Last updated 22 September 2020 - 06:16 BST

A summary of government schemes is provided below, sorted alphabetically by jurisdiction. Information is current to 22 September 2020. No new schemes, or updates to existing schemes, are being added to this page beyond that date. Follow the links for the latest news on each scheme.

If you wish to learn more about the schemes or find out how to make an application for any of them, please contact your TMF Group representative or make an enquiry here.

A   B   C   D   E   F   G   H   I   J   K   L   M   N   P   Q   R   S   T   U   V

 

A

Jurisdiction Name of Scheme Scheme type
Argentina  Bank account closures
Bank accounts cannot be closed due to returned checks until 30 June. Debt certificates cannot be requested to apply for credit. 
No closure of bank
accounts

Decreto 326/2020
A fund "Fondo de Afectación Específica" was created to provide guarantees to Micro, Small and Medium Businesses (MiPyME) to help pay wages. 
Fund 
  Electronic tax and social security filings
The Federal Administration of Public Revenues allows for electronic filings and / or communications within the scope of the General Tax Directorates and Social Security resources until 30 June 2020. 
Digital 

Emergency assistance
A Program of Emergency Assistance to Work and Production has been created for employers and workers.
Employee Funding

Emergency Assistance Program for Work and Production
The program includes the postponement or reduction of up to 95% of the payment of employer contributions. The amount of the allowance for the Complementary Salary will be equivalent to 50% of the worker's net salary for the month of February 2020.

There is a zero-rate credit for the Simplified Regime for Small Taxpayers and for self-employed workers.

The comprehensive unemployment benefits system is for workers who meet the requirements set forth in Laws Nos. 24,013 and 25,371. 

Payroll
  Exemption from registering biometric data
Taxpayers are exempt from registering biometric data, for carrying out digital transactions until June 30.
Accounting and Tax
 

Expansion of the Emergency Assistance Program
The Emergency Assistance Program measures have been expanded to include more benefits for SMEs and self-employed individuals, a comprehensive system of unemployment, and a simplified reduction of planned employer contributions. The package of measures may be extended until 30 June or until 30 October. 

Payroll
  Extension of BCRA measures
The Central Bank of the Argentine Republic (BCRA) has taken measures to guarantee the efficient operation of the financial system and provide operational facilities to the SMEs.The ban on financial institutions charging fees or commissions for operations (deposits, withdrawals, consultations, etc.) carried out through all ATMs authorized and operated in the country by them, without limits on amount has been extended till September 30. The BCRA also extended the period in which entities cannot charge punitive interest on the unpaid amounts of credits granted.
Measures 
 

Extension of deadline for debt renegotiation with creditors
The Argentine government issued an extension of the $ 68 billion debt renegotiation deadline with international creditors to 22 May 2020.

Loans
 

Extension of suspension of protective measures for SMEs
The Federal Administration of Public Revenues has extended the suspension of the application of liens and other precautionary measures for micro, small and medium enterprises.

Grants
  Extension of the term to submit annual accounting statements
Small and Medium Enterprises (PYMES CNV) under the “PYMES CNV GARANTIZADA” regime should submit their annual accounting statements with closing date 31.12.19 through the AIF system. The statements must be submitted within 140 calendar days from the end of fiscal year. 
Financial statements 
  Extension of the term for non-attendance at the workplace
Resolutions 207/2020 and 233/2020 established that employee’s attendance at the workplace is automatically extended to a period of 14 days.
Workforce attendance 
  Evictions and rent freezes
Evictions are suspended until 30 September and rental price freezes are active for single urban or rural housing boarding houses; properties rented by Monotributors and self-employed professionals and/or SMEs. 
Rental Suspension 
  Federal payment facilities scheme
The permanent payment facilities regime with the eligible payment facilities plans, the number of installments and the applicable financing interest rate has been extended until 30 June 2020. 
Federal payment 
  Financial institutions regulations
Financial institutions are prohibited from charging fees for ATM transactions in the country.
No fees 
  Help for SMEs
A fund "Fondo de Afectación Específica" was created to provide guarantees to Micro, Small and Medium Businesses (MiPyME) to help pay wages.
 Fund
  Illness benefits coverage
Federal Administration of Public Revenues (AFIP) regulated the implementation of the benefits and stated that ART should cover cases of coronavirus in workers exempted from mandatory social isolation. Insurers must consider it "presumed to be an occupational disease" and may not refuse coverage.
Measures 
  INAES administrative terms are extended
Suspension of administrative procedural terms for INAES has been extended until the normalization of administrative activity.
Suspension extension 
  Informing A.R.T. of remote workers
Employers that allow their employees to work remotely, must inform the A.R.T of  Payroll (name and C.U.I.L.) and the address where the employee will be working and the amount of days and hours of work.
Remote working 
  Mortgage loans and fees
For all companies and financial institutions, mortgage loans fees for UVA credits are frozen. Foreclosures, evictions and expiry dates are suspended until 30 September.
Loan
 

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.

Finance support
  Pay for health workers
An allocation of 5,000 pesos will be paid to workers, technicians, assistants and helper employees who provide face to face health services, both in the public and private system. 
Payroll Bonus 
  Precautionary measures for MSMEs
The new term to suspend the imposition of precautionary measures on Micro, Small and Medium Enterprises dates between August 14 2019 and June 30, 2020, both dates included.
Measures 
  Promotion of Consumption and Production of Goods and Services program extended
The program for Promotion of Consumption and Production of Goods and Services ("AHORA 12") is extended to 30 June 2020. It will remain in force exclusively for transactions made by credit cards issued by financial institutions.
Promotion of 
consumption and  
Production of goods
and services
  Reduction of social security contributions
A 95% reduction in contributions to the Argentine Integrated Social Security System, for a period of 90 days, for employers in health-related services, institutions or establishments.
Contribution reduction 
 

Regulation of credits of the ATP program
The Board of Directors of the Central Bank of the Argentine Republic (BCRA) approved the implementation of Subsidized Rate Credits for Companies, within the framework of Decree 332/2020 that established the Emergency Assistance Program for Work and Production.

The entities of the financial system must grant this line to all companies that request it, provided that they are included in the list of beneficiaries disclosed by the Federal Administration of Public Revenues (AFIP).

The funds must be credited to the workers' salary accounts within a period of up to 5 business days from the moment the request is received.

The interest rate will be determined based on the interannual variation in the company's turnover in relation to the same period of the previous year"

Measures 
  Regulations for financial institutions
Financial entities and others mandated by debtor’s classification law must increase moratorium terms in 60 days for levels 1, 2 and 3. 
Financial
  Remote assembly and board meetings
Issuers of shares and corporate bonds are authorized to hold remote assembly and board meetings.
Measures 
  Remote meetings allowed
Businesses may hold remote meetings of their management and control bodies.
Remote working 
  Reporting obligation deadline extension
For taxpayers that must report reorganization of companies and commercial funds, a period of 90 consecutive days has been added to the original deadline of 180 consecutive days after reorganization for the fulfilment of the reporting obligations.
Accounting and Tax
  Guarantee operations
The implementation of guarantee operations will facilitate access to finance for micro, small and medium-sized enterprises. Contracts of mutual guarantee concluded between the Mutual Guarantee Societies (SGR) and their venture partners and/or third parties may be concluded by electronic documents bearing electronic signatures.
Measures 
  SEPYME Programme deadline extended
The deadline for the submission of project accounts for all modalities under the Small and Medium Enterprise Training Programme is extended to 9 June 2020.
Deadline extension 
  Suspended fees for mortgages
Mortgage loans fees using UVA credits are frozen until 30 September. Foreclosures, and prescriptions and expiry dates are suspended.
Loan 
  Suspension of results of financial institutions
The B.C.R.A. has ordered the suspension of the distribution of the results of financial institutions until 30 June 2020.
Suspension 
  Suspension of summary proceedings: new extension
The Central Bank of the Argentine Republic (BCRA) has again extended the suspension of the summary exchange and financial actions instructed in the terms of the Laws of the Criminal Exchange Regime No. 19,359 and of Financial Entities No. 21,526, until 30 August 2020.
Measures 
  System for registering transactions
There is a new system for registering transactions involving the transfer of securities, shares, quotas and share capital, annual reporting, registration of operations and updating of corporate authorities.
Registering
transactions
  Update on the Public Registry of Employers with Labour Penalties
All new additions, consequences and periods of permanence of employers listed in the Public Register of Employers with Labour Sanctions (REPSAL) are suspended for a period of 180 days.
Employers permanence 
  Virtual CNV customer service
The National Securities Commission (CNV) customer service and all fillings should be made virtually by e-mail, including financial trusts and anti-money laundering.
Virtual Filings 
 

Zero rate credit scheme
The Federal Administration of Public Revenues has given access to the Zero Rate Credit Scheme for monotributors and self-employed workers as a relief measure.

Credit
Australia  Additional land tax relief for landlords and business owners
The Victorian Government has announced additional land tax relief for landlords, in response to the coronavirus (COVID-19) pandemic, as part of its extension of the commercial and residential tenancy relief schemes until 31 December 2020.
Tax relief 

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).
Investment
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.
Accounting and Tax
  Business Resources Kit for Canberra businesses
The ACT Government launched a Business Resource Kit to help Canberra businesses. It includes guidelines for creating a COVID Safety Plan, posters for displaying in business premises, fact sheets and case studies to provide up to date information and clear advice. 
Recovery plan 
  Campaign to support small businesses
A national campaign has launched to support the recovery of Australia’s small businesses by calling on all Australians to ‘Go Local First’ when purchasing products and services.
Measures 
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.
Accounting and Tax
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.
Loans
  COVID-19 Relief and Recovery Fund
The government has set aside an initial $1 billion allocation to support those regions and communities that have been disproportionately affected such as, tourism, aviation and transport, agriculture and fisheries, education, and the arts.
Fund 
  Digital Action Plan
The Digital Action Plan focus is on measures to stimulate the economy, including the expansion of e- commerce, tailor-made employee training and targeted funding and programs for SMEs.
Digital Plan 
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.
Rent support
 

Export hub grants to help businesses
10 export hubs from 5 states will receive more than $4.9 million under the Small and Medium Enterprises (SME) Export Hubs Initiative. The grants are being provided under round 2 of the SME Export Hubs Initiative and include funding for hubs located across Australia, including Nowra, Hobart, and Perth.

The SME Export Hubs Initiative provides each successful hub with matched funding of up to $1.5 million for projects up to 2 years.

Grants
  Export hub support
10 export hubs from 5 states will receive more than $4.9 million under the Small and Medium Enterprises (SME) Export Hubs Initiative. The grants are being provided under round 2 of the SME Export Hubs Initiative and include funding for hubs located across Australia, including Nowra, Hobart, and Perth.
Financial grant
  Financial support for small and medium businesses
The WA Government aims at investing $114 million to support small and medium businesses through: a one-off $2500 credit on electricity bills for small businesses; no utility disconnections or charging of interest on deferred electricity payments; waiving licence fees for businesses in industries such as hospitality, tourism, retail and building trades; waiving liquor licence renewal fees for 2020, with refunds provided to businesses that have already paid; increasing the payroll tax exemption threshold to $1 million from 1 July 2020; providing a one-off grant of $17,500 to businesses with a reconciled 2018-19 Australia-wide payroll of between $1 million and $4 million; waiving payroll tax for 4 months from 1 March to 30 June 2020, for businesses with an Australia-wide payroll of less than $7.5 million and waiving late payment penalties for payroll tax, transfer duty, landholder duty, vehicle licence duty or land tax. 
Measures 
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.
Freight support
  Fund for start-ups and SMEs
The WA Government will allocate up to $800,000 from the $16.7 million New Industries Fund to support start-ups and small and medium enterprises. The $16.7 million New Industries Fund was established to support and accelerate new and emerging businesses to diversify the WA economy and create new jobs.
Measures 
 

Funding to help small businesses revive and thrive
The Small Business Relief Fund aims to help small businesses adapt and innovate in order to emerge from this challenging period in a strong position.

The grants will be offered as a one off payment of $10,000 (including GST) to 67 businesses across Australia that:
are a for-profit business with an Australian Business Number (ABN); have between 2 and 50 employees; have been in business since 1 March 2018; have an annual revenue between $150,000 and $2 million.

