A list of the latest schemes is provided below (last updated 9 April 2020 - 15:45 BST). If you wish to learn more about the schemes or how to make application please contact your TMF Group representative or click here.

Jump to a region:

Americas


Jurisdiction Name of Scheme
Argentina

New economic measures
From March 18 to 31, procedural terms in tax, social security and customs matters will not be computed. This measure does not imply the extension in maturities and payments of tax obligations, which continue to operate as usual.

National Tax Authority (AFIP) can only be accessed with a web appointment. Many procedures are available on the AFIP website.

There is a temporary exemption for employer contributions for the most affected sectors, public entertainment, food services and passenger transport companies. The Productive Recovery Program is expanded to include a subsidy for the payment of salaries. There are credits and a digital program for SMEs to promote telework.

Brazil

Brazilian Federation of Banks economy stimulation measures
The Brazilian Federation of Banks (Febraban) announced that its five largest associated banks will comply with requests for a 60-day extension of debt maturities of individual and corporate clients; these involving micro and small companies and for current contracts but is limited to the values already stated.


Brazil interest rate reduction
The Monetary Policy Committee reduced the Brazil basic interest rate (Selic) by 0.5 %, lowering the rate to 3.75%.


Economic package for companies
The Federal Government announced measures to help businesses, which includes an emergency credit line for companies with revenues between R $360 thousand and R $10 million. The measure will finance two months of payroll and at R $ 20 billion per month, totaling R $40 billion at the end of the period.


Emergency financial support for Brazilian civil aviation
The payment of fixed and variable contributions for airport concession contracts signed by the federal government was extended until December 18, 2020. The deadline for reimbursement of airfare will be 12 months.


Emergency measures for funds and financing
The National Bank for Economic and Social Development (BNDES) has announced measures to help companies totaling R $ 55 billion. They include:  transfer of resources from the PIS-PASEP Fund to the Guarantee Fund for Length of Service (FGTS), in the amount of R $ 20 billion; temporary suspension of payments of installments of direct financing to companies in the amount of R $ 19 billion; temporary suspension of payments of installments of indirect financing to companies in the amount of R $ 11 billion and expansion of credit to micro, small and medium-sized companies (MSMEs), through partner banks, in the amount of R $ 5 billion.


Employment and income measures
The Emergency Program for Maintenance of Employment and Income was created to allow employers to temporarily reduce wages and hours (for up to 90 days) or suspend employment contracts (up to 60 days) to help employees have job stability and receive emergency benefits paid by the government.


Employment measures
Emergency employment and income preservation benefits will be available to employees to help preserve 8.5 million jobs. The benefits include reduction of working hours, suspension of the employment contract and monthly emergency aid for intermittent workers.


Expand working capital
The National Bank for Economic and Social Development (BNDES) included fintechs as eligible for the R $ 5 billion credit line aimed at expanding capital working capital for micro, small and medium-sized enterprises.


Extension for tax payments
The Management Committee of Simples Nacional (CGSN) approved an extension of six months for the payment of all taxes by individual microentrepreneurs.


Fund for companies
The federal government will contribute R$ 34 billion for small and medium-sized Brazilian companies to retain their employees. Companies will not be able to dismiss their employees without just cause for a period of two months after obtaining the funds. Companies will have 36 months to repay (after the six-month grace period).


Labour measures
The government has enacted provisional measure no. 927 for employers to preserve jobs during the crisis. Measures such as remote working, anticipation of individual vacations, granting of collective vacations, use and anticipation of holidays, compensatory hours, suspension of administrative requirements in occupational safety and health and the deferral of payment of the Guarantee Fund for Seniority may be adopted by employers.


Launch of Todos por Todos platform
The federal government has launched the Todos por Todos platform, so that companies, entities and associations, in addition to public bodies, can offer services and products free of charge.


Measures adopted by the economic team
The Brazilian federal government has postponed the collection of Simples Nacional tax for three months, which will benefit 4.9 million companies. The Income Generation Program, with resources from the Workers' Support Fund, will give R$5 billion to the public banks to grant loans to micro and small companies. 


Measures for micro and small companies
The Brazilian federal government has postponed the collection of Simples Nacional tax for three months, which will benefit 4.9 million companies. The Income Generation Program, with resources from the Workers' Support Fund, will give R$5 billion to the public banks to grant loans to micro and small companies. 


Measures to protect jobs and distribute income
Emergency aid of R $ 200 and the temporary simplification of labour rules is planned to protect jobs and low-income earners in Brazil. Three months’ emergency assistance will be provided to eligible informal workers, individual and unemployed microentrepreneurs over the age of 18. 

New rules for teleworker benefits
Some benefits for teleworkers have been suspended such as, overtime pay, transportation assistance, unhealthy and hazardous work extras, bonus for activities with x-rays or radioactive substances and irradiation surcharges. The night shift surcharge is also suspended, with a few exceptions. 

For vacation time that has already been scheduled, there cannot be any cancellations, extensions or alterations.

Reduction in company contribution to social services
The rate of contributions paid by companies to autonomous social services (Sistema S) has been reduced by 50%. The measure will be valid for three months. 

Severance Pay Fund payment suspended
The Brazil Ministry of Economy has earmarked R$60 billion to safeguard jobs and wages. Payment by businesses into the Severance Pay Fund is suspended for three months.  

Social security contribution rate reduction
The government is reducing the contribution rates into the S System by 50% from 1 April 2020- 30 June 2020. The rates vary according to the type of taxpayer, depending on the Social Security and Assistance Fund (FPAS) code.

Tax measures
The government announced that it would release the Financial Operations Tax (IOF) on credit operations; defer contributions from PIS / Pasep and employer contribution to the pension plan of companies and public entities; and extend the deadline for the delivery of income tax (IRPF) from April 30th to June 30th.

The government also announced that it will initiate a broad credit program for companies and the productive sector, with reduced interest rates, zeroing the IOF rates for a period of 90 days.   

Canada Bankers’ Acceptance Purchase Facility
A new Banker’s Acceptance Purchase Facility will support a funding market for small and medium-sized businesses.
Business Credit Availability Program (BCAP)
The government has established a Bstablished a Business Credit Availability Program (BCAP) to provide $65 billion of additional support through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC). BDC and EDC are working with private sector lenders to coordinate on credit solutions for individual businesses, including in sectors such as oil and gas, air transportation, exportation and tourism. The BDC is offering “Support for entrepreneurs impacted be the Coronavirus COVID-19” using the following three programs: Small Business Loan; Working Capital Loan; and Purchase Order Financing.
Canada Emergency Response Benefit
A taxable benefit of $2,000 a month for up to 4 months will be provided to: workers who must stop working due to COVID-19 and do not have access to paid leave or other income support; workers who are sick, quarantined, or taking care of someone who is sick with COVID-19; working parents who must stay home without pay to care for children that are sick or need additional care because of school and daycare closures; workers who still have jobs but are not being paid; and wage earners and self-employed individuals, including contract workers, who would not otherwise be eligible for Employment Insurance.
Canada Emergency Wage Subsidy
The Canadian government has proposed the new Canada Emergency Wage Subsidy that would cover 75% of salaries for qualifying businesses, for up to 3 months, retroactive to March 15, 2020. Employers of all sizes and across all sectors of the economy would be eligible except for public sector entities.

Employers flexibility Canada Emergency Wage Subsidy
The proposed CEWS would apply at a rate of 75 per cent of the first $58,700 normally earned by employees – representing a benefit of up to $847 per week, per employee. The program would be in place for a 12-week period, from March 15 to June 6, 2020. Employers of all sizes and across all sectors of the economy would be eligible, with certain exceptions including public sector entities.  To measure their revenue loss, it is proposed that all employers have the flexibility to compare their revenue of March, April and May 2020 to that of the same month of 2019, or to an average of their revenue earned in January and February 2020.

For March, the Government proposes to make the CEWS more accessible than originally announced by reducing the 30-per-cent benchmark to 15 per cent, in recognition of the fact that many businesses did not begin to be affected by the crisis until partway through the mo

Employment insurance
Service Canada is waiving the one-week waiting period to claim Employment Insurance (EI) sickness benefits and waiving the requirement to provide a medical certificate to access EI sickness benefits.

They have introduced the Emergency Care Benefit providing up to $900 bi-weekly, for up to 15 weeks. This flat-payment Benefit would be administered through the Canada Revenue Agency (CRA) and provide income support to: Workers, including the self-employed, who are quarantined or sick with COVID-19 but do not qualify for EI sickness benefits, and workers, including the self-employed, who are taking care of a family member who is sick with COVID-19, such as an elderly parent, but do not quality for EI sickness benefits.

Essential Worker Retention Incentive Program
The government introduced an Essential Worker Retention Incentive Program, which will provide a $100-a-week benefit for low-income earners working full-time or part-time in essential services.

Expansion of Bond buyback program
The Bank of Canada will act as a fiscal agent to broaden the scope of the Government of Canada bond buyback program adding market liquidity and supporting price discovery. 
Flexibility for businesses filing taxes
The deadline to pay any outstanding balances interest-free will be extended to September 1st, 2020. This extension applies to individual, trusts and corporations. Also, the deadline for the payment of GST/HST and import/export duty has been extended to June.

Income support for workers
For Canadians without paid sick leave (or similar workplace accommodation) who are sick, quarantined or forced to stay home to care for children, the Government is:

  • Waiving the one-week waiting period to claim Employment Insurance (EI) sickness benefits. 
  • Introducing the Emergency Care Benefit providing up to $900 bi-weekly, for up to 15 weeks

For Canadians who lose their jobs or face reduced hours, owing to COVID-19, the government is:

  • Introducing an Emergency Support Benefit delivered through the CRA to provide up to $5.0 billion in support to workers who are not eligible for EI and who are facing unemployment
  • Implementing the EI Work Sharing Program, which provides EI benefits to workers who agree to reduce their normal working hour as a result of developments beyond the control of their employers, by extending the eligibility of such agreements to 76 weeks, easing eligibility requirements, and streamlining the application process
Increasing credit for agriculture, fisheries and aquaculture
The government has enabled Farm Credit Canada to provide an additional $5 billion in lending to producers, agribusinesses, and food processors. This will offer increased flexibility to farmers who face cashflow issues and to processors who are impacted by lost sales.
Lowering the Domestic Stability Buffer requirement
The Domestic Stability Buffer requirement for domestic systemically important banks has been lowered by 1.25% of risk weighted asset. This will increase the lending capacity of Canada’s large banks and support the supply of credit to the economy.
Sales tax remittance and customs duty payment deferral
The government is expected to allow businesses, including self-employed individuals, to defer until June 30, 2020 payments of the Goods and Services Tax / Harmonized Sales Tax (GST/HST), as well as customs duties owed on imports.
Support for air transportation sector
The Canadian government is waiving ground lease rents from March 2020 through to December 2020 for the 21 airport authorities that pay rent to the federal government. The government will also provide comparable treatment for PortsToronto, which operates Billy Bishop Toronto City Airport and pays a charge to the federal government. 
Tax audits
Canada Revenue Agency will not contact any small or medium (SME) businesses to initiate any post assessment GST/HST or Income Tax audits for the next four weeks. Audits are temporarily suspended for all businesses.
Temporary wage subsidy
The government is proposing to provide eligible small employers a temporary wage subsidy for a period of three months. The subsidy will be equal to 10% of remuneration paid during that period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer. Businesses will be able to benefit immediately from this support by reducing their remittances of income tax withheld on their employees’ remuneration. Employers benefiting from this measure will include corporations eligible for the small business deduction, as well as non-profit organizations and charities.
Quebec Income tax payments
For businesses, the payment of tax installments and taxes is suspended until July 31,2020.
Cayman Islands Deadline extended for annual returns
The Registrar of Companies (ROC) and the Department for International Tax Cooperation (DITC) have extended the deadlines for entities to complete their annual returns and economic substance notification filings until 30 June. 
Colombia

Increase in benefits for businesses
To support businesses, the government and Bancóldex added $ 350 billion to their benefit package for loans that will be available for all sectors. A 2% decrease for interest rates has been offered with a three year term and a six month grace period for repayment.

