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Polish president signs bill to aid borrowers hit by virus crisis

Poland’s president has signed into law a bill to give special debt relief to borrowers and enable them to have their loan repayments suspended for up to three months amid the COVID-19 pandemic, the Polish News Agency (PAP) reports.

Poland’s President Andrzej Duda. Photo by praszkiewicz / Shutterstock.com

Andrzej Duda signed the legislation into effect after it was definitively approved by Poland’s Parliament at the end of last week. The measure includes an injection of around PLN 570 million (EUR 129 mln) in funds through the state-run Bank Gospodarstwa Krajowego (BGK) to support businesses by providing them with low interest subsidies.

The new rules are designed to benefit businesses and individuals who have lost their jobs and sources of income due to the coronavirus, according to officials.

The legislation aims to protect companies, jobs, borrowers and local governments from the fallout of the coronavirus crisis, PAP added.