Measures 
  Grants for commercial landlords
The WA Government has set aside $100 million for land tax relief grants for commercial landlords. Landlords will receive grants equal to 25% of their 2019-20 land tax bill for the property in which an eligible tenant is provided relief.
Measures 
  Housing stimulus package
The WA Government has announced a $444 million housing stimulus package to support the building and construction sectors.
Measures
 
 
Instant asset write-off enhanced
The instant asset write-off (IAWO) threshold is increased to $150,000 from $30,000 and the eligibility range covers businesses with an aggregated turnover of less than $500 million (up from $50 million). Businesses with a turnover of $500 million or more are not eligible to use instant asset write-off. From 1 July 2020, the instant asset write-off will only be available for small businesses with a turnover of less than $10 million and the threshold will be $1,000.
Grants
  International freight assistance mechanism
The Australian Government announced an additional $241.9 million to continue the International Freight Assistance Mechanism. The new funding will keep high-value, time sensitive and perishable exports and vital imports, such as medical supplies and other essential items, flowing to consumers.
Fund 
  Job-boosting Rural Economic Development grants
Co-contribution grants of up to $250,000 are available for food and agricultural businesses to support ‘shovel-ready’ projects that create jobs for value added primary production and provide significant economic benefits to rural and regional communities. Rural Economic Development (RED) grants, administered by the Queensland Rural and Industry Development Authority (QRIDA), are available to fund projects that continue to create jobs and grow local economies in rural and regional Queensland.
Measures 
  JobTrainer skills package
The Australian Government will invest $2 billion to give hundreds of thousands of Australians access to new skills by retraining and upskilling them into sectors with job opportunities. The JobTrainer fund will provide for around 340,700 additional training places to help school leavers and job seekers gain the skills they need to get a job. A further $1.5 billion will be made available to expand and extend the Supporting Apprentices and Trainees wage subsidy.
Fund 
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. 
Payroll
  JobKeeper Payment and Coronavirus Supplement extended
The Australian Government has extended JobKeeper Payment and the Coronavirus Supplement Payments by six months to 28 March 2021, and the Coronavirus Supplement has been extended until 31 December 2020.
Extension 
  JobKeeper Payment scheme
JobKeeper payment is available to eligible employers to enable them to pay the salary or wages of their eligible employees at least $ 1,500 (before tax) every two weeks. Eligible employers will be compensated with a fixed amount of $ 1,500 every two weeks for each eligible employee.
Measures 
 

New Tourism and Hospitality Support Package
The ACT Government’s new Tourism and Hospitality Support Package is designed to protect and create local jobs through:

  • The formation of a Tourism Cooperative Marketing Fund.
  • Further tax relief for Canberra's hotel and hospitality industry through rebates and fee relief.
  • Increased funding for community events and support staff to deliver the current Events ACT calendar of events throughout the year.
  • Support for a physical distancing technology pilot to help position Canberra to attract new business events in the current environment.
Measures 
  Small Business Relief Fund
The Small Business Relief Fund will offer grants  as a one off payment of $10,000 (including GST) to 67 businesses across Australia that are a for-profit business with an Australian Business Number (ABN); have between 2 and 50 employees; have been in business since 1 March 2018 and have an annual revenue between $150,000 and $2 million. 
Fund 
  Support for Canberra’s Hotels and hospitality industry
The ACT Government aims to provide additional, targeted, support for Canberra’s Hotels and hospitality industry. Businesses are likely to automatically receive a range of industry specific measures such as fee rebates, waivers, and reductions to help them get back on track. The government will also provide fee-free infection control training across four nationally accredited infection control skill sets. 
Measures 
  Support extension for households and small businesses
The Australian Energy Regulator (AER) has set reasonable expectations of energy companies to protect householders and small business customers during the COVID-19 pandemic. Protections for households and small businesses have been extended to 31 October 2020.
Measures 
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.
Loans
  Support for regional arts and galleries
A $1 million grants program for the regional arts sector and $195,000 relief fund for regional art galleries has been announced to support ongoing creative and cultural activity in Western Australia’s regions.
Measures 
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.
Payroll
  Support for tourism industry
The WA Government has launched a $14.4 million initiative that includes two funding programs. The $10.4 million Tourism Recovery Fund provides one-off cash grants of $6500 to up to 1600 individual small businesses. The remaining $4 million has been put towards a Tourism Business Survival Grants package, which provides grants of $25,000 to $100,000 for tourism operators. 
Grants 
 

Support for the tourism industry and jobs
The WA Government has launched a $14.4 million recovery package to support small tourism operators. The $10.4 million Tourism Recovery Fund provides one-off cash grants of $6500 to up to 1600 individual small businesses around the State.

The remaining $4 million has been put towards a Tourism Business Survival Grants package, which provides grants of $25,000 to $100,000 for tourism operators.

Measures 
  Support package for building and construction industry
A $24.5 million support package will assist the building and construction industry to maintain a skilled workforce, including:   $10 million to provide an immediate, one-off payment of $2000 to employers of existing apprentices and trainees currently receiving Construction Training Fund (CTF) grant payments. $9.5 million grants scheme to assist employers to retain their existing apprentices, with payments beginning from 1 June 2020 backdated from 1 April 2020.
Measures 
  Supporting workers through COVID-19
A Hardship Fund for workers experiencing financial hardship due to the pandemic has been created to help Canberrans who need to take time off work to quarantine. Canberrans who are unable to temporarily work under a COVID-19 direction will be eligible for payments of up to $1,500, depending on their individual circumstances.
Measures 
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.
Grants
Australian Capital Territory  Commercial general rate rebate
Commercial property owners with an average unimproved value below $2 million on their property are eligible for a rebate on their commercial rates fixed charge. Commercial rate payers will receive a credit of $2,622 (equivalent to the annual fixed charge) to their 2019-20 general rates, in quarter four.
Grants
 

Commercial tenancy relief
The government has developed a scheme that provides relief for business tenants and owner-operated commercial properties in three categories depending on how operations have been affected. Support is being provided through ensuring that the deferral or waiver of rates is targeted based on need and will be targeted at properties with small AUVs.

Commercial landlords will need to play their part, cost-sharing or the deferrals of losses will be shared between government, landlords, tenants and financial institutions.

Grants

Payroll tax waiver
he 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.

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.

Payroll
  Support for the construction industry
Businesses in the construction industry can defer their payroll tax liability for the six months from April to September 2020 to provide cashflow assistance to help them retain workers. No interest will be charged on deferred amounts until 1 September 2020.
Payroll
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.

Payroll
Queensland Electricity relief for small businesses
The Queensland Government aims at providing a $100 million power bill relief package for small businesses, including sole traders. Eligible customers will receive a $500 rebate on their electricity bill.
 
  Jobs Support Loan
The Queensland Government has doubled its initial funding for the COVID-19 Jobs Support Loan scheme to $1 billion. The concessional loan which includes no repayments in the first 12 months is providing immediate relief for businesses.
Loan

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.
Payroll
  Support for commercial tenants
Government and banking support provided for landlords is conditional upon them passing on the benefits to their tenants, through rent reductions or relaxing of tenants' obligations.  
Rent reduction/
relaxation
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.
Payroll
 Victoria Land tax relief
The Victorian Government has announced land tax relief for landlords as part of its Economic Survival Package. Landlords who provide tenants with rent relief may be eligible for a 25% reduction on the property’s 2020 land tax. This relief is available for residential and commercial properties, however, for commercial landlords to be eligible, the property must be rented to a tenant with an annual turnover of up to $50 million, and the tenant must be eligible for the Commonwealth Government’s JobKeeper Payment.
Accounting and Tax

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.

Payroll
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.

Payroll
Austria  AWS bridging guarantee
The AWS bridging guarantee is being significantly expanded as part of the government's €15 billion aid fund. The immediately implemented innovations include a 100% guarantee rate for loans up to €500,000 and a 90% guarantee rate for loan amounts up to €27.7 million. 
Loan 

"Economy COVID-19" task force
An "Economy COVID-19" task force has been created in which representatives of foreign authorities, the Austrian Chamber of Commerce (WKÖ) and the Federation of Industrialists (IV) meet to provide the best possible support for Austrian companies. 
Payment Support
  €1 billion federal grants
The federal government provides municipalities with €1 billion in the form of special grants. The package promotes investments of up to 50% and includes the construction and renovation of kindergartens, schools, retirement homes and sports facilities as well as investments in public transport, measures to save energy, construction of renewable energy production facilities and the expansion of the broadband network. 
Grant 
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 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.
Accounting and Tax
  Apprentice bonus for companies
The federal government announced an apprenticeship package that supports companies with €2,000 that hired apprentices during the crisis and that are still expected to hire apprentices this year (until October 31).  It is paid in two tranches: €1,000 at the start of the apprenticeship, €1,000 for retention after a trial period (about three months).
Bonus 
  Bridging loans for small businesses
Small businesses can receive a bridging guarantee with state liability up to a loan amount of €500,000.
Measures 
 

Bridging guarantee
The aim is to facilitate the financing of working capital loans from companies whose sales and earnings development is impaired.

Companies that can receive support are: commercial and industrial SMEs, self-employed, all independent professions, companies in the fields of agriculture, fishing and aquaculture, tourism and leisure industry with a financing requirement of more than €4.4 million and large corporations with a financing requirement of up to €0.5 million.

Guarantee 
  Comeback grant for film and TV productions
The government launched comeback grant for independent film production companies whose productions have been conditionally interrupted or postponed filming of cinema and TV productions.
Grant 
  Competition law
The European competition authorities have issued a joint declaration that producers can set maximum prices for their products to avoid unjustified price increases. Consumer agencies (CPC) released a joint statement on curbing unfair practices.
Price 
  Corona aid for sausage stands
With the Inn package worth €500 million, consisting of measures such as tax relief, support and incentives to increase consumption. The package includes a reduction in the tax on non-alcoholic beverages in pubs to five percent by the end of 2020 and an increase to the mobility allowance.
Fund 
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.
Fund
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 April 8 in an effort to secure jobs.
Fund
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. 
Fund
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.
Accounting and Tax
  Deferral in payment instalments
The date of payment of duties can be postponed until September 30, 2020), or payment in installments can be requested until September 30, 2020. Failure to set late-payment surcharges Interest for declarations not submitted on time will not be automatically imposed until August 31, 2020.
Grants
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.
Digital help
  Economic Stimulus Act updates
The government announced three priorities under €50 billion package: saving valuable jobs and companies, easing the burden on people and investing in the economy. The government announced reduction of the first level of wage and income tax from 25 to 20%. Further, it announced degressive depreciation likely to be possible from 1 July, and extension of tax deferrals to 15 January 2021.
Measures 
 

Expansion of hardship fund and launch of comeback bonus
The government has extended the application period for the hardship fund from 3 to 6 months and set the minimum payment amount to €500.

It also introduced a comeback bonus of €500 per observation period and thus applies to everyone entitled to the hardship fund in phase 2 and is paid out automatically for applications that have already been completed.

Fund 
  Extension of loan deferral for private and micro-enterprises
Loan deferral for private and micro-enterprises has been extended by four months till October 31, 2020.
Loan 
  Extension of short-time work
The federal government and the social partners announced the extension of short-time work. With the extension, they plan to secure thousands of jobs in Austria and support the entrepreneurs.
Extension 
  Financial support & assistance
More measures have been announced for SMEs such as a hardship fund for one-person companies and micro-entrepreneurs; deferral of tax payments; deferral of social security contributions by SVS; guarantees from the Republic and direct subsidies to cover the liquidity needs of companies.
Measures 
Financial support for export companies
The Covid-19 KRR (control bank refinancing framework) is a program to support the export industry with an additional € 2 billion in loan funds. Businesses can apply for a line of credit limited to 10%  (large companies) or 15% (SMEs) of export turnover last year. A maximum absolute ceiling of € 60 million applies to the individual loan - this ceiling applies to each company group, not to the individual company. There is no lower limit.
Loans
  Fixed cost subsidy
The fixed cost subsidy can help companies of all sizes and replaces up to 75% of the fixed costs and doesn’t need to be paid back and can be claimed for up to three consecutive months. 
Subsidy 
  Fixed cost subsidy: second phase
In order to help particularly affected companies and to provide more liquidity, the government announced second phase of the fixed cost subsidy expected to start in September.
Measures 
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.
Loans

Guarantees for SMEs, EPU, liberal professions and agricultural businesses
Three guarantee variations are being offered. 

  1. Basic variant with a 90% guarantee rate, with loan amount of up to €27.7 million
  2. Small loan variant up to €500,000 with a 100% guarantee rate
  3. 80% Guarantee rates,  Loan amount up to €1.5 million with a 80% guarantee rate. 
Loans
Hardship fund doubled
The hardship fund has now been doubled from €1 billion to €2 billion. In phase 2, payments amounting to 80% of the lost income are made up to a maximum of €2,000 per month for a maximum of three months. Companies that had a drop in sales of at least 50% during this period, were no longer able to meet the running costs or were not covered by the entry ban are eligible for the second phase of the hardship fund.
Fund
Hardship fund for SMEs
SMEs and many Austrian family businesses can apply for a hardship fund and can defer social security contributions.
Fund
  Investment to boost Vienna economy
The federal government's municipal package of €1 billion is intended to trigger important investments in the regions of the country. The package aims at providing impulses for the local economy and creating added value and jobs.
Fund 

Loan guarantees
To help SMEs, the Republic will assume 100% state liability for emergency loans. Banks can grant working capital loans of up to 500,000 on the basis of a 100% guarantee from the Republic.

With a guarantee of €500,000, the Republic's guarantee covers 90% of the loan amount. The upper limit for this is a maximum of 3 monthly sales or a maximum of €120 million. A loan interest rate of up to 1% and guarantee fees, which are prescribed by the EU and are between 0.25 and 2% depending on the size of the company and the duration of the guarantee.

Loans
  Measures for the domestic film industry
A €25 million package has been assigned to the film industry. 
Fund 
 

Municipal community aid package
The Austrian federal government presented a municipal package worth EUR 1 billion for direct support for every community in Austria.

The federal government will pay up to 50% of the costs for projects that start between June 1, 2020 and December 31, 2021. A grant can also be applied for projects that started as early as June 1, 2019, but which stalled due to the crisis. 

Measures 

Package for pubs
The Austrian federal government presented a pub package worth €500 million. The package includes a reduction in the tax on non-alcoholic beverages in taverns to 10% by the end of 2020. The maximum limit for tax-free meal vouchers has been raised from €4.4 to €8, the deductibility of business meals in taverns has been increased from 50% to 75% and the sparkling wine tax has been abolished.

Accounting and Tax
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.
Grants
 

Phase 2-Hardship fund for one-person companies and micro-entrepreneurs
Guarantee liquidity: self-employed persons will receive emergency aid as a partial replacement for lost income, application for phase 2 is from April 20, 2020 until December 31, 2020. For a maximum of three months, if the requirements are met, a subsidy of up to EUR 2,000 per monthly observation period is granted, depending on the level of income loss.