Chile

Economic emergency plan
To protect labour income, employment and SMEs the government has created a plan that includes: 

  • Suspension of the monthly provisional payments (PPM) of corporate income tax for the next 3 months. 
  • Postponement of the payment of VAT for the next 3 months for all companies with annual sales under 350 thousand UF and allowing payment in 12 monthly installments at 0% interest rate.
  • Postponement until July 2020 of the payment of income tax for SMEs with what they declare as income next April.
  • Postponement of the payment of April’s real estate taxes for companies with sales under 350 thousand UF and for persons with properties with a tax assessment under 133 million CLP. 
  • Temporary reduction of the stamp and seal tax to 0% for all credit operations during the next 6 months.
Paraguay Tax compliance changes
Tax and VAT payments have been postponed for 90 days. Tax Compliance Certificates (CCT) issued from now until June 30, 2020 will be valid for 90 days. 
Peru Flexibility in tax filing
For companies with less than 2300 UIT in revenue in 2019, there is flexibility with filing of monthly tax returns for February 2020 and the filing of Sales and Income Register and of Electronic Purchase. The filing dates of other types of accounting are postponed.
  Tax obligation flexibility
The government will be flexible with delayed formal tax filings during the emergency period. 
Uruguay

Benefit for employees
The Ministry of Labour and Social Security issued an unemployment subsidy regime for workers in the trade, food retail, hospitality and cultural and recreational service industries who have had to reduce the number of usual work hours by 50% or more. 

US

$1 trillion economic stimulus
The US Senate Republicans unveiled a $1 trillion economic stimulus plan to provide funds directly to businesses and the American public in four categories small business rescue; rebates and tax breaks; health care issues; and targeted financial assistance.

$50 million working capital revolving loan
EXIM approved the guarantee of $50 million working capital guarantee loan facility from JP Morgan Chase Co. to Zeeco, Inc., Headquartered in Broken Arrow, Oklahoma, and with U.S. facilities in Connecticut, Kansas, Kentucky, and Texas. 

The loan facility will support the export of $125 million in US equipment to various overseas buyers, and will support 460 U.S. jobs, and lead to the creation of 200 additional U.S. jobs. 


Commercial Paper Funding Facility
The US Federal Reserve Board announced the establishment of Commercial Paper Funding Facility to provide liquidity to the financial system, help American businesses manage their finances and provide a liquidity backstop to US issuers of commercial paper.

Coronavirus relief package
Bipartisan Families First Coronavirus Response Act will provide free testing; paid emergency leave for workers including a temporary coronavirus-related sick leave benefit paid by employers with fewer than 500 workers; and unemployment insurance for those impacted by coronavirus including $1 billion in emergency grants to help states expand unemployment insurance benefits. Also, the new coronavirus economic stabilization law provides about $300 billion for cash payments and $260 billion for enhanced unemployment assistance. It also provides $100 million through Reed’s short-time compensation (STC) provision, which is a layoff prevention program for businesses and workers known as work sharing.  It also includes help for small businesses and employee retention payroll tax credits to keep more people on the job earning a steady paycheck. It also provides direct payments of $1,200 to most individuals making up to $75,000, or $2,400 for couples making up to $150,000.Senator Reed added a $100 million work share provision to the CARES Act.

Delay in federal tax date
The US Treasury Department and Internal Revenue Service announced that the tax filings and payments for all taxpayers and businesses will have additional time to file and make payments without interest or penalties. The taxes due on April 15, 2020, will now be due on July 15, 2020.

Digital outreach
EXIM has engaged over 2800 “new to EXIM” contacts and attributes 73% of FY 2020 authorizations to digital outreach.

Disaster Assistance Loans for small business
The US Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus. SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million.

Emergency economic relief plan
It includes $377 billion to help small businesses nationwide with their cash-flow by establishing a program that provides small businesses with federally-guaranteed loans that would be forgiven if employers keep their workers on payroll throughout the coronavirus crisis.

Employee retention credit
The Employee Retention Credit is designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted.

Establishment of facilities to support American workers, households, and businesses
Three new facilities will provide liquidity to the financial system and support the flow of credit to American workers, households and businesses including the Term Asset-Backed Securities Loan Facility (TALF), Primary Market Corporate Credit Facility, and Secondary Market Corporate Credit Facility. They will likely provide up to $300 billion in new financing.

EXIM support for small business
EXIM has implemented to provide maximum financing flexibility, underscoring the agency’s commitment to helping small business exporters weather the unprecedented challenges brought on by the COVID-19 global pandemic. That includes modifications in the two primary programs used by small businesses – working capital loan guarantees and export credit insurance.  EXIM’s program modifications aimed at helping small businesses, include Supply Chain Financing Guarantee Program and Working Capital Guarantee Program. Further, initiated modifications to short-term export credit programs – more than 75 percent of which are used by small businesses – including offering an extension of payments of up to 90 days on invoices owed by foreign customers coming due between February 1, 2020, through June 1, 2020.

The Export-Import Bank of the United States (EXIM) approved 142 authorizations totaling $164 million in support of American small businesses that export “Made in the USA” products around the world. These authorizations support a preliminary estimate of some 800 US jobs in one month. 

Expansion of Money Market Mutual Fund Liquidity Facility (MMLF) and Commercial Paper Funding Facility (CPFF)
The expansion of the MMLF includes a wider range of securities, including municipal variable rate demand notes and bank certificates of deposit. In addition, the CPFF was expanded to include high-quality, tax-exempt commercial paper and its pricing was reduced. 

Help for small businesses
A robust mobilization effort of banks and other lending institutions will provide small businesses with the capital they need. The CARES Act establishes a new $349 billion Paycheck Protection Program.

Loans to air carriers
The Department of the Treasury will make loans available to passenger and cargo air carriers and eligible businesses and businesses critical to maintaining national security that have experienced losses. The amounts are as follows: up to $25 billion is available for passenger air carriers; eligible businesses certified to perform inspection, repair, replace, or overhaul services; and ticket agents; up to $4 billion is available for cargo air carriers; and up to $17 billion is available for businesses critical to maintaining national security.

Paid leave for workers and tax credits
The US Treasury Department, Internal Revenue Service , and the US Department of Labor )announced under the Families First Coronavirus Response Act, that small and midsize employers can  take advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees .American businesses with fewer than 500 employees will be able to provide employees with paid leave, either for the employee’s own health needs or to care for family member.

Paid sick and family leave tax credits
The Families First Coronavirus Response Act (FFCRA), gives businesses with fewer than 500 employees funds to provide employees with paid sick leave and family and medical leave. Eligible employers can receive a credit in the full amount of the qualified sick leave and family leave wages paid for between April 1, 2020, and December 31, 2020. Employers can be reimbursed immediately by reducing their federal employment tax deposits.

Primary dealer credit facility 
The US Federal Reserve Board announced the establishment of primary dealer credit facilities to address illiquidity, mitigate disruptions in funding markets, support smooth market functioning and help facilitate the availability of credit to American workers and businesses.

Relief measures for US exporters and financial institutions
The Export-Import Bank of the United States announced relief measures for small businesses and financial institutions through waivers, deadline extensions, streamlined processing, and flexibility.  

Tax dates delayed for alcohol, tobacco, firearms and ammunition businesses
Several filing and payment due dates have been postponed for 90 days for wine, beer, distilled spirits, tobacco products, firearms, and ammunition excise taxes. The postponement of due dates applies to any tax payment or operational report with an original due date falling on or after March 1, 2020, through July 1, 2020. Interest and penalties will not apply when payments are made within 90 days of the original due date.

California

Business licensing fee deferral in San Francisco
San Francisco is expected to provide tax relief by delaying the City’s collection of the unified license bill, which includes but is not limited to charges to restaurants and food businesses, bars, convenience stores, many small retailers, hotels, and tour operators, from departments such as the Department of Public Health, Entertainment Commission, Fire Department, and Police Department. The initial delay will be for three months, with a further delay to be contemplated based on need. 

Business tax deferral for small businesses in San Francisco
Quarterly estimated tax payments of the Gross Receipts Tax, Payroll Expense Tax, Commercial Rents Tax, and Homelessness Gross Receipts Tax that would be due on April 30, 2020, are waived for taxpayers or combined groups that had combined San Francisco gross receipts in calendar year 2019 of $10,000,000 or less.

COVID-19 Small Business Resiliency Fund in San Francisco
This fund allows impacted small business owners to access up to $10,000 for employee salaries and rent. 

Disability insurance waiver in California
California waived the one-week unpaid waiting period for disability insurance. 

Paid Sick Leave - Workers and Families First program in San Francisco
The City will contribute up to 40 hours of additional paid sick leave time to employees beyond existing policies through the Workers and Families First Program. This program provides financial assistance to businesses and nonprofits and may support over 16,000 additional weeks of sick leave pay and coverage for up to 25,000 San Francisco employees. All San Francisco businesses are eligible, with up to 20% of funds reserved for small businesses with 50 or fewer employees.

Property tax deadline extended
The new property tax deadline is May 4, 2020, the first business day after the shelter-in-place order is lifted. Taxpayers who are unable to pay by this date should submit a request for a penalty waiver request online.

Rapid response services in California
Employers planning a closure or major layoffs as a result of coronavirus can get help through the Rapid Response program. 

Illinois

Small business support
Illinois Small Business Emergency Loan Fund has been established to offer small businesses low interest loans of up to $50,000. To support small businesses in downstate and rural counties across Illinois, $20 million in funds will be repurposed.    

Massachusetts

Unemployment insurance waiver in Massachusetts
New unemployment claims will be paid more quickly by waiving the one week waiting period for unemployment benefits.

Nebraska

Community Development Block Grant
The Nebraska Department of Economic Development has allocated Community Development Block Grant funds to assist qualified businesses. Measures include: Supporting new businesses or business expansion to create jobs and manufacture medical supplies necessary to respond to infectious disease; and avoiding job loss caused by business closures related to social distancing by providing short-term working capital assistance to small businesses, to enable retention of jobs held by low- and moderate-income persons.

New Jersey

Disaster Assistance Loans for small business
The US Small Business Administration expanded statewide access to SBA Disaster Assistance Loans for small businesses, subject to an economic injury declaration, offering up to $2 million. All New Jersey counties are now approved for federal disaster assistance, making New Jersey businesses eligible to apply for Economic Injury Disaster Loans (EIDLs). These are working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster.  

 

Financial assistance for businesses
The Governor signed a bill that will give grants to small businesses to provide working capital and help businesses meet payroll. 

New York

NYC Employee Retention Grant Program
NYC is offering small businesses with fewer than 5 employees a grant to cover 40% of payroll costs for two months to help retain employees. Businesses can access up to $27,000.

NYC Small Business Continuity Loan Program
The NYC Small Business Continuity Loan Program is available to New York City businesses with fewer than 100 employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. Eligible businesses can apply for an interest-free loan up to $75,000.

Unemployment insurance waiver in New York
New York State has waived the 7-day waiting period for Unemployment Insurance benefits for people who are out of work due to closures or quarantines.

Ohio

Income tax filing and payment deadline extended
Individuals, estates, trusts and certain businesses making quarterly estimated income tax payments, have been granted additional time to file and pay without penalty or interest. The first and second quarterly payments, normally scheduled for April 15 and June 15 for most taxpayers, have both been extended to July 15.

 

One-time liquor buyback
The Ohio Department of Commerce will immediately begin offering a one-time liquor buyback option to support bars and restaurants. 

Unemployment insurance waiver in Ohio
Unemployment benefits will be available for eligible individuals who are requested by a medical professional, local health authority, or employer to be isolated or quarantined as a consequence of COVID-19, even if they are not actually diagnosed with COVID-19. The waiting period for eligible Ohioans to receive unemployment benefits will be waived.

Virginia

Economic injury disaster loans
Small businesses and non-profits located throughout Virginia can now apply for a loan of up to $2 million to pay fixed debts, payroll, accounts payable, and other expenses.

 

Extension of tax deadlines
Businesses can request to defer the payment of state sales tax due March 20, 2020 for 30 days. When granted, businesses will be able to file no later than April 20, 2020 with a waiver of any penalties. 

