Romanian small and medium-sized enterprises (SMEs) directly affected by the constraints set by the Government during the state of emergency, as well as other firms that can demonstrate that their revenues dropped by 40% or suffered other financial losses amid the Covid-19 crisis will get a special certificate (State of Emergency Certificate) that they can use in bilateral contracts with lessors or utility suppliers for deferring the payment of rents or utility bills, the Ministry of Finance explained on Thursday after the Government passed an economic stimulus program on Wednesday, March 18.

The SMEs will obtain the Cerificate within two days if their revenues dropped by over 40% (and this can be demonstrated only after the end of March) compared to the same month last year, and within 20 days for the companies invoking other financial difficulties.

The SMEs holding such a certificate can invoke the force majeure clause only after they approached the tenor or utility supplier in order to renegotiate the contract, and can demonstrate such attempts.

editor@romania-insider.com

(Photo source: Shutterstock)