A grant from phase 1 is counted towards phase 2, so that all applicants have a maximum grant of EUR 6,000 at their disposal, regardless of whether an application has already been made in phase 1 or not. Funding is granted retrospectively.

Funds
  Prepayment of the fixed cost subsidy
There are grants for particularly affected companies through the Corona Aid Fund. These grants are for fixed costs and goods that have become perishable. Fixed cost subsidy are being paid out and applications can still be made.
Financial Support
  Reduction in VAT rate
The government reduced to tax rate to 5% to support the catering trade, cultural sector and  publishing sector.
Accounting and Tax
  Repayment of credits
The government has created a statutory exemption for a limited period until September 30, 2020 to strengthen the liquidity in the companies. Credits (e.g. from a sales tax pre-registration) are paid back even if there is a payment relief on tax account. 
Credit 
  Support for rural small businesses
As part of the program for rural development, the Federal Ministry for Digitization and Business Location (BMDW) supports cooperation projects of small businesses in rural areas. The BMDW's funding  will be increased with co-financing from the European Agricultural Fund for Rural Development (EAFRD). The grant is granted as de minimis aid and generally amounts to 70% of the project costs, which can be between €30,000 and €100,000.
Measures 
 

Rescue relief and investment package
Three packages were presented at the government retreat: rescue, relief and investment. The total package of the Austrian federal government thus amounts to €50 billion.

The rescue package extends the fixed-cost subsidy and, in the case of relief measures, part of the income tax reform, which was also negotiated in the government program, is brought forward. The lowest level of wage tax is reduced from 25 to 20%.

The investment package includes the investment premium, which is intended to incentivize companies to buy capital goods.

Rescue relief and
investment
  Secure startup financing through grants
To secure the financing of start-ups, a grant can be applied for from the Covid start-up aid fund wherein equity investments are doubled up to €800,000.
Short-time work funds
Short-time work is an important measure for companies and employees and the demand is correspondingly high so the funds for short-time work have been increased to €12 billion.
Funds
  SME promotion law increase
SME promotion law has increased from €625 million by €1,625 million.
Legal 
  Support for rural small businesses
As part of the program for rural development, the Federal Ministry for Digitization and Business Location (BMDW) supports cooperation projects of small businesses in rural areas. The BMDW's funding  will be increased with co-financing from the European Agricultural Fund for Rural Development (EAFRD). The grant is granted as de minimis aid and generally amounts to 70% of the project costs, which can be between €30,000 and €100,000.
Measures 
Support for startups
Austrian startups that could have closed a financing round without the crisis can benefit from the €50 million venture capital fund. Startups can receive financial resources from €200,000 to €1,000,000 from the fund. The capital of the €50 million fund is guaranteed 50% by the state. The total amount of the capital guarantees is set at EUR 25 million.
Financial Support
  Support for tourism
The emergency aid includes bridging finance with a liability framework of up to €100 million for domestic tourism. Mixed companies can also benefit from the package of measures.
Measures 
  SVS measures
All SVS insured persons who expect financial losses can defer contributions, give payment in installments of contributions, have a reduction of the provisional contribution base and have full or partial indulgence of default interest.
 
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. 
Accounting and Tax
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.
Accounting and Tax
Temporary suspension of EU state aid law
The Austrian Finance Minister called for a temporary suspension of EU state aid law so that bridging aid may be issued to domestic companies without EU approval.
Grants

Back to the top

B

Jurisdiction Name of Scheme Scheme type
Belgium  Extension of credit payment terms
For credit account holders, all returns filed in PLDA before January 1, 2021 will automatically benefit from the extension of the payment term. For non-holders of a credit account, any entry into service made before 1 January 2021 will automatically benefit from the measure extending the filing and payment deadlines for returns.
Credit payment 
  Extension of support measures for companies
Companies with an enterprise number can request aid from the FPS Finance until 31 December 2020. Measures include: payment plans, exemption from default interest and remission of fines for non-payment.
Measures extension  
  Extension of the period of exemption from duties and VAT for import of goods
The Commission extends the validity of its (EU) 2020/491 Decision until 31 October 2020 granting exemption from import duties and VAT on imports for goods needed to mitigate the consequences of the COVID-19 pandemic.
Extension 
  Federal plan for social and economic protection
A first package contains measures already taken by the federal government, which will be extended until 31 August 2020 and includes; temporary unemployment due to corona force majeure; the bridging right for the self-employed;  corona parental leave; an extension and improvement of the bridging right for the self-employed until 31 August 2020, with a possible extension until 31 December 2020; extension of temporary unemployment until 31 December 2020; VAT on all services, except alcoholic beverages, will be reduced to 6% until 31 December 2020;  bank guarantee will be extended for company solvency.
Measures 
  Reduction in VAT for catering industry
From 8 June 2020 to 31 December 2020, the reduced VAT rate of 6% will apply to restaurant and catering services.
Accounting and Tax

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.
Payroll
  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.
Accounting and Tax
Brazil   Additional measure to protect exporting companies
The deadline for Brazilian exporting companies that joined the drawback regime, which would end in 2020, has been extended for another year. The drawback is a special customs regime that offers tax incentives for companies interested in carrying out foreign trade operations.
  Aid for small businesses
For small and medium-sized companies, a payroll financing line was launched. For microenterprises, banks will be able to give loans worth up to 30% of their gross revenue. This credit will reach R $ 16 billion, benefiting 3.5 million micro and small companies.  
Payroll
  Aid for sports sector
The package of measures for the sports sector includes the payment of emergency aid of R $ 600 to athletes for three months and the suspension, for one year, of the payment of tax debts of companies in the sports sector with the Union.
Measures 
 

Aid program for micro-enterprises and medium-sized companies
The government will inject R $ 15 billion into the Operations Guarantee Fund FGO, increasing the fund's budget to up to R $ 18 billion. This fund will cover up to 85% of the loss that eventually stops being paid to financial institutions that lend to micro and small companies.

Regarding medium-sized companies, the government intends to launch the new Investment Guarantee Fund (FGI) and expand the scope of the fund, which will cover not only investments, but working capital credit lines. The government plans to invest R $ 20 billion in the fund.

Fund
  Approval for the use of precatory resources to combat COVID-19
The Senate approved a bill (PL) that allocates part of the amount destined to the payment of federal precatories to fight the pandemic. Precatories are public debt securities recognised after a final court decision. The PL approves the Federal Government to use the remaining money, as a result of an eventual discount agreement on the payment of that debt.
Measures 
  BNDES credits for SMEs
The National Bank for Economic and Social Development (BNDES) contracted R $3.3 billion in credits for 2,374 small and medium-sized companies. 80% of the amount was guaranteed by the Emergency Credit Access Program (PEAC). The guaranteed credit will allow the maintenance of approximately 193,000 jobs.
Credit 
 

BNDES starts new credit contracts for payrolls
The National Bank for Economic and Social Development plans to accept new hires from the Emergency Employment Support Program (Pese) with some changes that increase its reach.

Changes include: extension of the program until 31 October 2020; expansion of the annual revenue limit for the benefited companies from R$10 million to R$50 million; expansion of payroll financing from two months to four months;  the possibility of applying for a loan from banks other than those where the company pays its employees.

Measures 

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

Brazilian Federation of Banks economy stimulation measures
The Brazilian Federation of Banks (Febraban) announced that its five largest associated banks have will comply with requests for a 60-day extension of the 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.

Bank support
  Contract and workload reduction program extended
The government has extended the suspension of the employment contract for two months and the reduction of working hours in exchange for the maintenance of employment for one month.
Timeline extension 
  Credit measures
The Central Bank is likely to facilitate the loans for companies with annual sales of up to R $ 100 million.
Credit 

Credit operations for SMEs
The Central Bank reduced the capital requirement for credit operations for SMEs to stimulate the allocation of resources to a sector that has significant importance for the Brazilian economy, representing a relevant portion of production and employment.

The measure is likely to release ~R $ 3.2 billion from the regulatory capital requirement of financial institutions, which can be used for new operations. Additionally, it allows for the eventual restructuring of R $ 228 billion in credit operations for SMEs.

Credit
  Credit support for employment and insurance
Up to $4 billion of credit support is likely to be provided and will be invested in basic  emergency income actions, expansion of Bolsa Família, Emergency Employment and Income Maintenance Program and Unemployment Insurance.
Credit 

Credit to small business owners by Caixa and Sebrae
The bank will make R$7.5 billion in credit available to SMEs. Loans will have a grace period that can reach 12 months and the payment terms can vary from 24 to 36 months.

Credit
  Credit to small entrepreneurs
The government is facilitating the release of resources for micro and small entrepreneurs.An agreement has been made between Sebrae and Caixa to make available credit lines with guarantees granted by Sebrae for Assisted Credit through the Guarantee Fund for Micro and Small Enterprises (Fampe).
Measures 
  Credit to micro-companies
Caixa Econômica Federal will grant R $ 6.3 billion in credit to micro-companies.
Credit 

Digitalisation across infrastructure sector
The Ministry of Infrastructure has made a digital request system available for 94% of the 178 services provided to the infrastructure sector.

Digital help

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.

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.

Financial support
  Electricity sector measures
To alleviate the impact of electricity bills paid by consumers and preserve the liquidity of companies in the sector, the National Electric Energy Agency (Aneel) approved the regulation of Conta-Covid that establishes the criteria for loans to companies in the amount of up to R $ 16.1 billion. The funds will be offered to the sector by a group of banks led by the National Bank for Economic and Social Development (BNDES) and must be paid over 60 months.
Measures 

Emergency aid for unemployed workers, individual microentrepreneurs (MEIs)
Emergency aid of R $ 600 has been announced for informal, unemployed workers, individual microentrepreneurs (MEIs), as well as part time workers who are currently inactive and therefore without pay.

Financial support
  Emergency aid for the cultural sector
The government plans to provide emergency aid R $ 3 billion via the Cultural Fund or CNPJ for the cultural sector. The transfer of amounts will be made through Plataforma + Brasil , from the Ministry of Economy.
Measures 
  Emergency Benefit (BEm) for workers
Emergency Benefits will be paid to workers who have an agreement with employers for proportional reduction of working hours and salary or for temporary suspension of the employment contract. ~7.2 million (7,206,915) jobs have been maintained in the country since the Federal Government launched the Emergency Benefit for the Preservation of Income and Employment. To this end, R $ 12.7 billion was allocated. The forecast is to pay, until May 18, an additional R $ 1.7 billion to 1,418,684 employees.
Payroll
  Emergency Credit Access Program
Guarantees will be offered for loans made until December 2020 to SME companies with annual revenues between R $ 360 thousand and R $ 300 million, calculated in 2019. 
Guarantee 
  Emergency credit line for micro and small entrepreneurs
Companies with revenues of up to R $ 4.8 million per year will benefit from R $ 3 billion in working capital. Through Pronampe, micro and small business owners will be able to borrow up to 30% of their gross revenue in 2019. In the case of companies that have been operating for less than one year, the loan limit will be up to 50% of its share capital or up to 30% of the average monthly income calculated since the beginning of its activities, whichever is more advantageous.
Credit 

Emergency credit for small and informal entrepreneurs
Small entrepreneurs, cooperatives and informals will be able to apply for new lines of credits out of a R$6 billion fund from the Ministry of Regional Development. This will help to guarantee working capital and resources for investments. As of 15 May 2020, informal workers, cooperatives and small entrepreneurs have already received R $ 128.3 million from the emergency credit lines.

Credit
  Emergency credit lines
R $ 5 billion is split for the two regions, R $ 3 billion to the Northeastern states and R $ 2 billion to the North and small businesses are receiving government support. 
Loan 

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.

Financial Support

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.

Funds
  Emergency Program for Maintenance of Employment and Income
The Emergency Program for Maintenance of Employment and Income allows for the suspension of the employment contract for up to 60 days and reduction of wages and the working day for the period of up to 90 days. An amendment was also approved, which maintains the daily load of six hours only for bank tellers and employees who earn a function bonus of 40% or more.  
Measures for
employment and
income

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.

Payroll

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.

Payroll
  Exemption of fees for paying bills by credit card
The companies that have an account with Banco do Brasil are exempt, until the end of July, from fees for payment by credit card. The measure has the potential to benefit around 195 thousand companies that make a large monthly payment of bills by credit card.
Fee support

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.

Loans
  Expansion of credit limit
States and municipalities will be able to borrow an additional R $ 4 billion in the financial system without guarantee from the National Treasury, as the limit for contracting such operations in 2020 has been increased from R $ 3.5 billion to R $ 7.5 billion.
Credit 
  Extension of agricultural rural credit financing
The government announced an extension of credit financing for agricultural activities that were affected by Covid-19. Rural costing and investment credit operations that were due to expire on August 15 were extended to December 15.
Credit 

Extension of debt maturities
The Brazilian Federation of Banks (Febraban) announced that its five largest associated banks will comply with requests for a 60-day extension of the debt maturities of individual and corporate clients and these involving micro and small companies.