 

Support for affected workers
The one-week waiting period for unemployment benefits has been waived. Workers also may be eligible to receive unemployment benefits if an employer needs to temporarily slow or cease operations. 

 

Support for employers
Regional workforce teams will be activated to support employers that slow or cease operations. Employers who do slow or cease operations will not be financially penalized for an increase in workers requesting unemployment benefits.

The Governor is authorizing rapid response funding, for employers eligible to remain open during this emergency. Funds may be used to clean facilities and support emergency needs.

Washington

B&O Tax deferral in Washington
The City of Seattle Department of Finance and Administrative Services (FAS) will defer business and occupation (B&O) tax collections for businesses that have annual taxable incomes of $5 million or less and that pay city taxes quarterly. 

 

Extension on returns and tax filings
Businesses can request an extension for paying tax returns (even if the request is after the due date) by sending a secure email in your My DOR account or by calling Revenue’s customer service. The Quarter 1 2020 return is now due June 30, 2020 and the annual 2019 return is now due June 15, 2020.

Seattle Small Business Stabilization Fund
The City of Seattle is committing approximately $2.5 million in Federal Community Development Block Grant funds to the Small Business Stabilization Fund. The Small Business Stabilization Fund is an emergency fund that provides working capital grants in amounts up to $10,000 to qualifying small businesses. 

Support for Small Business in Seattle for rent, relief fund and B&O tax deferment
Evictions of small business and nonprofit tenants in the City of Seattle for non-payment of rent have been temporarily halted. This is effective immediately and will last for 60 days from March 18 or until Seattle's coronavirus emergency ends.      

The City of Seattle Department of Finance and Administrative Services (FAS) will defer business and occupation (B&O) tax collections for businesses that have annual taxable incomes of $5 million or less and that pay city taxes quarterly.

To mitigate barriers to capital for Seattle's most vulnerable businesses, the City of Seattle will commit approximately $1.5 million in one-time Community Development Block Grant (CDBG) funds to the Small Business Stabilization Fund, an emergency fund that provides working capital grants in amounts up to $10,000 to qualifying small businesses.

Utility deferral program in Seattle
Seattle Public Utilities and Seattle City Light will keep utility services on during the COVID-19 Civil Emergency in Seattle. Customers who have been financially impacted by COVID-19, regardless of background or immigration status, can request a deferred payment plan.

Back to the top

Asia Pacific


Jurisdiction Name of Scheme
Australia Backing business incentive
The government is introducing a limited 15-month investment incentive. Eligible businesses with aggregated annual turnover below $500 million will be able to claim a 50% deduction for the cost of new assets that can be depreciated under Division 40 of the Income Tax Assessment Act 1997 (i.e. plant, equipment and specified intangible assets, such as patents).
Boosting cash flow
Eligible entities will to receive payment, by way of tax credit on PAYG withholding, of up to $100,000 with a minimum payment of $20,000. To be eligible, entities must have aggregated annual turnover under $50 million and must employ workers. An additional payment is also being introduced in the July – October 2020 period, whereby eligible entities will receive another payment equal to the total of all the boosting cash flow payments they have received.
Cash flow boost for employers
The government is providing up to $100,000 to eligible small and medium-sized businesses and not-for-profits (including charities) with employees. The minimum payment is $20,000.
Coronavirus SME guarantee scheme
The government will provide a guarantee of 50% to SME lenders for new unsecured loans to be used for working capital. SMEs with a turnover of up to $50 million will be eligible to receive these loans. Maximum loan is $250,000, and the loan period will be up to three years, with an initial six-month repayment holiday. The scheme will commence in early April 2020 and new loans can be advanced under this scheme up to 30 September 2020..
Evictions for renters
The Prime Minister has announced new measures to help renters. Evictions will be put on hold over the next 6 months for commercial and residential tenancies in financial distress.
Freight assistance mechanism
A $110 million International Freight Assistance Mechanism to back Australia’s agriculture and seafood export sectors will help exporters get produce into key overseas markets.
Instant asset write-off enhanced
The instant asset write-off (IAWO) threshold is increased to $150,000 from $30,000 and access is expanded to include businesses with aggregated annual turnover of less than $500 million (up from $50 million).
Jobkeeper payment
Businesses significantly impacted by COVID-19 will receive payment of $1,500 per fortnight for each employee as a wage subsidy. Employers will be eligible for the subsidy if they suffered a decline in turnover of >50% (if turnover > S1 billion) or >30% (if turnover < $1 billion). To be eligible, an employee must be an Australian citizen, the holder of a permanent visa, a Protected Special Category Visa Holder, a non-protected Special Category Visa Holder who has been residing continually in Australia for 10 years or more, or a Special Category (Subclass 444) Visa Holder.
Instant asset write-off enhanced
The instant asset write-off (IAWO) threshold is increased to $150,000 from $30,000 and access is expanded to include businesses with aggregated annual turnover of less than $500 million (up from $50 million).
Support for immediate cash flow for SMEs
The government will provide a guarantee of 50% to SME lenders to support new short-term unsecured loans to SMEs. This will guarantee up to $40 billion of new lending.
Support for small businesses
The government is supporting small business to retain their apprentices and trainees by providing a wage subsidy of 50% of the apprentice’s or trainee’s wage for 9 months from 1 January 2020 to 30 September 2020. Employers will be reimbursed up to a maximum of $21,000 per eligible apprentice or trainee ($7,000 per quarter). The subsidy will be available to small businesses employing fewer than 20 full‑time employees who retain an apprentice or trainee.
Temporary relief for companies
A temporary increase in the threshold at which creditors can issue a statutory demand on a company has changed from $2,000 to $20,000. The statutory time frame for a company to respond to a statutory demand will be extended temporarily from 21 days to 6 months. These measures will apply for six months.
Australian Capital Territory

Payroll tax waiver
Hospitality (cafes, pubs, hotels, clubs and restaurants), creative arts and entertainment industries will receive a six-month waiver of payroll tax from March to August 2020. Businesses will need to complete an online application form to confirm their eligibility. All businesses with group Australia-wide wages of up to $10 million can defer their 2020-21 payroll tax, interest free until 1 July 2022. Businesses will need to lodge their payroll tax returns as normal.

New South Wales

Payroll tax relief for businesses
25% reduction of payroll tax liability for businesses with payrolls of up to $10 million. Applicable from when they lodge their annual reconciliation. This is due on 28 July.

Payroll tax return lodgements and payments waived for three months (the remainder of FY2019-20). This applies to businesses that lodge and pay payroll tax monthly, with payrolls of no more than $10 million for the current financial year.

Payroll tax cuts brought forward: the tax-free threshold is raised to $1 million in FY2020-21 from $900,000.

Waiver of payroll tax return lodgements and payments for three months (the rest of FY2019-20), applicable to businesses who lodge and pay payroll tax monthly and whose payrolls will be no more than $10 million for current financial year. In annual tax reconciliations, wage details for these months are still required to be provided.

Queensland Payroll tax waiver
All businesses, regardless of size, can opt to defer their payroll tax payments. Payments for the remainder of FY2019-20 are deferred until 3 August 2020, however returns will need to be lodged according to the usual date schedule.
Tasmania Payroll tax waiver
Employers in certain severely impacted industries being hospitality, tourism and seafood industries will not be required to lodge returns or pay payroll tax for March, April, May and June 2020. Other employers with Australian Group wages of up to $5 million who are affected by COVID19 will similarly not be required to lodge returns or pay payroll tax for March, April, May and June 2020. The Youth Employment Scheme provides a payroll tax rebate for one year, to businesses that employ a young person aged 24 and under, between April and December 2020.
Victoria

Payroll tax waiver
The government has announced the waiver of payroll tax for 2019-20 financial year for businesses with taxable wages up to $3 million. Eligible businesses must continue to lodge returns but do not need to make further payments for 2019-20 financial year. State Revenue Office will contact eligible businesses in relation to reimbursement for payroll tax already paid in the financial year. Businesses with annual taxable wages up to $3 million can also defer paying payroll tax for the first quarter of the 2020-21 financial year until January 2021.

Western Australia

Payroll tax waiver
The payroll tax threshold will be increased to $1 million on 1 July 2020. Employers paying $7.5 million or less in Australian taxable wages that have been impacted by Covid-19 can apply to defer their monthly payments until 21 July 2020.

*A one-off payment of $17,500 will be made to employers whose annual Australian taxable wages are more than $1 million but less than – or equal to – $4 million. Businesses do not need to apply, they will be paid automatically from July 2020.

China

Cross-border economic cooperation zones
The Ministry of Commerce and the Export-Import Bank of China will strengthen financial support for cross-border economic cooperation zones, serve enterprises’ needs to respond to the epidemic, to resume work and production and to expand business, promote the innovative development of border trade, and foster new momentum for the development of border areas.

 

Digital technologies for SMEs
The Ministry of Industry and Information Technology (MIIT) will support SMEs in applying digital tools such as video conferencing, cloud services and training programs to resume operations. The Ministry is also encouraging online office software developers to upgrade services and lower their fees. 


Enhance employment stability
China's State Council released a guideline to expedite the recovery of employment and keep it stable to counter the impact from the COVID-19 outbreak. It included prioritizing employment, helping migrant workers return to work, expanding job opportunities for college graduates, ensuring social security. Also, included fast-tracking targeted tax and fee reduction for safeguarding jobs, while prioritizing investment in industries that can create more jobs. It also called for a better environment for wider coverage of guaranteed loans for startups and policy support for venture investments.


Enhanced legal service for private businesses
Chinese authorities are encouraging lawyers to provide additional services to small and medium-sized private enterprises to help them get back to ‘business as usual.’ Online services such as legal training and consultation will also be available.


Foreign ownership caps lifted
China has lifted foreign ownership caps on securities firms and mutual fund companies on 1 April. Foreign financial institutions can now tap into the vast Chinese market without ownership limits in sectors like banking, insurance, securities, futures and fund management.

RRR cuts for small, medium-sized banks
China's central bank announced a decision to cut the reserve requirement ratio (RRR) for small and medium-sized banks by 100 basis points. The RRR cuts will be implemented in two phases, with the first round of 50 basis-point reductions expected on April 15. The second phase of reduction of equal amount will be effective on May 15.
Shared spaces for SMEs
The Beijing Business Incubation Association has offered shared working spaces free of charge or reduced prices for small and micro businesses.

Support for small and micro businesses and agricultural entities
China is expected to accelerate equity investment through state financing guarantee fund this year, aiming at investing 10 prefecture-level government-controlled financing guarantee institutions successful in supporting small and micro firms as well as agricultural and rural entities.

The state financing guarantee fund will work with banking entities in bulk guaranteed loan businesses, planning to increase 400 billion yuan (about $56.52 billion) in reinsurance service in 2020.

Local government-controlled financing guarantee and re-guarantee entities will halve small and micro businesses' costs for financing guarantee and re-guarantee services in 2020 and further enlarge the scale of services to small and micro firms as well as agricultural and rural entities.

Support resumption of work and production
The People's Bank of China issued CN¥111.4 billion of preferential interest rate loans to support businesses resuming work and production.
Tax measures
The Chinese government has rolled 20 targeted incentives, including cutting value-added tax, consumption tax, and corporate and individual income taxes, as well as waiving employers' payments to various social insurance schemes. The incentives will aid in the resumption of work and production for small- and medium-sized enterprises.
Tax measures for SMEs
Taxpayers will be allowed to report their taxes in April based on the first quarter income, and the tax collection period will be extended to April 24 from April 20. To support exporters, China has raised the export rebate rates to 9% and 13% for two groups of exported goods.
Hong Kong Anti-epidemic fund
The Government has set aside $710 million under the Anti-epidemic Fund to implement targeted measures to support the construction industry in combating the effects of COVID-19, reducing the risk of viral infection and spread among site workers, and preventing outbreaks of the disease on construction sites that would lead to mass suspension of work among construction workers$30 billion fund was established to provide relief to businesses, safeguard jobs and stimulate the economy. About $17 billion is allocated for enterprises and organizations to use at their discretion, such as pay employees’ wages. 
Low-interest loans
A concessionary low-interest loan has been introduced by the SME Financing Guarantee Scheme for small and medium enterprises in all sectors. The amount of the loan is equal to the total amount of wages and rent for six months for the business, or a maximum of $2 million. 
Reduce business operating costs
Measures to reduce business operating costs have been implemented in Hong Kong. They include waiving the profits tax, rates for non-domestic properties and business registration fees; subsidising electricity charges, waiving water and sewage charges; and reducing rental and charges for government premises and land.
India GST and indirect tax measures
The government of India has changed the dates for filing GST annual returns and indirect taxes to the last week in June with no interest, late fees or penalties. 
 

