Procedure for the settlement of the PFR 1.0 subsidy for micro, small and medium enterprises.

The settlement of the subsidy is transacted through the electronic banking system of the bank in which the business originally applied for the funds to be awarded. This cannot be done through any other bank. If a business does not have a valid account agreement for electronic banking services in place with this bank, it will be necessary to enter into such an agreement. 

The business will receive the settlement form from the bank. It must check the data it contains and provide additional data. Subsequently, it signs and submits the settlement declaration. It will not be possible to correct the data after it is signed.

After this declaration is submitted, PFR will make one of three decisions:

• it will specify the amount of the financial subsidy subject to repayment – on that basis the bank will prepare an amortization schedule for the amount to be repaid;
• it will order that the entire amount of the subsidy is to be repaid;
• it will assert that it has identified circumstances which impede it from specifying the amount of the subsidy to be repaid – in that case PFR (at its own initiative or in response to a business’s application) may conduct an explanatory proceeding to ascertain whether the subsidy is to be repaid and if so, in what amount.

Find more in the PRO HR May 2021.