Debts
  Extension of Emergency Aid
The government announced two more installments of Emergency Aid in the amount of R $ 600. The aid is intended for informal workers, individual microentrepreneurs (MEI), self-employed and unemployed.
Emergency Aid 
  Extension of state and municipal taxes
The Management Committee of Simples Nacional (CGSN) approved an extension of six months for the payment of all taxes by individual microentrepreneurs. 
Accounting and Tax
  Extension of teleworking for courts
The Federal Supreme Court has extended the teleworking period of its employees until January 31, 2021. 
Teleworking support
  Financial assistance to states, municipalities and DF
R $ 9.25 billion will be transferred to the states, R $ 5.748 billion to the municipalities and R $ 38.6 million to the Federal District, totaling R $ 15.036 billion. The next installments of this aid will be credited on 13 July, 12 August and 11 September 2020.
Credit
  Financing for emergency aid in Brazil
The New Development Bank , formed by the BRICS countries (Brazil, Russia, India, China and South Africa), approved financing, in the amount of US $ 1 billion for the Brazilian government's Emergency Aid Program. The Emergency Aid Program includes low-income families, informal workers and the unemployed.
Measures 
  Financing for micro, small and medium-sized companies
The National Bank for Economic and Social Development (BNDES) is providing R $ 5 billion for micro, small and medium companies which will be extended to 31 December 2020. Companies with an annual turnover of up to R $ 300 million may request financing. The amount released is up to R $ 70 million per year, with a grace period of up to 24 months and a payment period of up to 60 months. Interest rates are negotiated between the company and the financial agent.
Fund 
  Financial support to cultural sector
R $ 3 billion has been provided for the payment of monthly emergency aid for workers in the cultural area, in addition to a monthly subsidy for the maintenance of artistic and cultural spaces, micro and small cultural enterprises.
Fund 
  First tranche of loans to financial institutions
The Central Bank approved the release of funds in the amount of R $ 17.5 billion to 27 financial institutions related to the first tranche of the Special Temporary Liquidity Line through the issuance of a Guaranteed Financial Bill (LTEL-LFG). LTEL-LFG is a Central Bank loan operation to financial institutions with the objective of offering the necessary liquidity so that the National Financial System can meet the increase in demand observed in the credit market.
Loans

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).

Payment support
  Fund for medium-sized companies
The National Bank for Economic and Social Development (BNDES) plans an investment of up to R $ 300 million in investment fund to support medium-sized companies from different sectors, such as health, education, pharmaceuticals, consumption and retail, technology and waste management, among others.
Fund 
  Government provides R $70 million in credit lines
The government of São Paulo will release an additional R $70 million in microcredit to assist microentrepreneurs (MEI), rural and informal producers to overcome the crisis caused by the pandemic. Two lines of credit are being offered. The first is for informal entrepreneurs and rural producers without CNPJ. The second line is aimed at Individual Microentrepreneurs (MEIs) and rural producers, with CNPJ.
Measures 
  Increased budget for SME support
Banco do Brasil (BB) obtained authorization from the Ministry of Economy to increase the budget of the National Support Program for Micro and Small Enterprises (Pronampe), to R $ 1.24 billion.
 Measures
  Installments suspension of financing for sanitation companies
The federal government aims to suspend, the payment of the financing for up to six months contracted with the Fund for the Guarantee of Service (FGTS) for public, mixed and private companies in the basic sanitation sector that were served by the Sanitation for All Program. The measure was taken to support the country's sanitation companies and concessionaires in providing the service and maintaining jobs in the sector.
Payment support
  Job and income maintenance program
The law allows the temporary suspension of the employment contract for up to 60 days and the proportional reduction of workers' wages and hours for a period of up to 90 days. These deadlines can be extended. 
In the case of a reduction in working hours and wages by 25%, 50% or 70%, the government pays an emergency benefit to the worker to replace part of the wage reduction. Companies can also choose to pay more monthly compensatory aid to their employees who have their salary reduced.
Measures 

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.

HR

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.

Digital help
  Loan guarantee for SMEs
The Ministry of Economy will contribute R $ 5 billion to the Emergency Program for Access to Credit. The program will be operated by the BNDES, along the lines of the Investment Guarantee Fund (FGI). New Treasury contributions may be made until the end of 2020, in the total amount of up to R $ 20 billion. The Emergency Credit Access Program will offer guarantees for loans made until December 2020 to companies with annual revenues between R $ 360 thousand and R $ 300 million (calculated in 2019).
Loan 

Measures adopted by the economic team
The government has already reduced banks' compulsory deposits and is working to release new lines of credit and guarantees. Companies that have contracts with Public Administration will be guaranteed revenue during this period. The government is also analyzing the reduction in the requirements for teleworking and vacations. 

Financial support

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. 

Financial support

Measures for the construction sector
New measures have been implemented to help the construction sector which include:  release of production financing resources not used by the company in previous months, limited to 10% of the financed cost; up to 20% of the resources for financing the production of projects to be started; release of funds up to three months, limited to 10% of the financed cost, for works in progress and without delays in the schedule; implementation of  90-day production financing pause for customers in default; allowing partial payment of the financing installment, for up to 90 days, for customers in default and inclusion or extension of grace period for up to 180 days, for projects with works completed and in the amortization phase.

Financial support
 

Measures to facilitate credit to micro, small and medium-sized companies
Banks can deduct from the reserve requirements the amounts that were lent to companies with annual sales of up to R $ 50 million.

Banks can grant a new loan to micro, small and medium-sized companies, with a minimum term of three years and a six-month grace period.

Measures 

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. 

Financial support
  National Support Program for Micro and Small Enterprises
The National Support Program for Micro and Small Enterprises is a special credit in the amount of R $ 15.9 billion. The basic interest rate, Selic, should be applied to the amount granted, currently at 3%, plus 1.25%. The term for payment of the loan will be 36 months.
Financial support
  New emergency action measures
The government announced a set of emergency actions, in the amount of R $ 4.3 billion. The payment of interest in BNDES financing contracts with states, municipalities and the Federal District is suspended until the end of December 2020. The government announced new credit to meet the working capital needs of production chains with a focus on small and medium-sized companies.
Measures 
  New installments under emergency aid
The government announced that the emergency aid will pay an additional R $ 1,200, which will be divided into three installments of  R $ 500, R $ 400 and R $ 300.
Aid 

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.

HR
  Operations Guarantee Fund for micro and small businesses
The Operations Guarantee Fund (FGO) is a credit line granted under the National Program to support Micro and Small Enterprises (Pronampe). The line received an investment from the National Treasury in the amount of R $ 15.9 billion.
Fund 
  Postponement of housing installments
Caixa announced the extension of the pause in the payment of housing financing for a period of 120 days from 90 days for customers who had already requested the benefit of temporary suspension.  The extension of the term applies to individuals and companies.
Grants

Proposal for special credit program for micro and small companies
A special credit program for micro and small companies, in the total amount of R $ 13.6 billion is being proposed. According to the bill, the credit will be destined to micro-companies, which have annual gross sales of up to R $ 360 thousand, and small companies, whose annual sales are up to R $ 4.8 million.

Credit
  Public call for credit funds for microenterprises
The National Bank for Economic and Social Development (BNDES) initiated a public call for selection of ten credit funds for MSMEs and individual entrepreneurs. These funds will be selected until June 30th. BNDES intends to invest up to R $ 4 billion in these credit funds for MSMEs, through its shareholding subsidiary, BNDESPAR.
Funds
  R $ 60 billion transferred to states
The Federal Government will transfer R $ 60.15 billion to states and municipalities as a form of financial assistance to states. 
 

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. 

Grants

Reduction in Selic rate
The Monetary Policy Committee (Copom) reduced the rate to 2.25%.

Selic rate
  Reduction of the IOF tax rate for electric energy distributors
The government reduced to zero the Tax Rate on Financial Operations (IOF) levied on the credit operation contracted by the Electric Energy Trading Chamber (CCEE), aimed at deficit coverage and revenue anticipation, by concessionaires and permit holders of public electricity distribution services.
Accounting and Tax
  Restored reduction of contributions to the S System
The 50% cut for contributions by companies to the S System through June is now reinstated after being suspended.
Grants
  Rural Insurance Premium (PSR) subsidy program
Grain producers in the North and Northeast regions will be able to access, until October, the exclusive budget of R $50 million in the Rural Insurance Premium (PSR) Subsidy Program. This measure aims to promote the offer of insurance and increase the number of policies contracted in these regions.
Measures 
  Second installment of emergency aid
$ 60 billion in emergency aid has been paid adding the first and second installments. In total, 55.1 million people received the first installment. The payment of the second installment reached 30.4 million informal workers, individual micro-entrepreneurs, self-employed and unemployed. Emergency assistance is R $ 600 (R $ 1,200 for single mothers), per installment.
Financial support

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.

Grants

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.

Payroll
  Special credit line for SMEs
The government announced the provisional measure that grants a special credit line for small and medium-sized companies to pay the payroll. The federal government will account for 85% of the money from operations, via the National Bank for Economic and Social Development (BNDES). Another 15% will come from the resources of the banks that operate in the program.
 

Suspended Proex financing
Companies that have suspended the payment of financing from the Export Financing Program (Proex) may continue to pay interest lower than market rates as soon as they repay the installments. The National Monetary Council allowed the National Treasury to continue to subsidize fees in cases of suspension of payment.The measure covers all financing that can receive support from Proex through equalization, when the Treasury covers the difference between subsidized interest and market rates.

Export support
  Suspension of automatic debit of installments
The Federal Revenue Service suspended installment payments due in May, June and July 2020. These installments had their maturities extended to August, October and December 2020, respectively.
Suspension of
installments
  Suspension of installment payment of FGTS debts
Fund for the Guarantee of Service (FGTS) Board of Trustees authorized employers who have adhered to the installment payment of previous debts the possibility to choose to suspend the payment of these obligations from March to August 2020.
Grants
 

Suspension/Postponement of check payments and taxes
For companies the payment of the employer 's contribution to the National Social Security Institute (INSS), the Contribution to the Financing of Social Security (Cofins) and the Social Integration Programs (PIS) and the Formation of the Civil Servant's Heritage (Pasep) has been postponed . April payments will be paid in August and May payments in October.

Declaration of Federal Tax Debts and Credits (DCTF) is postposed from the 15th business day of April, May and June to the 15th business day of July. And there is a 50% reduction in the companies' contribution to the S System for three months, from April to June.

For micro and small businesses, there is a postponement of six months for the federal part of Simples Nacional. The payments for April, May and June have moved to October, November and December.

For the state and municipal part of Simples Nacional, payments for the Tax on Circulation of Goods and Services of the Tax on Services from April, May and June are postponed to to July, August and September.

There is a 90-day suspension of the Tax on Financial Operations (IOF) for loans. Tax will no longer be charged from April to June, injecting R $ 7 billion into the economy.

Accounting and Tax
  Suspension of employers' social security contributions
The government has allowed municipalities to suspend, upon approval of a municipal law, unpaid installment terms installments and employer contributions corresponding to the months of March to December 2020.
Social security
contributions
 

Support for cultural sector
The Cultural Emergency Law will allocate R $ 3.6 billion from the Union to states, the Federal District and municipalities, to support the cultural sector.

The project guarantees an emergency income of R $ 600, retroactive to May 1 for informal workers in the cultural sector with proven average earnings from January 2019 to February 2020 of up to three minimum wages (per family). The proposal covers artists, producers, technicians, curators, workshops and teachers from art schools.

Fund/ Payroll
  Support for Micro and Small Enterprises
The government announced R$ 3.7 billion in loans through the National Support Program for Micro and Small Enterprises (Pronampe).
Loan 
  Support for small businesses
The Support Service for Micro and Small Enterprises in the state (Sebrae Rio) is open for registration to support small businesses.
Measures 
  Support program for SMEs
BNDES Credit Chains Productive Program has been launched to meet the need for working capital for SMEs with R $ 2 billion support in loans.
Loan 
  Support to help cinema exhibitors
The National Cinema Agency (Ancine) and the Regional Development Bank of the Far South (BRDE) will release R $8.5 million to help 172 film exhibiting companies facing financial difficulties due to the pandemic. The action is part of the Special Program to Support the Small Exhibitor (Peape).
Measures 
  Tax deadlines extended
The IRS extended the suspension of tax collection actions until June 30.
Accounting and Tax

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.   

Accounting and Tax
  Temporary limitation of card interest rate
The Senate approved the Bill of Law (PL) 1,166 / 2020, which limits interest rates on credit cards and overdrafts by up to 30% per year. This limitation will be valid until the end of the state of public calamity, caused by COVID-19.
Measures 
  Todos por Todos Platform
Companies and professionals need to register on the Todos por Todos platform to create a bridge between health professionals and hospitals, clinics, laboratories, and State / Municipal Secretariats. 
Online platform 
  Two more installments of emergency aid
The government has agreed to a fourth and fifth installment of emergency aid which will be less than the current amount of R $ 600. The eventual extension of emergency aid for another two months should raise the cost of the program to an amount between R $ 202 billion and R $ 203 billion.
Aid 

Withdrawal from Time Guarantee Fund of Service accounts
The federal government authorized Brazilian workers to withdraw up to R $ 1,045 of the total value of their active or inactive accounts in the Time Guarantee Fund of Service. It is expected that up to R $ 36.2 billion can be withdrawn from the Fund. Workers will be able to access the money from June 15 until December 31, 2020.

Grants

Working capital lines for companies
The National Bank for Economic and Social Development (BNDES) released R $ 1.1 billion. The amount is equivalent to 22% of the R $ 5 billion credit line announced last month to help micro, small and medium companies.

Payment Support
  Working capital Program
The government created the Working Capital Program for the Preservation of Companies (CGPE) and the credit lines may be contracted until December 31 of this year. According to the Central Bank (BC), the estimate is that the new program has the potential to increase the granting of credit to micro and small and medium-sized companies by R $ 120 billion. Another measure is the possibility of offering the same asset to guarantee more than one credit operation (fiduciary sale with share of the asset).
Measures 
Bulgaria Corporate tax filing extended
The deadline for filing corporate tax returns has been extended until 30 June 2020.
Accounting and Tax
Deadline extension for reporting on financial accounts
Bulgarian financial institutions that have obligations for the automatic exchange of information under Chapter Sixteen, Section IIIa of the TSSPC may submit their reporting files until 30 September 2020.
Deadline extension
  Exemption from import duties and VAT on goods for the pandemic
The import of goods necessary for the fight against COVID-19 are exempt from import duties and value added tax. Exemption from import duties and value added tax is granted for goods imported between 30 January 2020 and 31 July 2020.
 