Relief measures for corporate affairs
There are many relief measures and extensions of deadlines for companies set by the government.

Any document, return or statement that is required to be filed in the MCA-21 Registry, irrespective of its due date, will have no fees for a late filing up until 30 September 2020. 

The mandatory requirement of holding board meetings for companies will be extended by a period of 60 days for the next two quarters.

Applicability of Companies (Auditor’s Report) Order, 2020 will be made applicable from the financial year 2020-2021 instead of from 2019-2020. This will significantly ease the burden on companies & their auditors for the year 2019-20.

Independent Directors are required to hold at least one meeting without the attendance of Non-independent directors and members of management. For the year 2019-20, if the IDs of a company have not been able to hold even one meeting, it will not be viewed as a violation.  

Requirement to create a Deposit reserve of 20% of deposits maturing during the financial year 2020-21 before 30th April 2020 will have the deadline extended to 30th June 2020.

Indonesia Tax deferral
The deadline for individual annual tax returns has been extended from 31 March to 30 April 2020. Face-to-face services in tax offices are temporarily closed from 16 March to 5 April 2020.
Japan Employment adjustment subsidies
The Japanese government has increased the employment adjustment subsidy rate for small and medium-sized businesses from 2/3 to 4/5 and for large enterprises from 1/2 to 2/3 to protect employment. 
  Enhanced provision of US dollar liquidity
The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank announced coordinated action to enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements. To improve the swap lines’ effectiveness in providing U.S. dollar funding, these central banks have agreed to increase the frequency of 7-day maturity operations from weekly to daily. 
  Financial support for micro and SMEs
The Japanese government is issuing ¥1.6 trillion to help micro and small to medium-sized enterprises through a reduced rate loan program with interest-free unsecured financing support. Private financial institutions will provide new loans and change terms for existing debt. 
Special funds for corporate financing
The Bank of Japan introduced Special Funds Supplying Operations to ensure smooth corporate financing through loans up to the value of corporate debt. 
Teleworking measures
The government has developed measures to encourage companies to introduce teleworking for employees. 
Malaysia

Economic Stimulus Package
The government has allocated RM250 billion to support businesses including small and medium enterprises (SMEs) and RM2 billion to strengthen the country's economy.Some of its measures include: The Government and Bank Negara Malaysia will provide an additional RM4.5 billion to assist small and medium enterprises (SMEs) including micro entrepreneurs; Special Facilities Assistance Fund for SMEs increased by RM3 billion and interest rates dropped to 3.5% from 3.75%; size of the All Economic Sector Facility fund increased by RM1 billion to RM6.8 billion to further enhance financing access to SMEs; Business Loan Guarantee Companies offer RM5 billion worth of securities as well as increase the guarantee rate to 80% from 70% for SMEs who have trouble getting loans; the Government has allowed the suspension of payment of income tax installment to all SMEs for a period of three months beginning April 1, 2020.

 

Enhancements to Financing Facilities
Bank Negara Malaysia has been enhancing the existing financing facilities under the BNM’s Fund for SMEs (the Fund), and increasing the allocation of the facilities by an additional RM4.0 billion to RM13.1 billion. Enhancements include: An increase in the allocation of the Special Relief Facility (SRF), from RM2 billion to RM5 billion; increase in the allocation of the All Economic Sectors (AES) Facility, from RM5.8 billion to RM6.8 billion, to enhance access to financing for SMEs and to support growth. The maximum financing rate is also reduced from 8% p.a. to 7% p.a.. Additionally SMEs can also avail themselves to 3 other facilities under the Fund, namely the Automation and Digitalisation Facility (ADF), Agrofood Facility (AF) and Micro Enterprises Facility (MEF).

Promote private sector investments
The Malaysian government has taken initiatives to promote private sector investments through a co-investment fund of RM500 million. Bank Negara Malaysia (BNM) will provide a Special Relief Facility worth RM2 billion, providing working capital for small and medium enterprises at an interest rate of 3.75%.
New Zealand

Financial assistance
Wage subsidies will be available for all employers who have experienced at least a 30% decline in projected or actual revenue; made best efforts to retain employees and pay them a minimum of 80% of their normal income for the subsidised period; and have taken active steps to mitigate the impact of COVID-19. 

The COVID-19 Wage Subsidy will be paid at a flat rate of:

  • $585.80 for people working 20 hours or more per week
  • $350.00 for people working less than 20 hours per week.
 

Leave entitlements
For 8 weeks starting 17 March 2020, leave payments will be available to support those who are require to self-isolate due to recent travels, cannot work because they or their dependents are ill with COVID-19.

The Leave Payment will be a flat rate of:

  • $585.80, for employees who work over 20 hours a week; OR,
  • $350.00 for employees who work fewer than 20 hours a week.
  Payroll reporting
There are two new leave types available in the payroll software – COVID-19 and COVID-19 Unpaid. 
Singapore

Bank funding
The Monetary Authority of Singapore (MAS) announced that it will provide up to US$60 billion of funding to banks in Singapore through a new MAS USD Facility. The MAS USD Facility will support more stable USD funding conditions in Singapore, and facilitate USD lending to businesses in Singapore and the region.

Boosting enterprise transformation
The support level for Enterprise Development Grants will be raised from 70%-80% from 1 April 2020 to 31 December 2020. For enterprises that are most severely impacted by COVID19, the maximum support level will be further raised to 90% on a case-by-case basis. Enhanced support will be granted to enterprises that plan to refresh their business models and find new opportunities.

Corporate Income Tax rebate and deferment
Businesses will get a rebate on corporate income tax and some enhanced tax treatments in moves aimed at improving their cash flow. Companies will be granted a rebate of 25 per cent of tax payable, capped at $15,000, for the year of assessment 2020 - a move that will cost the Government about $400 million.

All companies with CIT payments due in the months of April, May, and June 2020 will be granted an automatic three-month deferment of these payments.

The CIT payments deferred from April, May, and June 2020 will instead be collected in July, August, and September 2020 respectively.

Employers affected by Leave of Absence and Stay-Home Notices
The Ministry of Manpower (MOM) is providing support to help businesses and the self-employed affected by leave of absence and stay-home notice requirements. Employers should receive $100 daily per affected worker for time off where telecommuting is not possible.
Employment subsidy program
The government is expected to extend the employment subsidy program for an additional 6 months, and increase the salary subsidy ratio from 8% to 25% to prevent companies from retrenching local employees due to lack of funds.

Enhanced financing support
To provide SMEs with stronger support for their working capital needs, working capital loans will be further enhanced from 1 April 2020 to 31 March 2021.

Singapore-based enterprises’ trade financing needs, which include the financing of short-term import, export, and guarantee needs. which is available to enterprises in all industries, will be enhanced for one year, from 1 April 2020 to 31 March 2021.

Jobs Support Scheme
The Jobs Support Scheme (JSS) was launched in Budget 2020. Employers will now receive a 25% cash grant (up from 8%) on the gross monthly wages of each local employee on their Central Provident Fund (CPF) payroll. The monthly wage cap will also be raised to $4,600 (up from $3,600) per employee. The JSS will be extended to cover nine months of wages (up from three months) to be paid in two additional tranches. The JSS will also be extended to cover nine months of wages (up from three months), which will be paid in two additional tranches in July 2020 and October 2020.

Under the Solidarity Budget, the wage subsidy for all firms will be raised to 75% of gross monthly wages for the first $4,600 of wages paid to all local employees in April 2020. The first JSS payout will be brought forward from May to April 2020.

 

Measures for SMEs
Small and medium sized enterprises may defer payments on secured term loans up to 31 December 2020. Banks and finance companies may apply for low cost funding which can lower the interest rates to SME borrowers.

 

Measures to help companies and employees
The Ministry of Manpower (MOM) is providing support to help businesses and the self-employed affected by leave of absence and stay-home notice requirements. Employers should receive $100 daily per affected worker for time off where telecommuting is not possible.

 The Ministry of Manpower (MOM) will introduce further measures to help businesses cope during this period. Few of them are:

  • A three-month extension of the levy payment timeline to small-and-medium size enterprises (SMEs)1 with immediate effect, for more flexibility in their cash-flow management
  • Man-Year Entitlement (MYE) refund for construction firms affected by disruptions arising from COVID-19, with effect from 1 April 2020.
  • With immediate effect, MOM will provide SMEs with an additional three months to make the levy payment. In total, SMEs will have up to 5 months to pay for the foreign worker levy from the month it is incurred before revocation action kicks in. 
 

More measures for businesses
The government is flowing payouts under the wage support schemes quickly and by end-May 2020, a total of $5.6 billion would have been paid out. An additional $500 million of wage credits under the enhanced support will be added. Companies and self-employed persons will be granted an automatic deferment of income tax payments for 3 months. To support businesses’ trade financing needs, the EFS – Trade Loan will be enhanced, with the maximum loan being increased from $5 million to $10 million, and an increase in the government’s risk-share to 80%, up from 70%. Subsidies to businesses for loan insurance premiums will be increased from 50% to 80%, under the Loan Insurance Scheme.

  Stabilisation and support package
A $4 billion stabilisation and support package aims to help workers remain employed through wage support and reskilling opportunities; and help businesses with cash flow and operating costs.
  Support for aviation sector
The government will roll out the following support to the aviation sector: Enhanced Jobs Support Scheme to help companies whose activities are based principally at Changi Airport to retain their local workers; Enhanced Aviation Support Package to provide a $350 million Enhanced Aviation Support Package to provide cost relief to affected businesses in the aviation sector;  defer payment of fees and allow Singapore carriers and the airport operator to partially or fully defer payment of certain fees due to CAAS between 1 April 2020 and 31 March 2021.
  Support for the tourism sector
Qualifying licensed hotels, qualifying licensed travel agents, qualifying gated tourist attractions, cruise lines and cruise terminal operators, and purpose-built MICE venue operators will receive enhanced support under the Jobs Support Scheme to cover 75% of gross monthly wages, per Singapore Citizen/Permanent Resident employee, up to a monthly wage cap of $4,600. Qualifying commercial properties, including hotels, serviced apartments, tourist attractions, prescribed MICE venues, and international cruise and regional ferry terminals, will enjoy a property tax rebate of 100%.
  Swap facility
The Monetary Authority of Singapore (MAS) announced the establishment of a $60 billion swap facility with the US Federal Reserve. It intends to draw on this swap facility, which will be in place for at least six months, to provide USD liquidity to financial institutions in Singapore.
  Tax rebate
An expansionary budget will provide a universal 25% corporate tax rebate (capped at $15,000) for all companies. Tax losses and unabsorbed capital allowances can be carried for three years instead of one.
  Workfare special payment
Singaporean employees and self-employed persons who received Workfare Income Supplement (WIS) payments in Work Year 2019 willreceive a Workfare Special Payment (WSP) in 2020. The WSP will be enhanced to provide a cash payout of $3,000 for all eligible Singaporeans, which will be paid over two equal payments of $1,500 each in 2020. 
South Korea Expansion of Special Financial Support
The Special Financial Support for Small Merchants and SMEs will be expanded to help with business operations. 
Supplementary budget for small merchants and SMEs
South Korea is helping small merchants and small and medium-sized businesses with ₩2.4 trillion of emergency support through loans and wage support.   
VAT Break
The government is providing a VAT break for businesses with revenues of ₩60 million or less per year.
Taiwan

Deferral for personal income tax payments
Taiwan Ministry of Finance has announced a procedure to apply for the postponement of payment for personal income tax. It can be deferred for a maximum of one year or instalments for three years with no interest or late penalties.

