Loans guaranteed by liquidity, the indication of the State Aid – Fiscal Focus

On November 30, 2022, the deadline for the electronic transmission of the “Substitutive declaration of notary deed of compliance with the requirements referred to in sections 3.1 and 3.12 of the Temporary Framework for aid measures to support the economy in the epidemiological emergency from Covid-19” , or the fulfillment imposed by article 1 of Legislative Decree 41/2021 (Sostegni decree), colloquially identified as “Covid aid communication”.

It is a self-certification, to which all those who have enjoyed any of the cd are called. “Umbrella aid”, or the various benefits that over time have been recognized to taxpayers damaged by the pandemic – starting from the distant past in time, exemption from the payment of the IRAP balance for the year 2019, to get to summarize all the aid enjoyed up to 30 June 2022 – taking into account the provisions of article 1, paragraph 13, of the aforementioned Sostegni decree.

Among the questions that are asked most frequently, we find the request for information regarding the indication of the aid referred to the loans guaranteed, in whole or in part, provided for by the cd. Liquidity decree, the Legislative Decree 23/2020.

To provide a solution, it is first of all necessary to frame the fulfillment of the Covid aid communication: as mentioned, this communication is due where even one of the benefits listed in thearticle 1 paragraph 13 of Legislative Decree 41/2021. So what are these aids? To have a list, it is possible to refer to the aforementioned standard; however, in a decidedly faster way, a viable alternative is to refer to the forms that the Revenue Agency has prepared for the Substitute Declaration, available at the temporary framework link (Agenziaentrate.gov.it), and analyze the aids indicated in SECTION 1 of panel A, which are none other than the infamous “Umbrella aid”. If the taxpayer has benefited from even only one of the aids listed in section 1 of part A, the self-declaration must be presented, with the aim of self-certifying that the benefits have been obtained in compliance with the limits and conditions set out in the European framework, the CD. Temporary Framework, pursuant to section 3.1 or 3.12 (unless the self-declaration has not been completed previously, for example when requesting the equalization CFP).

The TF provides for compliance with conditions and limits, and among these we find the maximum aid ceilings that can be obtained; this is why in the self-certification the beneficiary is required to specify whether the aid has not exceeded the maximum allowed limit – with distinctions of a temporal and sectional nature – or, vice versa, if excess aid has been received, in which case it is also necessary to indicate the amounts to be repaid.
Let us therefore return to the guaranteed loans granted pursuant to the Liquidity decree: looking at table A, section 1, it immediately becomes clear that these loans are not provided for in the forms. In fact, it is a question of aid that does not fall within the “umbrella” category.

Hence, a first, important consideration: if during the pandemic the taxpayer enjoyed only and exclusively the benefit provided by the Liquidity Decree, in relation to a fully guaranteed or even partially guaranteed loan, the self-declaration is not due.

If, on the other hand, in addition to the guaranteed financing, there is also only one of the umbrella aid (i.e. if the taxpayer is required to highlight even one with “a cross” in section 1 of part A), then the presence of this financing could result in the need to be highlighted by crossing section 2 of part A, thus indicating the presence of “other aids” in addition to those already reported in section 1. It could, because at this point it is necessary to understand exactly the type of financing, as we will see below .

Beyond the question of the cross to be indicated in section 2, moreover, the rules provide that in issuing the self-declaration relating to compliance with the limits and conditions of the TF, other aids are also taken into account. Attention, however, only the aid granted to sections 3.1 and 3.12 is relevant, both at the level of indication in section 2 of part A, and at the level of verification of compliance with the thresholds.

To understand, let’s make a couple of concrete examples, remembering first of all that to understand which section of the TF has been allocated a certain loan, it is essential to consult the National Register of State Aids (link RNA Trasparenza Aiuti), where the benefits are already been registered by the grantor.

  • Example – Benefits enjoyed: non-repayable grant, Relaunch Decree Legislative Decree 34/2020 art. 25, non-repayable contribution of the Sostegni decree DL 41/2021 paragraphs 1-3 and automatic contribution of the Sostegni bis decree DL 41/2021, plus a 100% guaranteed loan DL Liquidity of 25,000 euros.

In this case, in self-declaration it is necessary to cross in part A section 1 the three boxes relating to the three non-repayable contributions from which you have benefited, plus the box “other aid” in section 2 and, to verify that you have not exceeded the thresholds, add the value of the three CFPs plus the entire value of the loan fully guaranteed. In fact, as can also be verified in the ANN, the value of the loan (25,000 euros) fully guaranteed is all attributable to section 3.1.

  • Example – Benefits enjoyed: non-repayable grant, Relaunch Decree Legislative Decree 34/2020 art. 25, non-repayable contribution of the Sostegni decree DL 41/2021 paragraphs 1-3 and automatic contribution of the Sostegni bis decree DL 41/2021, plus a loan partially guaranteed by DL Liquidity of 200,000 euros.

In this case, the consultation of the RNA is fundamental. Without any doubt, the value of the loan (200,000 euros) is recorded in the section 3.2and as such it is not relevant for the purposes of self-declaration or in the calculation of the thresholds. It is, in fact, a different section from those contemplated by the fulfillment, which are 3.1 and 3.12.

However, in the consultation of the ANN, an item of a smaller amount could also emerge, which refers to the value of the guarantee, registered in section 3.1 (let’s assume, 800 euros).

In this case, in self-declaration it is necessary to cross in part A section 1 the three boxes relating to the three non-repayable contributions from which you have benefited, plus the box “other aid” in section 2 and, to verify that you have not exceeded the thresholds, add up the value of the three plus CFPs the only value attributed to section 3.1, in our example equal to 800 euros. The 200,000 euros attributable to section 3.2 must not be indicated and are not relevant for the purpose of verifying the thresholds.

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About Eric Wilson

The variety offered by video games never ceases to amaze him. He loves OutRun's drifting as well as the contemplative walks of Dear Esther. Immersing himself in other worlds is an incomparable feeling for him: he understood it by playing for the first time in Shenmue.

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