  Extension of the deadline for information on financial accounts for 2019
The government has extended the deadlines for providing information for the reporting year 2019. Bulgarian financial institutions that have obligations under Chapter Sixteen, Section IIIa of the TSSPC may submit their reporting files until 30 September 2020.
Measures 
  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. 
VAT
  Set-off overpaid corporate tax
Tax liabilities will be able to be repaid with the overpaid tax after the deadline of declaration on 30 June 2020. 
Accounting and Tax

Back to the top

C

Jurisdiction Name of Scheme Scheme type
Canada   $50 million support for Montréal’s small businesses
The Government of Canada aims to grant up to $30 million to the PME MTL network through the Regional Relief and Recovery Fund (RRRF), aimed at Montréal businesses ineligible for other federal measures. Additionally, the Government of Québec aims at contributing $20 million more for the Ville de Montréal under the Aide d’urgence aux petites et moyennes entreprises program to come to the assistance of metropolis SMEs facing financial hardship.
Fund 
  ACOA investments for young entrepreneurs
The Government of Canada, through the Atlantic Canada Opportunities Agency (ACOA), is allocating more than $5.2 million in non-repayable contributions to help Atlantic Canadian organizations that support young entrepreneurs. This will help ensure that Atlantic Canadian youth have the tools and resources needed to play an active role in the recovery, rebuilding and re-energizing of the region’s economy.
Fund 

Additional income support
There has been an additional $270 million to supplement the On-Reserve Income Assistance Program, which will help individuals and families meet their essential living expenses. 
Fund 

Agriculture and Food Business Solutions Fund
Farm Credit Canada launched a $100-million venture capital fund to support viable companies called the Agriculture and Food Business Solutions Fund. 
 

Bankers’ Acceptance Purchase Facility
A new Banker’s Acceptance Purchase Facility will support a funding market for small and medium-sized businesses.
Funds
 

Bank’s COVID-19 Pandemic Response for businesses
The Bank of Canada’s initiatives have taken measures for reinforcing economic recovery bridge. These programs include: Short-term funding markets for banks so that they can continue to serve businesses and individuals. This includes term repo operations conducted against a wide range of high-quality collateral for terms of up to two years. There’s also a Standing Term Liquidity Facility open to a broader set of financial institutions to serve households and businesses.

The Bank has temporarily increased take-up of T-bill auctions from a maximum of 25% to 40%. There are increased demands for cash from fiscal actions taken to support the economy.

To serve businesses, banks are implementing programs to buy a wider range of bonds in the secondary market. They are committed to buy up to $50 billion in provincial debt across all provinces and up to $10 billion in high-quality Canadian-dollar corporate debt.

Bank support
  Benefit increase For Saskatchewan producers
The federal and provincial governments have agreed to increase the 2020 AgriStability interim benefit payment percentage from 50% to 75% for Saskatchewan producers.
Grants
  British Columbia transit services
The government announced $2 billion in federal funding for cities and towns across Canada. The funding will support front-line workers and critical municipal services. It has also agreed to match up to $1.8 billion of provincial and territorial funding to support local public transit.
Fund 
Business Credit Availability Program (BCAP)
The government has established 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 commercial support, developed by BDC in partnership with financial institutions, is intended to help Canadian businesses that may obtain incremental credit amounts up to $6.25 million, 80% of which would be provided by BDC, with the remaining 20% from their financial institution.
Credit
  Canada Emergency Business Account for farmers
A four-week hotline service called the Business Resilience Service will help entrepreneurs and small business owners in need of financial planning advice, and supports them to retain their employees, keep their costs low and pay their operating expenses. 
Financial advice 
  Canada Emergency Business Account for farmers
The Canadian Emergency Business Account has potential to provide up to $670 million directly to farmers from the forgivable portion of Canadian Emergency Business Account interest-free loans. Farmers without payroll can now access the $40,000 interest-free loan available under CEBA – up to $10,000 of which is forgiven if the rest is repaid by December 31, 2022.
Loans
  Canada Emergency Commercial Rent Assistance
The Canada Emergency Commercial Rent Assistance for small businesses, which will provide a forgivable loan to qualifying commercial property owners, who in turn give a rent reduction of at least 75% for April and May (retroactive) and June, to impacted small business tenants who have experienced at least a 70% drop in pre-COVID-19 revenues. The application process for these loans opened on May 25. 
Loan 
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.
Financial support
Canada Emergency Wage Subsidy
The legislation introduced includes additional flexibilities that would provide effective support to eligible employers. The proposed CEWS would apply at a rate of 75% of the first $58,700 earned by employees – representing a benefit of up to $847 per week, per employee. Employers of all sizes and across all sectors of the economy would be eligible, with certain exceptions including public sector entities. The government announced the extension of the program for an additional 3 months to August 29, 2020.
Payroll
  Child care support for returning workers
The government announced $625 million in federal support for Canada’s child care to support parents’ gradual return to work. Along with the agreements under the Multilateral Early Learning and Child Care Framework, this investment means the Government of Canada will invest almost $1.2 billion to support child care in 2020-2021.
Fund 
  COVID-19 Resilience fund
The government aims at adapting its infrastructure program to make it easier to invest in making schools safer for children and long-term care facilities safer for aging people. The federal government will pay 80% of the cost for projects that have a value of less than $10 million and can be completed by the end of 2021. Projects in the Territories are eligible for 100% federal funding, and have an extra year to be completed. The Government of Canada will also cost-match more than $1.8 billion to support any additional provincial/territorial contributions made for public transit.
Fund 

Credit and loan support for businesses
The Business Development Bank of Canada (BDC) and Export Development Canada (EDC) is offering support for businesses. EDC is working with financial institutions to issue new operating credit and cash flow term loans of up to $6.25 million to Small and Medium-Sized Enterprises. BDC is working with financial institutions to co-lend term loans to SMEs for their operational cash flow requirements. Eligible businesses may obtain incremental credit amounts of up to $6.25 million through the program.

The new Canada Emergency Business Account will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced. To qualify, these organizations will need to demonstrate they paid between $50,000 to $1 million in total payroll in 2019.

The Government of Canada is expanding the Canada Emergency Business Account (CEBA) to businesses that paid between $20,000 and $1.5 million in total payroll in 2019. The Canada Emergency Commercial Rent Assistance (CECRA) for small business is likely to lower rent by 75% for small businesses. The program will seek to provide loans, including forgivable loans, to commercial property owners who in turn will lower or forgo the rent of small businesses for the months of April (retroactive), May, and June. The program will provide forgivable loans to qualifying commercial property owners to cover 50% of three monthly rent payments.

Credit, Loans
  Emergency COVID-19 funds
An agreement has been reached between the Governments of Canada and Québec that will provide funding directly to the province to distribute to organizations throughout Québec. The $2.3 million that will be transferred to the province is in addition to the previously announced $40 million, which included $6.46 million in dedicated funding for women’s shelters and sexual assault centres in Québec.
Measures 
  Emergency Funding for COVID-19 Safety Measures in Forest Operations
The federal government plans to provide up to $30 million for small and medium enterprises in the forest sector, including tree-planting operations.  The government intends to work with the provinces and territories to deliver this funding, which will preserve jobs for forest sector workers, including approximately 7,000 tree planters this year.
Fund 

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.

Payroll

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.

Finance support

Expanded access to Canada Emergency Response Benefit
Aims at providing a taxable benefit of $2,000 every 4 weeks for up to 16 weeks to eligible workers who have lost income or stopped working.

Bonds
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.
Bonds
Expansion of Business Credit Availability program
The program now includes mid-sized companies with larger financing needs. Support for mid-market businesses will include loans of up to $60 million per company, and guarantees of up to $80 million. Through the BCAP, Export Development Canada (EDC) and the Business Development Bank of Canada (BDC) will work with private sector lenders to support access to capital for Canadian businesses in all sectors and regions.
Credit
  Extension for tax payment deadline
The Canada Revenue Agency (CRA) is extending the payment due date for current year individual, corporate, and trust income tax returns, including instalment payments, from 1 September 2020, to 30 September 2020. Penalties and interest will not be charged if payments are made by the extended deadline of 30 September 2020. This includes the late-filing penalty as long as the return is filed by 30 September 2020.
Measures 
  Extension of Rent Relief Program for small businesses
The government announced that the Canada Emergency Commercial Rent Assistance (CECRA) will be extended by one month to cover eligible small business rents for July.
Rent Relief 
Expansion of support for workers and small businesses
Canadian small businesses can access interest free loans that will help cover operating costs. The program will now be available to sole proprietors receiving income directly from their businesses, businesses that rely on contractors, and family-owned corporations that pay employees through dividends rather than payroll.
Loans
  Extension for filing of Alberta Corporate Income Tax Returns
The Government of Alberta recently announced that the filing deadlines for Alberta Corporate Income Tax Returns (AT1) have been extended to: June 1, 2020 for AT1 returns due after March 18, 2020 and before June 1, 2020 and September 1, 2020 for AT1 returns due in June, July or August 2020.
Accounting and Tax
  Extension of tax deadline in Quebec
Revenu Québec announced that the deadline for filing the tax return of some companies is postponed to 1 September 2020.
Income Tax
  Extension of the Canada Emergency Response Benefit
The government extended the Canada Emergency Response Benefit (CERB) by eight weeks. This extension will make the benefit available to eligible workers for up to a total of 24 weeks.
Extension of Emergency
Response Benefit 
 

Extension to recall employees
For employees laid off prior to March 31, 2020, the time period to recall employees is extended by six months or to December 30, 2020, whichever occurs first.

For employees laid off between March 31, 2020, and September 30, 2020, the time period is extended until December 30, 2020, unless a later recall date was provided in a written notice at the time of the layoff.

Temporarily extension 
Film and Media Tax Credits Program
The Canada Revenue Agency will support programs like the Film and Media Tax Credits (FMTC) to ensure that businesses receive their credits as soon as possible. For the time being, no new audits will be started and some of its existing audits will be completed as soon as possible so that businesses have access to their credits faster. Claims accepted at this time may be subject to audit at a future date.
Accounting and Tax

Flexibility for businesses filing taxes
The deadline to pay off any outstanding balances interest-free will be extended to August 31, 2020. This applies to individual, trusts and corporations. This relief would apply to tax balances due as well as instalments.

The Canada Revenue Agency (CRA) 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. For the vast majority of businesses, the CRA will temporarily suspend audit interaction with taxpayers and representatives.

Accounting and Tax
  Green jobs in the natural resources sectors
The government announced $15.8 million to create green jobs and training opportunities for Canadian youth in the fields of science, technology, engineering and math (STEM) in the energy, forestry, mining, earth sciences and clean technology sectors.
Fund 

GST/HST payments and remittances
Allow businesses to defer GST/HST and customs duty payments until June 30, 2020. Any GST/HST payment that becomes owing from March 27 until the end of May can be deferred until the end of June. For GST and customs duty payments for imported goods, deferral will include amounts owing for March, April and May.

Accounting and Tax

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.

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.

Payroll

Income tax filing and payment
Businesses can defer, until after August 31, 2020, the payment of income tax amounts that become owing on or after March 18 and before September 2020.

