The State supported business during quarantine due to the “5-7-9%” Program

In the context of the coronavirus-inflicted crisis, the “5-7-9%” Program is focused on preserving and protecting existing businesses. More than 21,500 enterprises have benefited from the Program. Thanks to the Program, the State supported business using tools and approaches similar to those used in the vast majority of European Union countries, ensuring the competitive advantages of Ukrainian business in the international market.

According to the results of 2020, entrepreneurs who took part in the Affordable Loans at 5-7-9% Program increased the amount of сontributions to the State Budget under income tax article by 19%, under SSST (single social security tax) - by 8%.

During the preparation of anti-crisis measures under the “5-7-9%” Program, the Government of Ukraine studied the European experience and successful examples of such programs. Since the beginning of the pandemic, all without exception state-owned development banks in Europe have implemented bailout programs, especially short-term liquidity of SMEs, to overcome the negative effects of quarantine restrictions by issuing short-term loans to replenish working capital at 0% per annum. At the same time, a 100% state guarantee was provided for all enterprises without exception. In many European countries, anti-crisis measures have been extended until the end of 2021.