Covid-19 National Response Gurantees Program
BRIEF ABOUT THE SERVICE
Upon the directives of HH the Amir Sheikh Tamim bin Hamad Al -Thani, to support the economic and financial sector within the framework of the precautionary measures to combat the spread of the coronavirus (Covid-19), and HH the Amir's directives to support and provide financial and economic incentives, amounting to QR 75 billion for the private sector, HE the Prime Minister and Minister of Interior Sheikh Khalid bin Khalifa bin Abdulaziz Al -Thani, directed to allocate guarantees to local banks at an amount of QR 3 billion. The program is a 100% guarantee scheme of the Government of Qatar to help mitigate Covid-19 impacts by relieving the most critical short-term payments private sector employers will face during the next 3 months as it includes Staff payroll-Salaries and Rental fees.
WHAT ARE THE COMPONENTS FINANCED BY THE GUARANTEE PROGRAM?
- Staff payroll as per the Wage Protection system registry (WPS) for a period of up to 3 months paid on a monthly pro-rata basis.
- Rental fees (factory, business outlet, warehouse and labor accommodation rent) for a period of up to 3 months paid on a monthly pro-rata basis.
WHO BENEFITS FROM THIS PROGRAM?
100% privately owned companies incorporated under the regulation applicable to Qatar that got impacted negatively by the Covid 19, Must have a valid commercial license issued from the Ministry of Commerce and Industry. Must not operate in the real estate, construction and contracting industries.
WHAT IS THE GUARANTEE PERIOD, TENOR AND GRACE PERIOD?
- Guarantee will be issued for a period of up to 3 years to cover bank financing of beneficiary companies.
- A tenor period of up to 2 years and grace period of up to 1 year.
WHAT BENEFICIARY COLLATERAL IS NEEDED?
Personal guarantee is required by all shareholders holding 10% minimum in the company's capital, as per QCB guideline.
HOW CAN I APPLY FOR THE COVID19 NATIONAL RESPONSE GUARANTEE PROGRAM?
To submit the guarantee request form and relevant documents to your RM where your company maintain its Wage Protection System account.
WHAT ARE THE REQUIRED DOCUMENTS/ PAPERWORK THAT NEED TO BE SUBMITTED?
Customer Application Form including:
- Qatari applicant QID
- Active CR
- Proof of having valid rental agreement which is either (Provide one of the following)
- Attested rental agreement before April 2020; or
- Utilities bills paid before April 2020 and registered under the beneficiary enterprise’s name as written in valid CR; or
- Proof of three consecutives payments made to the landlord before April 2020
- Personal guarantee as per QCB guidelines.