Accounting and Tax
  Increased Access to EI and recovery benefits
The Government of Canada will transition to a simplified Employment Insurance (EI) program, effective 27 September 2020. This will provide income support to those who remain unable to work and are eligible, and introduce a new suite of temporary and taxable recovery benefits to further support workers.
Measures 
Increase in wages for essential workers
The Government of Canada will provide up to $3 billion in support to increase the wages of low-income essential workers.
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. The governments of Canada and Ontario are investing up to $2.5 million to help the agri-food sector to expand online, providing more opportunities for producers to grow their business and offer more food choices for families who are shopping from home.
Credit
  Innovation support for Quebec businesses
The government announced more than $16 million support for businesses and organizations developing innovative solutions. In addition to investing in innovative businesses, CED works in synergy with Quebec’s business incubators and accelerators. They offer crucial support for young, innovative businesses with high growth potential (start-ups) at all phases of their existence, nurturing talent and innovation.
Fund 
  Investments in microbrewery, cidery and winery tourism
The government of Canada announced $250,000 through the Canadian Experiences Fund (CEF) to help three Central Ontario producers enhance culinary tourism experiences, expand their product offerings and support local jobs.
Fund 
  Investment in roads and bridges
The Government of Canada aims at investing over $22 million to support rural communities in Central and Eastern Ontario through the Rural and Northern Infrastructure Stream (RNIS) of the Investing in Canada infrastructure plan.
Investment 
  Investment support for western Canadian women entrepreneurs
The government of Canada announced $8.3 million through the Regional Relief and Recovery Fund to support the Women’s Enterprise Initiative (WEI) organizations across Western Canada. The Women’s Enterprise Centre in British Columbia, Alberta Women Entrepreneurs, Women Entrepreneurs of Saskatchewan, and the Women’s Enterprise Centre of Manitoba will each receive $2 million in additional loan funds for women entrepreneurs.
Fund 
  Large Employer Emergency Financing Facility
A Large Employer Emergency Financing Facility (LEEFF) provides bridge financing to Canada’s largest employers. The objective is to help protect Canadian jobs, help Canadian businesses weather the current economic downturn, and avoid bankruptcies of otherwise viable firms where possible. Companies seeking support must demonstrate how they intend to preserve employment and maintain investment activities. The program is not available to companies that have been convicted of tax evasion. 
Loan  
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.
Credit
  Measures for corporations
The deadline for filing the corporation income tax return has been extended. If the normal deadline falls in the period from 17 March to 30 May 30, the deadline has been extended to 1 June 2020 from 31 May to 31 August 2020, the deadline has been extended to 1 September 2020.
Accounting and Tax
  Measures for partnerships
Partnerships that would normally file the Partnership Information Return during the period from:  31 May to 31 August 2020, now have until 1 September 2020, to file the return. The extended deadlines also apply to SIFT partnerships.
Measures 
  Mid-Market Financing Program
The government announced the deployment of the Mid-Market Financing Program, part of the Government of Canada’s Business Credit Availability Program (BCAP). The financing is intended to fund operational cashflow needs to ensure business continuity.
Finance Program 
Mid-Market Financing Program for medium-sized businesses
Canada’s bank for entrepreneurs announced the creation of the Mid-Market Financing Program. The objective of the program is to bring liquidity to medium-sized companies and whose credit needs exceed the limit already available through the federal government’s Business Credit Availability Program (BCAP), as well as other measures previously announced by BDC. BDC will make additional credit available to complement businesses’ existing debt facilities, working closely with their primary lenders. These commercial loans, which will take the form of a junior loan done jointly with the business’ primary lender, will range in size between $12.5 million and $60 million each.
Financial support
  Minimum unemployment rate for the Employment Insurance program
The government announced that effective August 9, 2020 a minimum unemployment rate of 13.1% will be applied temporarily for all EI economic regions across Canada. This temporary measure will establish minimum entry requirements for EI eligibility across the country for Canadians to access the income support they need now or might need later.
Measures 
  Mining and logging tax
The deadline for paying mining tax has been extended to 1 September 2020, as it has been for income tax and instalment payments. The deadline for paying logging tax that would normally fall between 17 March 2020 and 31 August 2020, has been extended to 1 September 2020.
Accounting and Tax
  More business eligibility for Canada Emergency Business Account
More owner-operated small businesses that had been ineligible for the program due to their lack of payroll, sole proprietors receiving business income directly, as well as family-owned corporations remunerating in the form of dividends rather than payroll will become eligible. Eligible businesses will qualify for financing of up to $40,000, with 25% of this being forgivable based on the current terms of CEBA loans.
Fund 
  New extension of the credit for contributions to the health services fund
The government announced that the Employers with an establishment in Québec that qualify for the Canada Emergency Wage Subsidy (CEWS) for a qualifying period can also claim the credit for contributions to the health services fund for the same period. The CEWS was initially granted for a 12-week period but was extended until 29 August 2020. The credit for contributions to the health services fund was also extended until 29 August 2020.
Fund 
  Old Age Security pension
The government aims to offer one-time tax-free payment of $300 for seniors eligible for the Old Age Security (OAS) pension, with an additional $200 for seniors eligible for the Guaranteed Income Supplement (GIS). The government announced that seniors eligible for the Old Age Security (OAS) pension and the Guaranteed Income Supplement (GIS) will receive their special one-time, tax-free payment of $900 more for single seniors and more than $1,500 for senior couples, on top of their existing benefits.
Income payment  
  People Outside Safely Together (POST) Promise program
The Government of Canada has partnered with the People Outside Safely Together (POST) Promise program, an initiative launched by Canadian private sector organizations to help businesses across the country reopen safely. By displaying the “POST Promise” logo, participating businesses can reassure customers that they are doing their part to help protect Canadians’ health and safety.
 Voluntary Program
Provincial Bond Purchase Program
This program will supplement the already-implemented Provincial Money Market Purchase Program. The aim of both these programs is to maintain well-functioning provincial funding markets in the face of significant demands for funding as governments implement their emergency measures, and businesses and households seek to bridge this difficult period.
Bonds
Regional Relief and Recovery Fund
Regional Relief and Recovery Fund (RRRF) devotes nearly $962 million to help more businesses and organizations in sectors such as manufacturing, technology, tourism and others with targeted assistance delivered by regional development agencies. The $962 million fund comprise of $252.4 million support fund in southern Ontario; $49.5 million for Northern Ontario – FedNor; $304.2 million support fund in Western Canada; $211 million support fund for Quebec; $110 million for Atlantic Canada; and $34.3 million in funding for the territories.
Fund
Reimbursement for teleworking supplies
The government announced the total or partial reimbursement, on presentation of supporting documents, of a maximum amount of $500 intended to offset the cost of acquiring personal computer equipment or the office equipment required for teleworking is not a taxable benefit for the employee.
Accounting and Tax
Relief for federally regulated pension plan sponsors
The government has been providing immediate, temporary relief to sponsors of federally regulated, defined benefit pension plans in the form of a moratorium, through the remainder of 2020. The relief will help ensure that employers have the financial resources they need to maintain their operations and their pension plans, and to protect the retirement security of their workers and retirees.
Grants
 

Relief measures for registered pension plans and Deferred Salary Leave Plans
The government has proposed to add temporary stop-the-clock rules to the conditions applicable to Deferred Salary Leave Plans.

Regulations are proposed to be amended to temporarily suspend the 90-day limit on borrowing and the prohibition on a borrowing being part of a series of loans or repayments.

Catch-up money purchase contributions will be added to an employee’s pension adjustment for 2020. If an employee is a member of a registered pension plan and is on an “eligible period of reduced pay”, the tax rules permit the plan to recognize full pensionable service for periods of reduced pay as if the periods were regular employment at unreduced pay.

Measures 
  Rent relief for business tenants in all national parks, national historic sites and national marine conservation areas
The Government of Canada is likely to waive up to 75% of eligible commercial rents for the months of April, May and June 2020 or equivalent amounts of annual rents. This relief is additional to measures announced March 27 allowing commercial operators to defer payments normally due on or after April 2, 2020 to as late as September 1, 2020.
Rent 
  Road and bridge infrastructure
The Government is investing more than $9.9 million in road and bridge projects through the Rural and Northern Communities Infrastructure Stream of the Investing in Canada plan. The Government of Ontario is also contributing over $6.6 million; and the municipalities involved are contributing over $17.8 million combined to the projects.
Fund 
  Safe Restart Agreement
The government announced a federal investment of more than $19 billion to help provinces and territories safely restart the economies and make the country more resilient.
Fund 
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.
Accounting and Tax
Seafood Stabilization Fund
The government announced $62.5 million of new assistance to the fish and seafood processing sector. This new Canadian Seafood Stabilization Fund will help businesses: access short-term financing to pay for maintenance and inventory costs; add storage capacity for unsold product; comply with new health and safety measures for workers; support new manufacturing/automated technologies to improve productivity and quality of finished seafood products; and, adapt products to respond to changing requirements and new market demands.
Fund
Steps to Protect Agri-Food Workers
The governments of Canada and Ontario are investing $2.25 million in provincially licensed meat processing plants to better protect employees and ensure the continued supply of healthy products for consumers.
Financial support
  Support businesses with digital technologies
The Government of Canada is investing $50 million towards helping businesses across the region adopt digital technologies.
Digital 
  Support Indigenous businesses and the Indigenous tourism industry
The government announced additional funding totaling $133 million in new funding to support Indigenous business. Of these additional funds, $117 million will reach more community-owned First Nation, Inuit and Métis businesses including microbusinesses. It also announced a new stimulus development fund that will provide $16 million to support the Indigenous tourism industry.
Fund 
Support for agriculture, seafood, and food processing businesses in British Columbia
Agriculture, seafood, and food processing businesses in British Columbia can access consulting and planning services and funding. The funding available includes up to $5,000 in business planning services and coaching for individuals, and up to $20,000 for groups, from a qualified business consultant, to develop an immediate and long-term recovery plan.
Grants
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. 
Financial support
  Support for British Columbia’s technology sector
The government announced $2,950,000 in federal support to help businesses in BC's technology sector. This funding will benefit up to 2,500 innovative companies and support as many as 1,000 jobs.
Fund 
Support for business in territories
The government is making available $15 million in non-repayable support for businesses in the territories. This support will assist businesses with operating costs not already covered by other Government of Canada measures.
Financial support
  Support for Canada’s forest sector
Support includes: investments in Forest Industry Transformation (IFIT) where it is likely to invest $83 million to bridge the gap between new product development and commercialization and ensure a more competitive and resilient forest sector. The Indigenous Forestry Initiative (IFI) aims to invest $13 million to support Indigenous participation in forestry-related opportunities, businesses, careers and governance.
Fund 
  Support for Canadians through the next phase of the recovery
The government announced changes to the Employment Insurance (EI) program and new income support benefits. They also announced that in preparation for this transition and to ensure support continues for Canadians whose employment has been impacted by the pandemic, the Canada Emergency Response Benefit (CERB) will be extended by an additional four weeks to a maximum of 28 weeks.
Measures 
  Support for cultural and heritage organizations
The government allocated $25.7 million in new funding for national museums and the National Battlefields Commission. It also confirmed the implementation of the first component of Phase 2 of the COVID-19 Emergency Support Fund for Cultural, Heritage and Sport Organizations, launched in May 2020. 
Fund 
Support for early stage businesses
The government aims at investing $250 million to assist innovative, early-stage companies that are unable to access other COVID-19 business supports through the Industrial Research Assistance Program (IRAP). IRAP offers advice, connections, and funding to help Canadian small and medium-sized businesses increase their innovation capacity and take ideas to market.
Financial support
  Support for farmers, food businesses, and food supply
The Government of Canada announced additional investment of more than $252 million to support farmers, food businesses, and food processors with a $77.5 million Emergency Processing Fund to help food producers. They have launched national AgriRecovery initiatives of up to $125 million in funding and a Surplus Food Purchase Program with an initial $50 million fund designed to help redistribute existing and unsold inventories.
Financial support
  Support for fish harvesters
The government announced up to $469.4 million in new measures to support Canada’s fish harvesters, who are economically impacted by the pandemic but cannot access existing federal measures. This investment includes $62.5 million for the new Canadian Seafood Stabilization Fund to help Canada’s fish and seafood processing sector.
Financial support
  Support for investments in infrastructure in rural and northern Ontario
The Government of Canada announced to invest over $23 million in roads and bridges for rural communities in Northern Ontario through the Rural and Northern Communities Infrastructure Stream.
Investment 
  Support for investment in public transit infrastructure for Peterborough residents
The Government of Canada announced to invest over $5.8 million in public transit infrastructure . The Government of Ontario announced to provide more than $4.76 million to the projects, while the City of Peterborough aims to contribute more than $3.67 million and the County of Peterborough with over $18,000.
Investment 
  Support for manufacturing businesses
The government announced $21M in investments to help manufacturing businesses to adopt new technologies.
Fund 
  Support for medium-sized businesses
BDC, Canada’s bank for entrepreneurs, announced the deployment of the Mid-Market Financing Program, part of the Government of Canada’s Business Credit Availability Program (BCAP). The financing builds on the federal government’s previous economic support programs and is intended to fund operational cashflow needs to ensure business continuity.
Measures 
  Support for Quebec businesses and organizations
$71.3 million has been granted to the Réseau des SADC et CAE to support businesses and organizations located in Quebec’s rural communities.
Fund 

Support to oil and gas sector companies
The Government of Canada, through BDC, Canada’s bank for entrepreneurs, and Export Development Canada (EDC) announced higher risk financing for Canada’s oil and gas sector, to strengthen companies’ financial position and complement financing available from EDC and other financial institutions.

These commercial loans, ranging in size between $15 million and $60 million each, are expected to be used to fund operational cashflow needs for a 12-month period which in turn will ensure a degree of continuity of operations.