Labour insurance payments
Taiwan Labour Insurance Bureau has announced measures for the deferral of payment for labour insurance. Employment insurance and labour pension payments can be postponed for six months for companies that have already notified the government that they have implemented reduced working hours (unpaid leave).

Thailand

EXIM's interest rates cuts
The Export-Import Bank of Thailand will cut the Minimum Overdraft Rate (MOR), the Minimum Loan Rate (MLR), and the Minimum Retail Rate (MRR) interest to 5.75% per year effective 19 March 2020, to help entrepreneurs and small and medium-sized enterprises. 

EXIM Thailand has measures in place to suspend debt repayment and reduce exporting burdens by increasing export value interest rates for the first two years by 2% per year and allowing exporters to use long- or short-term loans to increase business liquidity. 

Back to the top

Europe, the Middle East and Africa


Jurisdiction Name of Scheme
Austria Additional measures beyond corona crisis management fund
The Austrian government has already established an emergency aid fund totalling €4 billion. It also presented a further package – a safety net for the Austrian national economy and for jobs in Austria,for €38 billion. In addition to the emergency aid fund, a  a further €15 billion is expected to be added by way of an aid and compensation fund, and €10 billion for tax payment deferrals, further, measures amounting to €9 billion are planned for guarantees and liabilities, for companies to maintain liquidity.
Corona Aid Fund grant
Grants are available to companies that operate in Austria and will suffer a revenue loss of at least 40% during the crisis. There is a fixed cost subsidy from the federal government that depends of the amount of losses ranging from 25%-75% of lost revenue.
Corona Aid Fund increase
The government has added €15 billion to the Corona Aid Fund to support companies that have massive sales declines. The support is available from 8 April to secure jobs.
Corona crisis management fund
The Austrian government has created a €4 billion management fund for emergency aid that includes €400 million for short-time work. Small and mid-size companies can delay health insurance payments, request postponement of their open tax balances without penalties or interest, and apply for tax breaks, such as reduction of advance payments. 
Corporate tax measures
To improve a company's liquidity, companies can have 2020 income or corporate tax advance payments decreased to zero with no charge for additional interest. Tax payments can be deterred until 30 September 2020.
Digital services assistance
The Austrian government created Digital Team Austria, a group of companies that will offer digital services to small and medium-sized enterprises. The services include VCs, online meetings, digital collaboration, cyber security, and internet access free of charge for at least three months.
Guarantees for SMEs and EPUs
Commercial and industrial SMEs, EPUs and freelancers can claim guarantees for a maximum period of five years with no fees.
Hardship fund doubled
The hardship fund has now been doubled from EUR 1 billion to EUR 2 billion.
Hardship fund for SMEs
SMEs and many Austrian family businesses can apply for a hardship fund and can defer social security contributions. 
Payment of fees and duties suspended
Businesses do not have to pay additional fees and duties (for all documents and official procedures) to apply for emergency support from the Austrian government.
Short-time work funds
Finance Minister Gernot Blümel announces that the budget for short-time work will be increased to one billion euros. Bank bridging loans were secured to pre-finance wages.
Tax deadline extended
The Finance Minister has extended the deadline for submitting the annual tax declaration from the end of April and the end of June to August 31, 2020. This applies to the tax returns for income tax, corporation tax, sales tax and the determination of income.  Taxpayers can also request a reduction in income tax or corporation advance payments until October 31, 2020, if the expected income for the respective year is lower. The application must contain a justification in which the reduced profit expectations due to the changed economic situation ( eg breakdown of sales due to Covid-19) are set out. 
Tax-free allowances and bonuses
The Ministry of Finance exempts allowances and bonus payments to employees, which are paid out by the employer as a reward due to the difficult circumstances in connection with COVID-19, up to an amount of € 3,000 from all taxes. All support services for coping with the corona crisis from public funds will also be completely exempted from taxes retrospectively from March 1, 2020.
Belgium Social security measures
Business will be able to claim temporary unemployment for their staff. For social security contributions for the first and second quarters of 2020, you can request a payment plan that would allow your business to make monthly payments for a maximum period of 24 months. If you have paid all your social security contributions correctly, you may be exempt you from increases, lump sum payments and/or interest.
  Tax measures for companies
Companies can request payment plans, exemptions from interest and remission of fines for non-payments on withholding taxes, VAT, personal income taxes and corporate taxes.  There is an automatic two month extension for VAT and withholding tax without having to pay fines or interest. 
Bulgaria Corporate tax filing extended
The deadline for filing corporate tax returns has been extended until 30 June 2020.
  No change in VAT deadline
The deadlines for submission of VAT declarations and the payment of the VAT liability remain unchanged. No aid is planned when it comes to VAT. 
Croatia Submission of financial statements extended
The government has extended the deadline for submission of financial statements for 2019, from April 30 to June 30. All related forms and related calculation of income tax are delayed. Entrepreneurs are also exempt from paying fines to publish financial statements. 
 

Tax deferral
The government has also opted for more measures in the area of public benefits, especially income taxes, profits and contributions.

A coronavirus-stricken entrepreneur will be fully or partially exempted from paying income taxes, profits and contributions.

Businesses generating more than HRK 7.5 million a year will be partially exempt from tax due to a decline in revenue.

All large companies with a revenue of more than HRK 7.5 million will pay VAT only upon collection of invoices issued or payment made.

The extension would also be introduced on VAT on imports and on all goods. VAT would be exempted from donations for equipment.

  Wage compensation
The government has increased support for entrepreneurs struggling to preserve jobs by paying workers salaries. The increase is from HRK 3,250 to HRK 4,000 net. At the same time, the state takes over the benefits of HRK 4,000, which is approximately HRK 1,460 per employee, which is a total of HRK 5,460.
  Working capital loan program
Working Capital Facility will help micro, small and medium-sized enterprises with loan amounts up to HRK 750,000 for working capital, with an interest rate of 0.25%, beginning at 12 months and a maximum repayment period of five years. There is a shortened procedure for processing the application and no additional fees.
Czech Republic Care allowance age increase
The government has altered the period of validity for payment of the Sickness Insurance Act as long the ban on school attendance remains in force. It will raise the age limit from 10 to 13 years of age. Those taking care of the disabled at home following the closure of day care centres are also entitled to the care allowance.  

Loan guarantee system
A program has been created to provide a system of guarantees for the repayment of loans by exporters and producers. The maximum loan limit is 25% of the total annual revenue from the sale of products and services for the year 2019. The minimum amount of the guaranteed loan starts at CZK 5 million. Export Guarantee and Insurance Corporation (EGAP) will cover the principal of the loan up to 80%, so the minimum share of the bank will be 20%.
  Project “Antivirus” to support companies
Czech government will pay out (through the respective employers) 60% of the average contribution base to employees affected by the quarantine. The government will support employers who continue, despite their businesses being shut down, to pay out 100% of the salaries to affected employees by covering 80% of salary costs. For supply chain interruptions that are crucial for an employer and if the employer still pays at least 80 % compensation to their employees, the state will contribute 50% of the compensation. If a business is hit by significantly lowered demand on services and the employer pays at least 60% compensation, the state will contribute by 50% of the compensation. 
 
  Tax filing
The Czech government will eliminate penalties for late tax filing deadlines of VAT and CIT. CIT filing has been postponed from 1 April to 1 July. General waiver of value added tax for free delivery of essential protective equipment to mitigate the effects of coronavirus spread. This waiver applies to drapes, respirators and other protective equipment. It also covers disinfectants and raw materials for their production. The tax exemption shall apply for the period from 12 March 2020 for the entire duration of the emergency.
Denmark

VAT deadline changes
The government has postponed the payment deadlines for A-tax, B-tax and labor market contributions for 4 months. The payment deadline for companies that pay VAT monthly is postponed for 30 days from each previous deadline. Companies that pay VAT on a quarterly basis, the first and second quarter will be combined moving the deadline to 1 September 2020. 

Companies that pay VAT on a semi-annual basis, the deadline will change to 1 March 2021. 

Estonia No interest on tax arrears
The Estonian Tax and Customs Board (ETCB) suspended the calculation of interest on tax arrears to 1 May. However, all tax returns must be submitted on time and taxes must be paid whenever it is possible. Businesses must continue filing accurate tax returns by the due date, e.g. VAT returns are due on 20 March. 
Finland Business subsidies
Municipalities, ELY centers and Business Finland will grant direct business subsidies to companies. €100 million has been set aside for sole proprietors. €200 million is set aside for small business support.
  Economic measures
The government has agreed upon a package of economic measures totaling €15 billion. The first supplementary budget of €400 million will be allocated to companies. The purpose of these measures is to ensure the liquidity of companies during the crisis and to prevent bankruptcies for all sectors.
  Financing program for medium-sized companies
A new financing program for medium-sized companies will launch on April 14, 2020. The state will allocate 150 million euros to the program to prevent healthy companies from going bankrupt.
Tax measures
The Finnish tax office has announced that it is not possible to allow for additional time to file for VAT returns but businesses can request that the late fee not be collected. For other types of tax returns, you can apply for additional filing time. 
France Deferral of rental payments and utilities
The President announced the postponement of payment of rent, water, gas and electricity bills for small businesses.
  Deferral of tax payments
Businesses can ask the public accountant for a settlement plan to spread or defer the payment of tax debt and businesses can request, in the most difficult situations, a remission of direct taxes (profit tax, territorial economic contribution, etc.).
  Economic emergency plan
All entrepreneurs who have lost 50% of their turnover between the March 2019 and March 2020, which have less than one million euros in turnover and less than 10 employees will be able to benefit from tax-free aid of up to 1,500 euros. For all those who do not have a profit-sharing agreement, they can pay a bonus entirely tax-exempt and de-socialized up to 1,000 euros per employee. For all those who have a profit-sharing agreement, they can go up to 2,000 euros in bonus.
  Economic support measures for start-ups
The state, through Bpifrance, supports innovative companies with nearly 1.3 billion euros in aid planned for 2020.Start-ups can benefit from state guaranteed loans that can that can go up to twice the 2019 France payroll, or, if higher, 25% of annual turnover. They can also request early reimbursement of refundable corporate tax credits and VAT credits.
  Financial stimulus for start-ups
France will roll out a €4 billion ($4.33 billion) liquidity support plan for start-ups in the wake of the coronavirus outbreak.
  Free business mediation services
Business mediation services are available for free to companies to come up with a confidential action plan for disputes.
  Launch of online tool
The Government has implemented support measures for businesses and has launched a website, info-entreprisescovid19.economie.gouv.fr, to help companies understand the benefits available and to answer all questions. 
Measures for manufacturers
The Government has authorized companies to defer payment of social security contributions for providing cash support to the productive sector. These contribution deferral measures are likely to increase temporarily the cash needs of the Central Agency for Social Security Organizations (ACOSS), up to a maximum level of € 29 billion by the end of April.
Measures for micro-entrepreneurs
Rate adjustments and deferment of payments for micro-entrepreneurs that pay tax monthly are possible. The credit mediation system can help businesses with rescheduling of bank credits. Companies can receive assistance of up to € 1,500, who make less than € 1 million in turnover as well as a taxable annual profit of less than € 60,000.
No deferment of indirect tax payments
No deferment of payment will be granted by the French Tax Administration for these indirect taxes: VAT, PAYE, IPT, Eco Contribution.
Partial unemployment scheme
For companies to place their employees in partial unemployment, the government will help companies pay employees. Companies will pay compensation equal to 70% of gross salary (around 84% of the net) to its employees. Employees with minimum wage or less are 100% compensated. The state will fully reimburse the companies for salaries up to 6,927 euros gross monthly, ie 4.5 times the minimum wage.
 

Solidarity fund aid
The State and the Regions have set up a solidarity fund to help the small businesses most affected by the crisis. Inter-municipal authorities and large companies can help finance the fund. Insurance companies have already announced a contribution of 200 million euros . This aid, which can range up to € 1,500, is affected by very small businesses, freelancers, micro-entrepreneurs and liberal professions who have 10 employees at most, who make less than € 1 million in turnover as well as annual taxable profit of less than 60,000 euros which: are subject to a ban on public reception according to article 8 of the decree of March 23, 2020 even if there is residual activity such as take-out, delivery and withdrawal of orders, "room service" ; or who experience a loss of turnover of at least 50% in March 2020 compared to March 2019.

