Secretariat for the Management of Private Debt (SSMPD).

For the submission of the application, the applicant may appoint a consultant, whose fee will amount to €250, including VAT. This amount will be charged to the applicant’s loan.