Financial support
  Support for Quebec tourism sector
Financial assistance totaling over $30 million has been allocated for Quebec.
Financial assistance 
Support for rural business
The government aims to provide $287 million to support rural businesses and communities by offering needed access to capital through the Community Futures Network.
Financial support
  Support for SMEs
$675 million will be provided for financing support to small and medium-sized businesses that are unable to access other COVID-19 business supports, through Canada's Regional Development Agencies. The government also provides Small and Medium-sized Enterprise Loan and Guarantee program that will enable up to $40 billion in lending by providing businesses with access to flexible term loans of up to $12.5 million to help cover immediate, operational cash-flow requirements.
Financial support
  Support for temporary foreign workers
The federal departments involved in the Temporary Foreign Worker program worked together to simplify processes and facilitate as much as possible the safe entry of these workers, including priority processing of applications, highlighting that work permit applicants can continue working with the same employer while they have an extension application being processed, and the measures announced to fast-track approval for workers in non-SAWP streams to change jobs or employers.
HR
  Support for tourism sector in South Ontario
The Government of Canada aims at investing $30 million to support destination marketing organizations across the region.
Fund 
  Support for tourism sector in North Ontario
The Government of Canada invested $7.6 million to support communities, businesses and organizations in Northern Ontario to help create jobs, spur growth and support the tourism industry. 
Fund 
  Support for women entrepreneurs
The Government of Canada will provide $15 million in additional funding to support women entrepreneurs through the Women Entrepreneurship Strategy (WES). This investment includes federal support to help small business owners retain their employees and keep up with their operating costs. This includes the 75% wage subsidy, lending supports, help with commercial rent and deferred tax payments, as well as dedicated funding for innovators, entrepreneurs in rural and northern communities and Indigenous-owned businesses.
Funds
  Support for women entrepreneurs in Southern Ontario
The government announced a $281,600 investment as part of the government’s recent top-up of $15 million to Canada’s first-ever Women Entrepreneurship Strategy’s Ecosystem Fund. ELLA Ascend will soon launch a new initiative called the Fractional Executive Program. Through this new program, a cohort of 10 entrepreneurs and advanced ELLA participants will benefit from mentorship and coaching support to help them address challenges associated with scaling globally.
Fund 
Support for young entrepreneurs
The government aims to provide $20.1 million in support for Futurpreneur Canada to continue supporting young entrepreneurs. The funding will allow Futurpreneur Canada to provide payment relief for its clients for up to 12 months.
Financial support
  Support tourism opportunities in Prince Edward Island
The Government of Canada, through ACOA, is investing $262,696 in seven projects across Prince Edward Island to help strengthen the tourism industry and support jobs and growth opportunities.
Investment 
  Support tourism opportunities in New Brunswick
The Government of Canada, through ACOA, is investing more than $2.3 million in 13 projects across New Brunswick to help strengthen the tourism industry and support jobs and growth opportunities.
Investment 
  Support tourism opportunities in Newfoundland and Labrador
The Government of Canada, through ACOA, is investing $2.9 million in 27 projects across Newfoundland and Labrador to help strengthen the tourism industry and support jobs and growth opportunities.
Investment 
  Support tourism opportunities in Nova Scotia
The Government of Canada, through ACOA, is investing $3.5 million in 22 projects across Nova Scotia to help strengthen the tourism industry and support jobs and growth opportunities.
Investment 
  T2 Corporation Income Tax Returns deadline extended
The CRA will allow all businesses to defer T2 corporation income tax returns otherwise due in June, July or August, to 1 September 2020. 
Accounting and Tax
  Targeted support for tourism across Western Canada
The government announced $3.45 million to bolster recovery efforts for Western Canada’s tourism areas.  The funds will support keystone assets and regionally-based tourism associations that provide services to SMEs. 
Fund 
  Tariff relief to importers of certain medical goods
The government aims at waiving tariffs on certain medical goods, including PPE such as masks and gloves. This will reduce the cost of imported PPE for Canadian businesses, which face tariffs of up to 18%.
Tariff relief
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.
Accounting and Tax
  Tax deadline for corporates
Instalments and income tax balances that would have been due in the period between 17 March 2020 and 31 August 2020 are now payable by 1 September 2020.
Accounting and Tax
 

Tax deadline for individuals
The deadline for paying income tax or the annual registration fee for the enterprise register related to the 2019 income tax return has been extended to 1 September 2020.

The deadline for paying income tax or the annual registration fee for the enterprise register that is related to the 2020 income tax return and that would normally be paid before 1 September 2020 has been extended to 1 September 2020.

If a trust is required to make instalment payments, the payment normally due on 15 June 2020 is now due by 1 September 2020.

Accounting and Tax

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. The government announced a 10% temporary wage subsidy for employers for a period of three months.

Eligible employers (individuals - excluding trusts, certain partnerships, non-profit organization, registered charity, or certain Canadian-controlled private corporations - including cooperative corporations) who pay salary, wages, or taxable benefits to employees, between March 18, 2020 and June 19, 2020, can reduce payroll remittances of federal, provincial, or territorial income tax by the amount of the subsidy. This measure is only applicable to remittances made to the CRA.

Payroll
  Time limit extension to pay rent for mineral leases in Nunavut and grants rent relief
This Order extends time limits to pay rent for mineral leases under the regulations that become due between 13 March 2020 and 29 October 2020 inclusively by up to six months, and not extending beyond 30 October 2020. Canada has also amended the Nunavut Mining Regulations to waive for one year, upon request in writing to the Department, the payment of annual rent on mineral leases due in the one-year period from 13 March 2020 to 12 March 2021. Any rent that has been paid before the amendment that will come into force will be waived in the following year.
Measures 
  Update on Sales Tax and Duty Payment Deferral
The government announced that GST/HST and customs duty payment deferral will end as planned on June 30. Businesses that continue to experience difficulty in remitting GST/HST and customs duty amounts owing can contact the Canada Revenue Agency (CRA) and Canada Border Services Agency (CBSA) to make a request for the cancellation of penalties and interest, and/or for a flexible payment arrangement with the CRA.
Accounting and Tax
Quebec Collaborative Action for Employment program
The Quebec government's Collaborative Action for Employment (PACME) program aims to provide direct support to businesses through financial support to promote training and optimize the functioning of businesses and the labour market. Eligible expenses include reimbursement of salaries, training expenses, related expenses and human resources management expenses.
HR
  Income tax payments
For businesses, the payment of tax installments and taxes is suspended until July 31,2020.
Accounting and Tax
Cayman Islands  CIGOUK Launches Welcome Pack
Cayman Islands Government Office in the UK (CIGOUK) has a digital “Welcome Pack” to provide continued assistance to Caymanians overseas. The digital welcome pack has been created for Caymanians and Cayman residents arriving in the UK either for the first time or returning to work, school or university in the days and weeks ahead.
Measures 

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.
Accounting and Tax
 

Micro & small business relief measures
The Low Interest Loan Programme provides financial and non-financial support to micro and small businesses and will benefit businesses that are 100% Caymanian-owned and have been operational for at least 12 months prior to March 2020.

The Micro and Small Business Grant Programme targets three thousand vulnerable micro and small businesses and is intended to provide initial assistance of $1,000 monthly to selected business for three months.

Measures 
Waived trade and business fees
Payment of trade and business licensing application fees from 1 May to 31 July 2020 have been waived. Late fees from 1 March to 31 July 2020 will also be waived for all applicants.
Grants
  WORC employment services
Jobs are being found for Caymanians who have registered with Workforce Opportunities & Residency Cayman, as WORC’s employment services unit continues to match jobseekers with employers in both the public and private sectors.
Employment 
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.
Financial support
  Emergency Family Income
The Emergency Family Income initiative, is part of the Agreement for Social Protection and Job Recovery, extends the benefit to up to $ 100,000 per person.
Income
  Emergency Plan for Protection and Reactivation
The government announced an Emergency Plan for Protection and Reactivation with resources up to $ 12,000 million. It has three parts: 1) Fiscal Framework for 24 months and subsequent fiscal consolidation; 2) protection of family income; and 3) economic and employment recovery plan.
Employment and
Income
  Employment Protection Law and Unemployment Insurance
The government expanded the coverage of employment protection and improved unemployment insurance. The project proposes to make the requirements for access to Unemployment Insurance benefits more flexible, allowing workers who are unemployed or who are unemployed, after having received the benefits of the Employment Protection Law, to access the benefits of the Insurance.
Measures 
  Government COVID-19 stimulus package
The government announced the release of $4.5 billion in additional stimulus packages to help mitigate the effects of the covid-19 pandemic while the country's population is taking advantage a new rule that allows the withdrawal of pension funds.
Fund 
  Government programs to protect and promote employment
The President launched an Employment Protection Law, which safeguards families' labor income, ensuring employment and labor rights such as the payment of contributions by the employer. Also, the Head of State has signed the bill to protect 1.2 million independent workers by creating a reserve fund with benefits similar to those granted by unemployment insurance. 
Payroll 
  Measures for micro trade
Through the creation of a solidarity fund of US $ 100 million, funds will be channeled through the municipalities to with the challenges of local micro-commerce.  
Financial support
 

Measures for SMEs with annual income up to 350,000 UF
Provisional Monthly Payments are suspended for April, May and June. Also, VAT payment is extended for the months of April, May and June 2020. The deferred VAT will be paid from July 2020, in 6 adjusted installments, without fines or interest. Payment of the first contribution installment for April 2020 is extended, which will be paid in three installments.

There is a rate reduction to 0% for the Stamp and Stamp Tax that is applied to credit operations for 6 months.

Accounting and Tax
  Medical leave processing
Medical leave documents for employees can be processed electronically.
Medical leave  
  New support measures for the middle class workers
The government announced a non-refundable bond of $ 500 thousand pesos, a state solidarity loan of up to $ 1.95 million pesos, an expansion of the rental subsidy and the postponement of the payment of university credits.
Measures 
  New tax measures to support SMEs
Extension of the suspension of Monthly Provisional Payments are suspended and has been extended through September. VAT deferral is extended through September for companies whose annual income is equal to or less than 350,000 UF and a decrease in sales equal to or greater than 30% for the April-June 2020 quarter, compared to the same period in 2019. Deferred fees will be paid without interest or fines. 
Accounting and Tax
 

Reactivation plan for job losses
The government announced a reactivation program to advance the recovery of the 1.8 million jobs lost during the coronavirus pandemic and the global recession. The government announced a massive and urgent program of employment subsidies, which could benefit up to 1 million people and will cost close to US $ 2 billion.

The government announced tax incentives for private investment, which represents about 80% of total investment, and the speeding up of 130 private investment projects, which involve US $ 21 billion and have the capacity to create 120 thousand direct jobs. Also, the Concessions Program of the Ministry of Public Works will be strengthened and streamlined. The plan includes a special program to simplify procedures and expedite permits to promote and accelerate investment, entrepreneurship and recovery.

Measures 
  Reactivation plan to advance the recovery of the 1.8 million jobs lost
The President of the Republic announced a reactivation program to advance the recovery of the 1.8 million jobs lost during the coronavirus pandemic. The President announced a program of employment subsidies, which may benefit up to 1 million people and will cost close to US $2 billion. The Government also announced a robust Public Investment Plan in physical, social and digital infrastructure.
Measures 
  Social protection and job recovery
The program of US $ 12,000 million, expands and strengthens the Emergency Family Income, increases coverage and improves the benefits of Unemployment Insurance and allocates additional funds for municipalities and Civil Society Organizations.
Unemployment
Insurance
  State Guarantee for credit
The government is working on a guarantee plan to mobilise credit for companies with annual sales of up to 1 million UF. This measure seeks to provide liquidity to 99.8% of companies, which provide 84% of employment, so that they can cover their working capital needs during this emergency.
Measures 
  Support for municipalities
The President of the Republic announced the distribution of US $120 million so that the communes of Chile have the resources to face the global pandemic of coronavirus. The second Municipal Solidarity Fund amounts to US $ 120 million and is 20% higher than the resources granted in May.
Measures 
  Support for the most vulnerable sectors
The government announced distribution of the US $20 million fund to prioritise the greatest social challenges, focusing on primary needs, such as food and shelter.
Measures 
China   Additional funding sources for small businesses
China will strive to provide more funding sources for small businesses and lower the financing costs via financial bonds for micro and small enterprises.
Fund 

Bank loan buyback to lift SME lending
China's central bank is likely to buy the bank loans made by some commercial lenders to increase lending to small firms by as much as ¥1 trillion ($140.18 billion). The People's Bank of China will use a ¥400 billion ($56 billion) special re-lending quota to buy up to 40% of the loans made by banking institutions to SMEs on a quarterly basis till June 2021.
Loan 

Bank-tax interaction for small and micro enterprises
The State Administration of Taxation and the China Banking and Insurance Regulatory Commission will support small and micro enterprises with urgent capital needs, tax credit loans, and help to overcome difficulties in resuming production.

Accounting and Tax
  Bonds from China's rural policy bank
The Agricultural Development Bank of China (ADBC), a rural policy bank, launched 13.2 billion yuan (about $1.89 billion) of bonds.
Fund 

Central bank’s counter-cyclical measures
The People's Bank of China (PBOC) will make full use of financial policies including the issuance of reloans and smooth policy transmission to stabilize the job market and boost the real economy. Along with targeted reserve requirement ratio cuts for eligible banks, special reloans has been issued to provide preferential interest rate credit support to enterprises and special bonds to provide sufficient funds to commercial lenders.


Central SOEs to utilize technologies
Central State-owned enterprises have been encouraged to utilize technologies to accelerate the integration between the latest digital solutions and traditional manufacturing.

The government will increase the development of emerging industries such as the internet of things, industrial internet, cloud computing, big data and artificial intelligence in central SOEs, as well as reinforce innovation in areas like life sciences, telemedicine, healthcare and pharmaceutical product development.

Grants

Commercial banks to increase financial assistance for SMEs
Commercial banks will increase their lending to small businesses with a solid tax payment background. Small and micro enterprises, which cannot provide any collaterals or guarantees for loans, can share their tax payment information with commercial banks to get funding.

To encourage bank lending to small companies, China's central bank has approved relending and rediscount provisions of 1 trillion yuan, adding to the earlier 500 billion yuan quota to boost credit for small and medium-sized companies.

Grants
  Consumption stimulus plan
The government will stimulate consumption of key products such as auto supplies and home appliance sand widen imports of high-quality goods to further boost domestic demand. The Ministry of Commerce aims to work with other government branches to implement policies and measures to promote vehicle sales and build a high-level platform for the third China International Import Expo, as well as enrich the operational content of both online and offline sales channels. China has extended tax exemptions for new energy vehicle purchases for another two years.
Grants
 

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.

Grants
  Deferment of income tax payments
Small companies with thin profit margins are allowed to suspend payments of corporate income tax from 1 May 1 to 31 December 2020 until the first filing period in 2021. Individual business owners can delay payments of individual income tax incurred in the same period until the first filing period next year.
Accounting and Tax
  Digital transformation of SMEs
The government will fuel the transformation of SMEs toward digitalization, and  to help them be more digitally savvy. Efforts will be made to accelerate the digital transformation of enterprises and nurture new business models of the digital economy. It is proposed to build virtual industrial parks and clusters, as well as encourage leading enterprises to help their upstream and downstream enterprises to better embrace digital opportunities.
Digital help
  Efforts to help small, medium and micro enterprises
As per the State Council, the new policies to support small and micro enterprises, include postponing the payment of income tax, increasing the value-added tax relief for small and micro enterprises and individual industrial and commercial households; extending the loss-carrying years of transportation, catering, tourism and other industries; reduce and exempt pensions, unemployment, three social insurance premiums for work injuries, etc.
Low-cost loans of ¥2.85 trillion have been provided to enterprises, especially small and medium-sized enterprises and individual industrial and commercial households, through special refinancing and re-discounting, incentivizing large state-owned banks to issue inclusive small and micro loans, and increasing special credit lines for policy banks; deferring principal repayment or interest. 
Financial support

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.