For the most difficult difficult situations (inability to settle receivables due within 30 days and refusal of cash loan) , additional support of € 2,000 may be granted to companies that have at least one employee to avoid bankruptcy in the event of case. 


State guaranteed cash loans
The Government is implementing an exceptional guarantee scheme to support bank financing for businesses, up to 300 billion euros. This funding will allow them to have the cash needed to continue their activity and preserve employment. It can cover all new cash loans granted from March 16 to December 31, 2020.

Support plan for French exporters
The granting of state guarantees through Bpifrance for sureties and pre-financing of export projects will be reinforced to secure the cash flow of exporting companies. The guaranteed quotas may be increased to 90% for all SMEs and mid-caps. The period of validity of the pre-financing guarantee agreements export will be extended for six months.

Tax deferral
All companies can defer tax payments due in March 2020 without justification, formality or penalty.

Employers whose Urssaf due date falls on the 15th of the month were able to postpone all or part of the payment of their employee and employer contributions for the due date of March 15, 2020. Likewise, employers whose Urssaf due date occurs the 5th of the month can postpone all or part of the payment of their employee and employer contributions for the deadline of April 5, 2020.

The date of payment of these contributions may be postponed up to 3 months: information will be communicated later on. No penalty will be applied.

Germany

Adjusting advance payments and suspending tax penalties
Companies, the self-employed and freelancers can also have their advance payments adjusted for income and corporate tax. The same applies to the measurement amount for the purposes of business tax prepayments.

Enforcement of overdue tax debts should be waived by the end of the year. Default surcharges that are legally incurred during this period should be waived. This applies to income and corporate tax as well as sales tax.

Bonuses are tax-free
Bonuses given to employees up to €1,500 are now tax and social security free this year.

Consulting services for SMEs
The Federal Ministry of Economics is funding consultation services for small and medium-sized enterprises, including freelancers, up to an advisory value of €4,000 and is valid until the end of 2020.

Economic Stabilization Fund
The Federal Government launched a large-scale economic stabilization fund: that consists of €400 billion euros state guarantees for liabilities, €100 billion euros for direct state investments, and €100 billion euros for funding from KfW.

With a volume of up to €600 billion, thus cushioning the economic impact of the pandemic on companies whose existence is of considerable importance for Germany or the job market. It also applies to important smaller companies and companies in the field of critical infrastructure. Also, intended to eliminate liquidity bottlenecks, support refinancing on the capital market and, strengthen the capital base of companies.

Emergency aid for self-employed and small businesses
To ensure liquidity for small businesses and the self-employed, the federal government is providing €50 billion to provide unbureaucratic emergency aid for small businesses, the self-employed and freelancers and provide a one-time payment for three months - depending on the size of the company, up to €9,000 (up to five employees / full-time equivalents) or up to €15,000 (up to ten employees / full-time equivalents). 
Export credit guarantees
In agreement with the Federal Ministry of Finance, the Federal Ministry of Economics has decided that export transactions with short-term payment terms (up to 24 months) can now also be secured within the EU and in certain OECD countries with federal export credit guarantees. In addition to the EU , beneficiary countries are Australia, Iceland, Japan, Canada, New Zealand, Norway, Switzerland, the USA and the United Kingdom. The extended coverage options are initially limited until December 31, 2020.
Help for Lower Saxony companies
The Lower Saxony Ministry of Economics will use a supplementary budget of emergency aid of €1.4 billion euros to increase the credit line from €2 to €3 billion euros with liquidity loans and grants available online from the Lower Saxony Development Bank (NBank).

KfW quick loans for SMEs
The government has introduced comprehensive KfW quick loans for SMEs. The state assumes 100% of the credit risks, and the loan terms are extended to ten years. The quick loans are available to medium-sized companies with more than ten employees who have been active on the market since at least 1 January 2019.

The credit volume per company is up to three monthly sales in 2019, maximum € 800,000 for companies with more than 50 employees, maximum € 500,000 for companies with up to 50 employees.

KfW special programme
The KfW Special Programme 2020 has been launched, which supports companies that have temporarily run into financing difficulties. Small, medium-sized and large enterprises can submit applications through their main bank for aid.

Short-term work allowance legislation
Legislation is being fast-tracked to facilitate access to short-term work allowances for companies where a minimum of 10% of the workforce is affected. 

State aid for businesses
A bailout fund of around €500 billion ($535.7 billion dollars) is being considered, with key points yet to be ironed out. Keep checking back for updates.

Tax deferral
The German tax office published measures for businesses affected by the COVID-19 outbreak. In the announcement, the Ministry of Finance states that if companies are unable to make tax payments due this year because of the economic consequences of the corona pandemic, these payments are to be deferred on request and generally free of interest. Companies can apply to their tax office until December 31, 2020.

There are no strict requirements for granting the deferral. Businesses must demonstrate that they are directly affected. However, they do not have to provide detailed evidence of the value of the damage incurred. This supports the taxpayers' liquidity by postponing the timing of the tax payment. This measure affects income and corporate tax as well as Value Added Tax.

Unrestricted loans
The German government is offering loans of unlimited size to small and large companies.
Venture capital financing for start-ups
Venture capital financing is to be expanded to two billion euros. The measures will strengthen venture capital investors to provide additional capital for portfolio companies in liquidity shortages, support the financing rounds for failing fund investors and support for young start-ups without venture capitalists in the group of shareholders and small medium-sized companies.
Guernsey

Payroll co-funding scheme
The States of Guernsey will pay employees an amount equivalent to Guernsey’s minimum wage. This is currently set at £8.50 per hour (£8.05 for 16- and 17-year olds). For a 35-hour week, this figure would equate to a gross figure of £298. The States of Guernsey will meet 80% of this figure (i.e. £238 per week based on a 35 hour week)..

Hungary

Tax reduction
The Hungarian government is allowing businesses to ask for a reduction of the quarterly corporate tax advance if their revenue has been reduced so much that the tax is now less than the tax advance payable.  In addition to corporation tax advances, small business tax, innovation tax and energy supplier income tax advances can also be reduced. Deferral or payment in installments may also be requested.

Ireland

Business rates deferral
The government has agreed with local authorities to defer rates payments due from the most immediately affected businesses, primarily in the retail, hospitality, leisure and childcare sectors, until the end of May.

 

Microfinance schemes
Microenterprises can access COVID-19 loans of up to €50,000 from MicroFinance Ireland. The terms include six months interest free and repayment free moratorium, with the loan to then be repaid over the remaining 30 months of the 36-month loan period. Loans are available at an interest rate of between 6.8% and 7.8%. 

 

SBCI COVID-19 Working Capital Scheme
Micro, small and medium sized enterprises (SMEs) and Small Mid-Cap enterprises that meet the eligibility criteria can apply for loans from €25,000 up to €1.5 million (first €500,000 unsecured) with a maximum interest rate of 4% for a duration of 3 years.

 

SME Credit Guarantee Scheme
The SME Credit Guarantee Scheme is meant to encourage additional lending to SMEs by offering a partial Government guarantee (currently 80%) to banks against losses on qualifying loans to eligible SMEs. The key features are: Facilities of €10,000 up to €1m, terms of up to 7 years and Term Loans, Demand Loans and Performance Bonds.  

The scheme is operated on behalf of the Department by the Strategic Banking Corporation of Ireland (SBCI) and is available from the participating lenders (AIB, Bank of Ireland and Ulster Bank).

 

Tax measures
Interest on late payments is suspended for January/February VAT and both February and March PAYE (Employers) liabilities.  Current tax clearance status will remain in place for all businesses over the coming months, The Relevant Contract Tax (RCT) rate review scheduled to take place this month (March) is suspended.

 

Unemployment payment
Unemployment Payment is paid at a flat rate of €350 per week for the duration of the pandemic emergency. It was originally set at a rate of €203 but it was increased to €350 by government on 24 March.

Italy Extension of tax deadlines
Companies established in Italy operating in the tourism and hospitality sectors, as well as companies with their main activity relating to sports, transport, and catering can benefit from the suspension of tax duties other than payments, such as the VAT return, expiring in the period 8th March 2020 – 31st May 2020.
Loan moratorium
Micro, small and medium-sized enterprises (SMEs), professionals and sole proprietorships can benefit from a moratorium on an overall volume of loans estimated at around 220 billion euros. Until 30 September, lines of credit in the current account, loans for advances on debt securities, maturities of short-term loans and installments of loans and installments due to expire are frozen.
Loan task force
The Ministry of Economy and Finance, the Bank of Italy, the Banking Association Italiana and Mediocredito Centrale (MCC) have set up a task force to offer loans for micro businesses, SMEs, professionals and sole proprietorships. The guarantee fund has been strengthened and expanded to make the process faster and easier. 

Measures for businesses
The government has enacted measures totaling €7 billion. Key measures include:

  • strengthening and expansion of public loan guarantee systems for businesses (€3.8 billion)
  • introduction of an incentive to transfer impaired loans to third parties, given the possibility of transforming them in tax credits, a portion of deferred tax assets (DTA) for an amount proportional to the value of the impaired loans sold (€1.1 billion)
  • the suspension of the terms of payment of the loans entrusted to the collection agent (€0.8 billion)
  • some recognized tax credits VAT holders to encourage the sanitation of work environments and to support rental costs commercial property in March (€0.4 billion)

Tax credits to companies and self-employed, equal to 50% of the costs incurred, up to €20,000, for sanitation work environments and tools during 2020.

Pandemic emergency purchase program
The European Central Bank announced a new €750 billion temporary asset purchase program, Pandemic Emergency Purchase Program (PEPP), covering private and public sector securities. The bank also expanded the range of eligible assets under the corporate sector purchase program to include non-financial commercial paper.

Support for workers
The Italian Ministry of Economy and Finance allocated €4 billion to unemployment funds, which has been extended to all employees in all sectors.

Companies with fewer than five employees can file and receive benefits for a maximum duration of nine weeks.

The Wage Integration Fund, which normally covers companies with five to 50 employees, with change the limit. Self-employed, seasonal, and other types of workers will receive €600

Workers with a gross annual income of up to €40,000 who perform their work in the workplace in March, not teleworking, are granted € 100, in proportion to the number of days worked.

Other measures include:

  1. support to employment and workers for the protection of work and income;
  2. credit support for families and micro, small and medium enterprises, through the banking system and the use of the central guarantee fund;
  3. suspension of payment obligations for taxes and contributions as well as other tax obligations and tax incentives for the sanitation of workplaces and bonuses for employees who remain in service;
  4. extension of redundancy fund to all employees, of all production sectors. Employers, including companies with fewer than 5 employees, who suspend or reduce their activity following an epidemiological emergency.
Tax deferral
Tax deadlines have been extended and/or suspended for companies in some areas of Italy. Tax credits will be granted to companies suffering a 25% decrease in revenue.
Jersey Payment deferral for social security contributions and GST
Businesses and self-employed individuals can defer their Social Security contribution payments for A and B quarters (payments due in April and July). GST-registered businesses can choose to defer the payment of GST relating to quarterly and monthly returns ending 31 March, 30 April, 31 May and 30 June.

Payroll scheme: phase 1
The Government Co-Funded Payroll Scheme: Phase 1 is being introduced to assist employers and employees. For pay periods including 20 March to 31 March 2020, these businesses can claim: £200 per week for a worker who has worked during the relevant period and has been paid either at least £320 per week or at least £1,390 per calendar month.

For workers earning lower weekly or monthly amounts, a payment of 60% of 39% of the usual monthly wage (around 23% or roughly one quarter) will be made. This largely equates to 60% of the relevant wage for the proportion of the month that was affected by restrictions (39%).

