Coronavirus Update Anti-Crisis Measures
As the epidemic continues, governments are pressured with containing the economic damages of these times. To continue the article “Economic vaccines to the Corona outbreak” previously posted on our blog, we have gathered the recent additions to an already revised list of procedures.
Yan Incorporation prompts readers to further check the sources at the end of this article and plan a consultation in the case support is needed.
The Netherlands
The government has released, on its official website, the agencies and the institutions entrepreneurs can reach to mitigate the negative effects of this outbreak:
·The new temporary measure Temporary Emergency Bridging Measure for Sustained Employment (NOW,Noodfonds Overbrugging Werkgelegenheid) will provide financial help for employers to help pay their employees' wages. The unemployment benefit during short-time working scheme has been cancelled. Businesspeople can apply for the NOW scheme from Monday 6 April through 31 May 2020.
Self-employed professionals will be able to apply for an extra, temporary benefit for self-employed professionals (Tozo) to bridge the loss of income from 1 March onwards, in the municipality where they live.
The government will extend the export credit insurance facility. It will be possible for companies to get a short-term guarantee with a runtime of less than 2 years.
The Business loan guarantee scheme (GO), which allows easier requests for substantial loans, has been extended. The maximum cap has reached €150 millon.
The €4,000 Compensation for entrepreneurs in affected sectors scheme (TOGS) is now open for entrepreneurs in a number of specific sectors. Applications are to be submitted (in Dutch) to the Netherlands Enterprise Agency.
To ensure international trade can go on, the Dutch government has extended export credit insurance schemes. These temporary measures are valid until the end of 2020.
For exporters hit by the corona crisis a supplementary measure under the Dutch Trade and Investment Fund (DTIF) Export scheme has been implemented.
Germany
The nation has specified the aid package and the funds available for entrepreneurs suffering from the coronavirus. An amount equalling 750 billion € has been approved by Germany's upper house of Parliament. It will be funded by €156 billion in new debt in a move that breaks with Germany's longheld attachment to a balanced budget. A component will be allocated for the hospitals.
The package includes:
A total of €50 billion has been set aside for rapid support for the self-employed and the smallest businesses with 10 or fewer employees.
Large firms will have access to a €600 billion fund and may be nationalized if necessary.
Some money will be set aside as part of a general "readiness fund."
Bigger help packages will be funneled through other mechanisms such as a planned economic stabilization fund and loans through state business development bank KfW.
Would you like assistance in your financial preparations? Contact us
Sources NL
https://business.gov.nl/the-coronavirus-and-your-company/
https://business.gov.nl/subsidy/export-insurance-policy/
https://business.gov.nl/subsidy/dtif/
DE