STEPS FROM APPROVAL TO DISBURSEMENT OF THE COVID-19 LOAN
After receiving the Notice of an approved COVID-19 loan, it is necessary to:

  • open a dedicated-purpose bank account for the disbursement of the loan funds
  • submit the required documentation and proof of fulfilling any additional conditions specified in the Notice of the approved loan
  • based on the submitted documentation, the Legal Department of HAMAG-BICRO prepares the Loan Agreement and the associated promissory notes and sends them by post to the entrepreneur
  • the entrepreneur signs and notarizes the Agreement and promissory notes and returns them to HAMAG-BICRO
  • upon receipt and verification of the documentation, HAMAG-BICRO prepares the payment order for the disbursement of funds

TERMS OF USE OF THE COVID-19 LOAN

  • The COVID-19 loan is disbursed exclusively to the dedicated-purpose account
  • Possibility to finance invoices issued from 01/01/2020 onwards (provided they have not previously been paid)
  • All payments made from the COVID-19 loan funds must be executed from the dedicated-purpose account directly to the accounts of the agreed suppliers
  • The disbursed COVID-19 loan funds must be used within the agreed utilization period

COVID-19 LOAN FUNDS MAY NOT BE USED FOR:

  • refinancing existing liabilities
  • settling liabilities towards financial institutions (banks, leasing companies, etc.)
  • reimbursing previously paid liabilities
  • paying liabilities that arose before 01/01/2020
  • acquiring securities
  • granting loans to customers or other legal or natural persons
  • investments for personal purposes

PROVING THE PURPOSEFUL USE OF THE COVID-19 LOAN
Within 15 days after using the COVID-19 loan funds, the entrepreneur is obliged to submit:

  • a completed Table of purposeful use of COVID-19 loan funds
  • bank statements from the dedicated-purpose account from the disbursement date of the COVID-19 loan until the date of the last transaction
  • copies of final documents for financing working capital (invoices/delivery notes/contracts/payroll lists, etc.)
  • if a foreign supplier was involved, submit the CMR as proof of import and the SWIFT as proof of the executed foreign currency transfer
  • after all obligations related to justifying the purposeful use of the COVID-19 loan have been fulfilled, the dedicated-purpose account may be closed
  • proof of compliance with visibility rules – photographs of signage in accordance with the Visibility Rules

VISIBILITY OBLIGATION
Whenever applicable, the COVID-19 loan beneficiary is obliged to:

  • if they have a website, publish the “ESIF FINANCIAL INSTRUMENTS” logo on it together with the corresponding co-financing statement in accordance with the Visibility Rules
  • the Visibility Rules are available on the HAMAG-BICRO website, and other visibility-related obligations are defined in the COVID-19 Loan Agreement