Payroll scheme; phase 2
Phase 2 of the Government Co-Funded Payroll Scheme will co-fund 80% of the wages of Jersey employees across a wide range of sectors, up to a maximum payment of £1,600 a month. The scheme is confirmed for April to June 2020.
Kazakhstan Employment measures
The Ministry of Finance announced the implementation of the Employment Roadmap with an additional 1 trillion tenge allocated from the budget for the creation of 250,000 thousand jobs.
  Measures to support temporarily closed facilities
The Government of the Republic of Kazakhstan has proposed tax incentives to support large trade facilities, cinemas, theatres, exhibitions and sports facilities. The measures include exemption from property tax for legal entities and individual entrepreneurs for one year, suspension of the accrual of interest on tax debt for one quarter and postponing the deadline for submitting tax reports and calculations to the third quarter.
  SMEs tax and social payments exemption
SMEs are exempt from taxes and social payments from the wage fund (individual income tax, social tax, compulsory pension contributions, contributions and deductions for compulsory health insurance and social contributions) until October 1, 2020. VAT rate has been reduced from 12% to 8% until 1 October 2020 for sectors of tourism, catering, hotel business, large retail facilities, shopping centers, cinemas, theaters, exhibitions and sports and fitness facilities, trade entities, with the exception of food and drugstores, transportation services, consulting services and information technology.
Luxembourg Chambre of commerce providing banks guarantee
Luxembourg Chamber of Commerce will provide a bank guarantee up to 50% for financing requested by eligible companies (with a max of €250k). 
Extension of the deadline for annual AML KYC online survey
The deadline to answer the annual AML KYC online survey 2019 has been extended. 
Extension for filing financial statements
Companies will have an additional administrative period of 4 months to make annual financial data filings for 2019 at the RCS.
No penalty for late filing of VAT returns
No administrative penalties will be applied for late filing of VAT returns. 
Permission for supervised entities to adopt and implment effective BCP measures
The CSSF endorsed the implementation of BCP measures by supervised entities including requesting its employees to stay at home and refrain from attending work.
Special and exceptional leave for family reasons
A specific leave benefit form has been created for parents who have to look after their child(ren) under 13 years old. 
Strengthening of support for companies
The aid package for large companies and liberal professions has increased from €200k to €500k with an and extension of scope for eligible companies. 
Tax payment deferal and cancellation of tax advances
Taxpayers can benefit from cancellation of the 1st and 2nd quarterly installments for 2020 Corporate Income Tax (CIT) and Municipal Business Tax (MBT); payment deferral of four months from the first payment deadline for CIT; MBT and Net Wealth Tax (NWT);  and the extension of legal deadline for 2019 tax file from 31st March 2020 to 30th June 2020.
VAT authorities reimbursing VAT balance below 10k
VAT authorities will reimburse all positive balances not exceeding €10.000 to cover cash flow requirements of approximately 20,000 companies in Luxembourg.
Mauritius Tax return penalties and interest waived
Taxpayers unable to submit their returns or pay tax due because of the lockdown will not be charged a late penalty or incur any interest. 
Netherlands

Compensation for Entrepreneurs in Affected Sectors COVID-19: “TOGS"
Companies who are negatively affected by corona related measures can apply for a conditional compensation of EUR 4,000 to pay fixed expenses. This compensation is a gift, non-taxable and does not have to be refunded.

An application for this measure can be submitted between March 27 up to and including June 26, 2020.

  Emergency Fund Bridging Employment (Noodfonds Overbrugging Werkgelegenheid NOW)) scheme
NOW is intended to compensate employers who are faced with loss of turnover. It allows employers to pay their employees on permanent and flexible contract. NOW will replace the existing 'reduction in working hours' scheme (Werktijdverkorting). The NOW scheme will be open for submitting applications as of April 6th, 2020 (for an initial period of 3 months).
  Guarantee Entrepreneur Finance: “GO” (Garantie Ondernemersfinanciering
This scheme is for companies (SMEs and medium-sized) that have problems getting a loan from the bank and the government helps by giving a 50% guarantee on the loan. This applies to loans from 1.5M to max. 150M.
  Now Scheme (1:1)
NOW is intended to compensate employers who are faced with loss of turnover. It allows employers to pay their employees on permanent and flexible contract. NOW will replace the existing 'reduction in working hours' scheme (Werktijdverkorting).
Reduction of collection interest and tax interest
The collection interest and tax interest rates have been lowered. Collection interest has been temporarily reduced from 4% to 0.01%. The tax rate was 8% for corporate tax and 4% for other taxes and will now be reduced to 0.01%. The temporary reduction of the tax rate will take effect from 1 June 2020, except for income tax. For the income tax, the reduction will take effect from 1 July 2020.
Reduction of provisional tax assessment
Businesses can lower their provisional assessment for income or corporate tax if they expect a lower profit due to the crisis. This lower tax amount will be applicable immediately. If the amount of the new provisional assessment is less than the tax already paid in the first months of the year, the difference will be refunded.
SME credit guarantee scheme (BMKB) extension
The Ministry of Economic Affairs guarantees the loans to entrepreneurs through the BMKB, so that they can borrow money more easily. Entrepreneurs can turn to lenders, such as bank. With this easing measure, the amount of the surety loan in the BMKB is increased from 50% to 75%. This makes it easier and faster for banks to extend credit and companies have the opportunity to borrow more money earlier. In addition, the scheme will be further expanded compared to the previous announcement (Thursday 12 March 2020) and will also be applicable to bridging loans and overdrafts with a term of up to two years.
 

Tax payment deferral
Special deferral of payment is possible for all assessments of income tax, corporate tax, turnover tax (VAT) and payroll tax, wage tax, corporate income tax, gambling tax, excise duty, consumption tax for non-alcoholic drinks, insurance premium tax, landlord levy and energy tax To qualify for this special deferral, a request must be submitted to the tax authorities requesting this special deferral of tax payment. The company will then automatically be granted a deferral of payment of all the before mentioned taxes. Any fines for late payment of VAT or wage taxes will not have to be paid.

This deferral applies for a standard period of 3 months. If 3 months is too short, a deferral can instead be requested for a longer period. Additional information must then be provided for the extended deferral to be granted by the Dutch tax authorities. Entrepreneurs/companies can request a special extension of payment for 3 months online and apply for deferral of payment for different types of taxes.

 

Temporary Reduction of collection interest and tax interest
The following reductions will apply from March 23, 2020:

  • Collection interest (‘invorderingsrente’): temporarily reduced from 4% to 0.01%.
  • Tax interest (‘belastingrente’): temporarily reduced from 8% (CIT) / 4% (other) to 0.01%.
  Widened Entrepreneur Financing Guarantee (Garantie Ondernemersfinanciering) scheme
The government proposes to increase the GO's guarantee ceiling from 400 million to 1.5 billion euros. With the GO, the government gives a 50% guarantee on bank loans and bank guarantees. The maximum per company is temporarily at 150 million euros. The Cabinet "commits to provide all warranty space that is required."
Norway Delayed taxes and VAT
The Norwegian Government has implemented several measures to mitigate the liquidity impact for companies. Companies can postpone the VAT payments and income tax pre- payments. The VAT rate for travel, will be reduced from 12% to 8% from and including 1st January 2020 until further notice.

Measures for temporary lay-offs
Measures have been put into place b the government to reduce the number of days that employers are obliged to pay salary to workers at temporary lay-offs, from 15 to 2 days.

They have also removed the three waiting days between the period when employers have to provide salary to workers in temporary layoffs and the period when the workers are entitled to daily unemployment benefits.

Poland Government assistance package
The Polish government introduced a PLN 212 billion assistance package for entrepreneurs and the economy. It includes measures to protect employees against job loss; financing for entrepreneurs through loan guarantees; leasing financing for transport companies; and micro loans up to PLN 5,000.
Qatar Financial incentive
Qatar will provide financial and economic incentives amounting to QR 75 billion for the private sector. Qatar Central Bank (QCB) will encourage banks to postpone loan installments and obligations and for six months. QCB will provide additional liquidity to banks operating in the country. 
Romania Measures for companies
The Romanian government will adopt a set of measures to support companies and employees including ways to increase companies’ liquidity, support the payment of unemployment benefits to employees, and increase the production of goods.

Tax measures and loans
The Ministry of Public Finance and ANAF are supporting businesses with new tax measures. Interest rates and late penalties for due tax obligations will not be calculated and are not due up until 30 days after the state of emergency. These obligations will not be considered outstanding tax liabilities.

A comprehensive program for guaranteeing and subsidizing loans for SMEs has launched. 

Russia

Additional economic measures
New measures that will affect businesses have been announced. National insurance contributions will be reduced for small and medium-sized businesses from 30 to 15 percent on the portion of wages that is above the minimum wage. A bill has been drafted to defer all taxes on small and medium-sized businesses and a moratorium has been placed on initiating bankruptcy proceedings with penalties and fines suspended.  

Economic measures for businesses
The Russian government has created a financial reserve of ₽300 billion and a loan guarantee fund for restructuring affected companies. The distressed sectors of the economy such as tourism and aviation will be given tax deferrals.

Support for small and medium-sized businesses has begun with a three-month deferral on insurance contributions and a temporary deferral of rents for lessees of state-owned or municipal properties. A moratorium is being introduced on inspections of SME businesses, including tax and customs. Soft lending programs have been expanded along with the possibility of restructuring existing loan agreements at affordable rates.

Slovakia

Tax measures
The deadlines for filing tax returns has been extended and the government will notify businesses of the new deadlines. The law does not allow for extension of the VAT return period so you must ask for a waiver within 30 days of the due date. 

Spain Advance payment of unemployment benefits
The Ministry of Labor and Social Economy, through the State Public Employment Service (SEPE), has reached an agreement with banking entities to advance payment of benefits to their clients for unemployment, starting in April 2020.
Banks to support businesses
European Central Bank (ECB) has asked banks to not pay divided or buy back shares to boost banks’ capacity to absorb losses and support lending to households, small businesses and corporates.
Collateral easing measures
ECB adopted a package of temporary collateral easing measures to facilitate the availability of eligible collateral for Eurosystem counterparties to participate in liquidity providing operations. They include expanding the use of credit claims as collateral, in particular through the potential expansion of the additional credit claims frameworks and a lowering of the level of the non-uniform minimum size threshold for domestic credit claims to €0 from €25,000.
Employment measures
The government has adopted a Royal Decree-Law to allow employers to use temporary employee layoffs plans that guarantee employee contracts are maintained. Workers cannot be dismissed but instead the employers will be able to get their workers unemployment benefits by filling out a form. 
Ensuring credit and financing
The government has adopted budgetary measures to support families, freelancers and companies, including Single Supervisory Mechanism (SSM) to ensure that banks can continue to provide credit and financing to families and businesses. Credit institutions can use capital and liquidity buffers and flexibility for loans related to COVID-19. 

Line of guarantees
A line of guarantees was approved with an endowment of up to 100,000 million euros. The first tranche activated has an amount of 20,000 million euros, of which 50% is reserved to guarantee loans to the self-employed and SMEs.

Under the line, new loans and renewals will be granted by financial institutions to companies and the self-employed to meet the financing needs derived, among others, from payment of wages, bills, other liquidity needs, including those derived from maturities of financial or tax obligations.

Loan guarantees
Guarantees worth between €2,000 million to €100,000 million have been created for exporting companies.

The Council of Ministers approved the conditions for the implementation, with a fund of  €20 billion, of the first tranche of the loan guarantees to companies, SMEs and independent contractors that forms part of the raft of extraordinary measures.

Recoverable paid leave for non-essential services employees
During mandated leave, workers will continue to receive their full remuneration, both the base salary and the supplements to which they are entitled. Companies must negotiate with the unitary representation, with the unions or with the working people how the unpaid working hours will be returned to the company through December 31, 2020.

Tax deadlines remain the same
All deadlines for taxes, filings and returns remain the same and will not be postponed.

Sweden

Crisis package for Swedish businesses and jobs
The Swedish government has a crisis package totaling more than SEK 300 billion. Short-term layoffs have been introduced to allow the central government to cover large portion of employee’s wages, so the employee receives 90% of their salary. The government will also assume the entire cost of all sick pay during April and May. 

Switzerland

No interest on tax payments
The Tax Authorities have announced that no interest will be calculated and claimed on late payments from 20 March 2020 to 31 December 2020.

Work compensations
An aid package of CHF10 billion ($10.6 billion) has been announced to help companies. 

