514 SMEs apply for financial support in scheme’s first week

A total of 514 Small and Medium Enterprises (SMEs) have submitted applications for assistance under the government program set up to aid companies facing severe problems due to the economic impacts of the pandemic and the measures adopted to control it.
According to the Economic and Technological Development Bureau (DSEDT), in just the first week of the scheme (October 26 to November 1), 514 applications were received.
The overwhelming majority (465) of these applications are for the “repayment adjustment measure” which allows companies to renegotiate the repayment of previous government loans through alternative subsidy schemes.
Another 48 applications were for the Support Plan for SMEs, and only one application was for the Bank Credit Interest Bonus Plan for SMEs.
According to DSEDT, applications for the interest-free loan and “adjustment of repayments” can be submitted online, simplifying the procedure for the convenience of applicants.
The government has said that such measures can play an effective supporting role, particularly by “supporting SMEs to address shortages of short-term working funds and alleviating operational pressures.”
Companies interested in applying for the “Support Plan for SMEs” (an interest-free loan) can do so by using DSEDT’s online application form on the bureau’s official website.
As for applications for bank loans with lower interest rates, these should be addressed to the banks directly. The DSEDT can only assist with inquiries about the procedures involved.
Under the latter scheme, companies may apply for subsidized credit of up to 2 million patacas, with an annual bonus rate of up to 4% and a maximum bonus period of three years.
Recently several lawmakers severely criticized this financial relief package in the Legislative Assembly, claiming that it will only lead companies that are already struggling further into debt.
The lawmakers called on the government to instead reverse certain policies, namely the border restrictions and the “zero cases” requirement for economic activity to resume, and called for businesses to be allowed return to normal operations as soon as possible.

120 applications for
tax reduction
In a statement from the Financial Services Bureau (DSF), the bureau acknowledged having so far received a total of 120 applications for tax reductions under the same government package.
According to the DSF, these applications have been increasing significantly, prompting the bureau to allocate special service desks to handle the applications.
Simultaneously, it was announced that the DSF will accelerate the procedures for tax reductions related to the lowering of rental prices.