Unemployment insurance funds can claim up to CHF8 billion for short-time work allowances. Short-time work compensation has been extended to include temporary employees.

Up to CHF580 million in guaranteed bank loans is available to SMEs. An additional CHF10 million will go to compensate organisations for extraordinary administrative costs.

Up to CHF4.5 million can be requested for losses on trade fairs through the official export sponsor S-GE.  

UK

£20 million funding for businesses
The UK government has announced £20 million of funding to help businesses develop technologies that will improve the country’s resilience against the coronavirus. Each project will receive funding between £25,000 and £50,000.

 

Annual leave entitlement in Northern Ireland
Workers in Northern Ireland unable to take holiday leave as a result of the outbreak can carry over their annual leave to the next two leave years.

 

Business Interruption Loan Scheme
A new temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, has been launched through 40 accredited lenders (including all major banks) to support primarily small and medium-sized businesses to access bank lending and overdrafts. The UK government will provide lenders with a guarantee of 80% on each loan to. The government will not charge businesses or banks for this guarantee, and the scheme will support loans of up to £5 million in value.

 

Business Loans Scotland and West of Scotland Loan Fund
All businesses with existing loans can get a three month capital and interest holiday by applying directly to Business Loans Scotland.

 

Business rates
The UK government announced to introduce a business rates holiday for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year. Businesses that received the retail discount in the 2019 to 2020 tax year are expected to be rebilled by their local authority as soon as possible.

Further, the Retail and Hospitality Grant Scheme provides businesses in the retail, hospitality and leisure sectors with a cash grant of up to £25,000 per property. For businesses in these sectors with a rateable value of under £15,000, they will receive a grant of £10,000, and for sectors with a rateable value of between £15,001 and £51,000, they will receive a grant of £25,000.

 

Business rates for nurseries
The UK government introduced business rates holiday for nurseries in England for the 2020 to 2021 tax year.


Commercial Insurance
Most commercial insurance policies are unlikely to cover pandemics or unspecified notifiable diseases, such as COVID-19. Insurance policies differ significantly, so businesses are encouraged to check the terms and conditions of their specific policy and contact their providers.

However, those businesses which have an insurance policy that covers government ordered closure and pandemics or government ordered closure and unspecified notifiable disease should be able to make a claim.

Coronavirus Business Interruption Loan Scheme
A new temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, is likely to be launched by early next week  i.e (by 31st March 2020) to support primarily small and medium-sized businesses to access bank lending and overdrafts.

The UK government is likely to provide lenders with a guarantee of 80% on each loan to give lenders further confidence in continuing to provide finance to SMEs. The government will not charge businesses or banks for this guarantee, and the scheme will support loans of up to £5 million in value.

Coronavirus Job Retention Scheme
The scheme open to all UK PAYE Employers that need access to support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis. HMRC have advised that they will reimburse 80% of employee’s wages, up to £2,500 per month.The Job Retention Scheme will cover the cost of wages backdated to March 1st 2020 and is initially open for 3 months.

 

Covid Corporate Financing Facility
The joint HM Treasury and Bank of England lending facility announced a number of measures named the Covid Corporate Financing Facility (CCFF), to support businesses. The facility is designed to support liquidity among larger firms, helping them to bridge coronavirus disruption to their cash flows through the purchase of short-term debt in the form of commercial paper.

 

Cross government fund
The Welsh Government is expected to put in place a cross-sector, cross-Government fund to respond to the specific needs of businesses, during what will be a managed period of enterprise hibernation. This will help meet fixed costs which are no longer covered by earned income and which are not adequately addressed by the UK Government interventions.

Deferring VAT and income tax payments
Valued Added Tax (VAT) payments due between 20 March and 30 June 2020 can be deferred until 31 March 2021.
For self-employed, Income Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021.

 

Economic Resilience Fund
The Welsh government launched a £500 million fund to support firms of all sizes, including social enterprises. It includes a new £100 million Development Bank of Wales fund for companies experiencing cash flow problems and will provide loans of between £5,000 and £250,000 at favourable interest rates. 

 

Emergency rates package for Northern Ireland
The Department of Finance has announced a £100 million emergency rates package for businesses which are expected to pay zero rates for the next three months.

Delay in rate bills

  • Rate bills for 2020-21 were due to be issued in April 2020. To avoid placing financial pressure on ratepayers affected by COVID-19, rate bills will not be issued until June 2020. 

Rates holiday for businesses

  • There will be a three month rates holiday for all business ratepayers, excluding public sector and utilities.

  • The Hardship Rate Relief scheme is available for non-domestic ratepayers who have been affected by exceptional circumstances.  
 

Emergency Volunteering Leave
Eligible workers are able to take Emergency Volunteering Leave to help the Health and Social Care system in response to the outbreak.

Suitably skilled and/or experienced workers will be able to take Emergency Volunteering Leave in blocks of two, three or four weeks during any sixteen-week volunteering period.

 

Extension given to file accounts
Businesses will be given an additional 3 months to file accounts with Companies House to help companies avoid penalties.

 

Extension of Business Improvement Districts (BIDs) arrangements
BIDs will be able to extend the maximum duration of their BID arrangements until 31 March 2021 by delaying BID ballots due to take place this year. 

 

Extra protection for businesses-commercial tenants
Commercial tenants who cannot pay their rent because of coronavirus. No business will be forced out of their premises if they miss a payment in the next 3 months. will be protected from eviction.

  Grant schemes for Northern Ireland businesses
Small business grants of £10,000 to be issued immediately with a cost of £267 million providing support to 27,000 businesses in Northern Ireland. This is for all businesses with a NAV up to £15,000. Also, for hospitality, tourism and retail there is a Sectors Grant Scheme. This is an immediate grant of £25,000 to be provided to companies in these sectors in Northern Ireland with a rateable value up to £51,000.
  HMRC’s Time To Pay service
Businesses and self-employed people in financial distress, and with outstanding tax liabilities, are eligible to receive tax support through HMRC’s Time To Pay service.
  Insurance claims
The UK government announced that businesses that were forced to close by the government will be able to make insurance claims as long as all other terms and conditions are met.
  Job retention scheme
All UK employers will be able to obtain a contribution towards furloughed staffs wages for three months starting on 1 March 2020 and covers 80% their wages of up to £2,500 a month plus Employers National Insurance and the minimum pension contributions.
  Non-domestic rates (business rates) in Scotland
The Scottish Government has made changes to non-domestic rates (business rates) for 2020-21 starting April 2020 The Small Business Bonus Scheme is restricted to properties in active use; Large Business Supplement replaced by Intermediate Property Rate, and Higher Property Rate; introduction of a new 100% relief for Reverse Vending Machines (RVMs) and Enterprise Areas relief will continue to 31 March 2022.
  Northern Ireland business support grant
The NI Executive is providing a one-off grant of £10,000 to businesses that are currently in receipt of Small Business Rate Relief, subject to some exclusions.
  Northern Ireland measures for businesses
Northern Ireland 2020-21 budget contains key measurements to help businesses. All business ratepayers will benefit from a three-month business rate holiday. A 25% discount will be on the annual rate bill for business ratepayers.The Small Business Rate Relief scheme will be continued in 2020-21 and rates bills for businesses will be delayed until the last possible moment, with the first bills to be issued in June.
  Protection from eviction for commercial tenants
Commercial tenants who cannot pay their rent because of COVID-19 will be protected from eviction. No business will automatically forfeit their lease and be forced out of their premises if they miss a payment up until 30 June 2020. There is the option for the government to extend this period if needed. All commercial tenants will still be liable for the rent. 
  Rate relief in Scotland
The Scottish Government has made changes to non-domestic rates (business rates) for 2020-21 starting April 2020 The Small Business Bonus Scheme is restricted to properties in active use; Large Business Supplement replaced by Intermediate Property Rate, and Higher Property Rate; introduction of a new 100% relief for Reverse Vending Machines (RVMs) and Enterprise Areas relief will continue to 31 March 2022. As per government, the retail, hospitality and leisure sectors along with aviation industries will be aided by 100% rates relief to support them during the Coronavirus (COVID-19) outbreak. This will also cover a range of businesses, including restaurants, bars, pubs, cafes, shops, cinemas, bingo halls and letting agents.
  Reduced bank rates
The Bank of England reduced bank rates by 15 basis points to 0.1%. The Bank of England will also enlarge the Term Funding Scheme with additional incentives for SMEs (TFSME).
  Reduction in UK countercyclical capital
The Financial Policy Committee (FPC) reduced the UK countercyclical capital buffer rate to 0% of banks’ exposures to UK borrowers.  This supports the ability of banks to supply the credit needed by households and businesses.
  Scottish Government support for businesses
The Scottish Government is likely to support businesses through a package of measures worth £2.2 billion from 1 April 2020: a full year’s 100% non-domestic rates relief for retail, hospitality and tourism; £10,000 grants for small businesses in receipt of the Small Business Bonus Scheme or Rural Relief; £25,000 grants for hospitality, leisure and retail properties with a rateable value between £18,000 and £51,000; 1.6% relief for all properties, effectively freezing the poundage rate next year.It has also, urged local authorities to relax planning rules to allow pubs and restaurants to operate temporarily as takeaways; extended the go live date for the deposit return scheme to July 2022; and announced to halt the introduction of the Visitor Levy Bill.
  Self-employment Income Support Scheme
The Self-employment Income Support Scheme (SEISS) will support self-employed individuals (including members of partnerships) who have lost income. This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months and may be extended if needed.
  Small Business Rate Relief (SBBR)
The government will provide additional Small Business Grant Scheme funding for local authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBBR), rural rate relief (RRR) and tapered relief. This will provide a one-off grant of £10,000 to eligible businesses to help meet their ongoing business costs.
  Small Business Support Grant Scheme in Northern Ireland
The first payment in the Small Business Support Grant Scheme will be made on March 31 and has set up an online portal, to support the payments. These grants schemes - worth more than £370 million - will benefit some 27,000 small local businesses and a further 4,000 businesses.
  Statutory Sick Pay (SSP)
The Coronavirus Statutory Sick Pay Rebate Scheme will repay employers the current rate of SSP that they pay to current or former employees for periods of sickness starting on or after 13 March 2020.
  Support for seafood fishing industry in Scotland
The seafood sector is to receive an initial package of more than £5 million in financial support to assist businesses.
  Support for Welsh creative, culture and sport sectors
Funding is being made available by the Welsh Government, the Arts Council for Wales and Sport Wales. It includes: £7m Arts Resilience Fund led by the Arts Council of Wales; £8m Sport Resilience Fund; £1m Creative Wales fund ; £1m Cultural Resilience Fund for museums, collections, conservation services, archives and community and public libraries; £750k Emergency Relief Fund to support the smallest and most vulnerable independent sector sport, museum and heritage organisations with cash flow and other critical issues; £250k Digital Library Resources, which will enable public libraries to provide additional digital resources.
  Welsh capital repayment holiday
The  Development Bank of Wales is offering all its business customers a three-month capital repayment holiday.
 

Welsh government business rate relief
The Welsh Government has announced a package of support worth more than £1.4bn for small businesses to help them during the coronavirus outbreak.

The Welsh Government has decided to make one adjustment to the Non-Domestic Rates (NDR) Relief for the hospitality, retail and leisure sector announced last week: to not extend the 100% relief to the small proportion of properties with a rateable value of £500,000 and above.
Retail, leisure and hospitality businesses with a rateable value of £500,000 or less will get one year business rates relief in the financial year 2020 to 2021.

  Welsh government grants
Retail, leisure and hospitality businesses with a rateable value of £12,001 and £51,000 will get a grant of  £25,000. Around 8,500 shops, restaurants, cafes, bars, pubs, cinemas, live music venues, hotels, guest and boarding houses and self-catering accommodation will receive funding. Businesses with a rateable value of £12,000 or less are eligible for Small Business Rates Relief  and will get a grant of £10,000. Around 63,500 businesses in Wales, which are eligible for small business rates relief.
  Workplace safety forum
A workplace safety engagement forum has been established with a broad range of stakeholders including local businesses, PHA, HSE, trade unions, councils and government. The aim is to urge companies across Northern Ireland to prioritise the safety of their staff.

Back to the top