Investment

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.

Legal support

Enhanced measures for the economy
China will enhance macro-economic regulation and give more credit support to smaller and private companies. The government also pledged to make good use of capital markets, replenish the capital of small and medium-sized banks. 

Credit
  Enterprise bonds
The National Development and Reform Commission approved and registered the issuance of enterprise bonds for 496.96 billion yuan ($70.27 billion), up by 38 percent year-on-year. It has opened a green channel for hard-hit companies and key firms engaged in epidemic prevention and control work.
Measures 
  Extension in VAT reduction
The execution period for the implementation period of the VAT reduction and exemption policy for small-scale taxpayers has been extended to December 31, 2020.
Accounting and Tax

Extension of preferential tax policies
The government will integrate fiscal and financial policies and continue parts of expired preferential tax policies to the end of 2023. The tax support policies will remain applicable to inclusive financial services and micro-loan companies to help serve micro and small enterprises, self-employed individuals and farmers.

Accounting and Tax
  Extension on economic measures
Chinese authorities have announced the extension of fee cuts and exemptions for import and export enterprises to stabilize the foreign trade sector. The preferential policies, including waiving port construction fees levied on importers and exporters and halving oil-pollution damage compensation for ships, will be extended to 31 December 2020.
Measures 
  Financial reform package
The government announced financial reform package to support smaller businesses to help facilitate a steady economic recovery and ensure stability in key areas, including employment and people's livelihoods. The measures include rolling out the matrix for regulators to evaluate banking services for small and micro businesses, further reform of small and medium-sized banks to accelerate their capital replenishment by raising funds through multiple channels and improve their corporate governance
Financial relief 
  Financial support to ensure employment
The central government announced ¥53.9 billion (about $7.6 billion) of employment subsidies this year to stabilize and expand employment.
Subsidies 
  Fiscal and financial support measures intensified
China will make further efforts to ensure the full delivery of all support policies introduced this year, better leverage its proactive fiscal policy, and scale up financial support for the economy to help businesses. Fiscal and financial measures will be harnessed, and policies such as tax and fee cuts, financial support and assistance to companies for maintaining payrolls will be fully delivered to help smaller firms.
Accounting and Tax

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.

Grants
 

Intensify efforts to resume work and production
More VAT relief for micro, small and household businesses, extending the loss carry-forward period from five years to eight years for sectors severely hit, such as transportation, hospitality and tourism; lowering or waiving ¥600 billion of employers’ contributions to the old-age pension, unemployment and workplace safety insurance schemes in the first half of the year, and adopting the refund of unemployment insurance premiums for keeping payrolls stable.

It also includes waiving over ¥140 billion in road and expressway tolls, and cutting electricity and gas rates for enterprises by ¥67 billion in the first half of the year, releasing ¥1.75 trillion of funds by cutting the required reserve ratio; providing ¥2.85 trillion of low-cost lending for businesses, especially micro, small, and medium-sized firms and household businesses, through special re-lending and re-discounts, encouraging State-owned large banks to issue inclusive loans to small and micro businesses, and increasing the special credit quota of policy banks; deferring over ¥1 trillion in principal or interest payments for more than 1.1 million micro, small and medium-sized businesses, and stepping up support for spring farming and the development of animal husbandry.

Accounting and Tax

Loans and credit for small businesses
Banks and other financial institutions will make loans more accessible to small and micro-sized businesses affected. They will offer customized credit loans, with faster credit approval, appropriate increases in credit limit, and extensions of loan terms.

Loans, Credit
  Lower financing costs for enterprises
Banks should further cut fees and specify charges to lower the financial burden on enterprises. Practices such as forcing companies to deposit a part of their loans or make deposits as preconditions for credit, as well as bundle sales of financial products, will be strictly prohibited. 
Loan 

Lowered provision coverage ratio
The regulatory requirement for the provision coverage ratio of small and medium-sized banks will be lowered by 20% points, to free up more credit resources and boost the capacity for serving micro and small companies.

Payment support
  Measures for SMEs
China will continue to implement the policies of reducing taxes and fees for enterprises including the SMEs. The central government has issued about 90 policies in various fields, which have promoted the development of the SMEs.
Measures 
  Measures to support construction industry
The measures include strengthening industry employment security; increasing financial credit support; improving the project payment system; implementing fund substitution mechanisms; ensuring the supply of materials; increasing project recruitment bid support; support personnel training and technological innovation; optimize business environments and strengthen quality and safety management.Banks and other financial institutions will make loans more accessible to small and micro-sized businesses affected. They will offer customized credit loans, with faster credit approval, appropriate increases in credit limit, and extensions of loan terms. 
Financial support

Measures to support enterprises
China has offered 3.55 trillion yuan of low-cost capital to financial institutions via reserve requirement ratio cuts, re-lending, and re-discount quotas. Multiple steps should be taken to further enhance the implementation of positive fiscal policies, increase financial support for the real economy and small- and medium-sized firms, and ease the cost pressure for firms of the manufacturing and service industries. To promote the development of new business models and flexible employment, steps will be taken to strengthen guaranteed loans for start-ups and advance mass entrepreneurship and innovation.

Financial support
 

New financial reform measures
China will introduce 11 financial reform measures, including urging commercial banks to provide financial services to small and micro enterprises more efficiently; further reform of small and medium-sized banks will be carried out, such as accelerating capital replenishment of these banks, raising funds through multiple channels and combining replenishment of capital with the optimization of corporate governance.

Governmental financing guarantee institutions will support small businesses and farmers in a bid to share risks and help enterprises to resume work and overtake the difficulties.

Financial reforms 
 

New policies to support small firms
The central government is likely to push financial institutions to sacrifice ¥1.5 trillion ($212.1 billion) in profits in 2020 through policies such as guiding lending rates lower, deferring loan repayments for micro, small and medium-sized enterprises, and granting small businesses collateral-free loans.

More than ¥100 billion of additional transferred loans will be provided mainly to small and medium-sized banks, especially online-only banks, to ease small and micro enterprises' financing difficulty and reduce their financing costs.

Policies 
  "One-stop" tax reduction and fee reduction policy
The state government established a "one-stop" tax reduction and fee reduction policy implementation mechanism to ensure that taxpayers and payers can benefit from the policy; and simultaneously severely defraud the "false declaration" behavior of tax preferential policies for epidemic prevention and control to create fairness Fair tax business environment.
Accounting and Tax
  Package to boost tourism
The government of China plans to introduce a package of measures supporting rural tourism development and facilitating tourism market recovery. Among the measures are the acceleration of tourism infrastructure construction and the launch of high-quality rural tourism routes.
Measures 

Policies to stimulate domestic car market
Both the central and local authorities have come up with measures to help soften the impact on the auto industry. There is a plan to extend subsidies for new energy vehicles until 2022, and such vehicles will remain exempt from the purchase taxes for another two years as well. Some megacities with license plate quotas are relaxing the limits.

Grants
  Rent cuts for small businesses
China's central State-owned enterprises (SOEs) are likely to reduce or waive rents for small businesses in a bid to cut small business operating costs.
Rent waived off 
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.
Bank support
  Reduce burden and improve efficiency for export enterprises
Taxation department has made efforts to reduce the burden on enterprises and improve the efficiency of tax refunds and help foreign trade companies achieve light duty. Around 1084 items of the export tax rebate rate have been increased to 13%.
Accounting and Tax
  Reduction in interest rates
People's Bank of China has decided to cut the interest rates of the re-lending and rediscount lending facilities as of the beginning of July, in support of credit to smaller businesses.
Interest Rates 
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.
Teleworking support
  Support for cinemas in Beijing
Beijing has offered a total of 20 million yuan to cinemas in the city to mitigate the impact of COVID-19 on their business.
Subsidy 

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.

Payment support
  Support for SMEs
China adopted a new package of supportive policies to facilitate development of small and medium-sized enterprises, focusing on leveraging monetary tools and encouraging qualified firms to go public. Key measures include guiding commercial banks to further increase credit for smaller businesses.
Measures 
  Support for the cultural sector
For the film industry, taxpayers are exempt from value-added tax until 31 December 2020 on income derived from the provision of film screening services. The longest carry-over period for losses incurred by film industry enterprises in 2020 will be extended from 5 years to 8 years. 
Accounting and Tax
  Support policies for SMEs
China has issued a series of policies in finance, taxation, social security and other fields to help SMEs overcome current difficulties. 
Finance/Tax
  Support preferential tax policies
The government has introduced measures such as, preferential tax treatment to small-scale VAT taxpayers and individual industrial and commercial households, postponing the payment of 2020 income tax to small profit-making enterprises and individual industrial and commercial households, implementing relevant tax support policies for inclusive finance and increasing the export tax rebate.
Accounting and Tax
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.
Bank support
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. China announced to extend tax exemptions by an additional four years till December 2023, to further improve the inclusive finance service for smaller businesses. Also, VAT, which was already collected but eligible to be waived, can be deducted in subsequent months or refunded.
Accounting and Tax
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.
Accounting and Tax
  Unemployment insurance premiums
A total of 3.2 million companies have received 42.3 billion yuan ( $5.98 billion) in refunded unemployment insurance premiums. Chinese authorities have taken measures to help micro, SMEs tide over and secure job positions for staff. The measures included cutting tax burdens and boosting credit support.
Payroll
Colombia   Credits through National Guarantee Fund (FNG)
The government will support the issuance of new credits in order to maintain active credit relationships and finance  micro, small and medium-sized companies (Mipymes), to avoid bankruptcies and massive layoffs. The National Guarantee Fund S.A. (FNG) is the entity through which the government seeks to facilitate access to credit by granting guarantees.
Measures 

Extension of PAEF until December 2020
The National Government filed with an urgent message the bill to extend the Formal Employment Support Program (PAEF) until December 2020.
Measures 
  Formal Employment Support Program (PAEF)
The national government will grant monthly, and up to three times, a contribution per employee corresponding to 40% of the minimum wage (351,000 pesos), for companies to pay their workers' wages.
Measures 

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.

Payment support
 

Support program for payment of the services premium
The Service Premium Payment Program - PAP, establishes a single contribution that will correspond to the number of employees multiplied by $ 220 thousand for workers who earn between a minimum wage and a million pesos.

Individuals, legal entities, temporary unions and consortia may apply to this profit, proving a decrease of 20% of income. The PAP will be governed with parameters similar to those of the Employment Support Program Formal.

Measures 
  Tax deadline extended
Taxpayers of residential and non-residential properties will be able to pay until 5 June 2020, with a 10% discount. 
Timeline extension 
  Unemployment benefits
Employees can withdraw unemployment funds when  employee contracts are suspended.
Fund 
Croatia   Croatian Bank for Reconstruction and Development (HBOR) measures
Some measures for HBOR clients include: existing loans now have a grace period of repayment of the loan principal; approval of new liquidity loans to economic entities for financing salaries, overheads and other basic operating costs, the so-called cold drive (excluding credit obligations to commercial banks and other financial institutions) in cooperation with commercial banks; approval of guarantees to exporting commercial banks and HBOR within the export insurance guarantee fund with the aim of approving new working capital loans.
Measures 
  Extension of bank moratorium
The Croatian Bank for Reconstruction and Development has extended the moratorium for all clients to seven months or until 30 September this year, and for tourist clients to 16 months or until 30 June 2021.
Extension  
 

Measures to preserve jobs
Measures include financing 100% of the cost of the net minimum wage in the next three months, with the possibility of extension, Also, to preserve the seasonal workforce there is financial assistance for up to six months with co-financing the cost of extended pension insurance.

Employment
 

Micro loans for rural development
Micro loans for rural development are being introduced and working capital within this program is intended for small businesses in the agricultural, processing and forestry sectors. The loan is available in the amount of 1,000 to 25,000 euros, and the funds are provided by the Rural Development Program.

The repayment period is up to three years with an interest rate of 0.5 percent and a grace period of up to 12 months.

Loans

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. 
Accounting and Tax
 

Support measures for commercial banks
All collection measures for debtors are suspended for three months.

Liquidity loans and working capital (salaries and working capital excluding liabilities to financial institutions) are postponed with a maturity of up to three years.

Measures 
 

Tax deferral
The Ministry of Finance has put in place key measures for the deferral of payment of certain tax benefits, such as income tax or and health and pension contributions, and interest free installment repayment of these benefits for 24 months.

Accounting and Tax
  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.
Payroll
  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.
Loans
Cyprus  Aid measures
The government announced the implementation of the Special Plans which includes tourism aid, economic help for business and an unemployment plan.
Measures 

Self-employed individuals’ scheme
Self-employed workers who have partially suspended their operations, meaning they have a decrease in their turnover in the order of more than 25% during the month of March 2020 and they predict an equivalent decrease in turnover for the month of April 2020 are eligible for a special allowance that will equal 60% of the amount of the weekly total of insurable earnings.
Financial support
  Special Unemployment Support Allowance
From 13 May to 12 June, for any person who is registered as a regular unemployed person in the Register of the Public Employment Service and received an unemployment benefit, for which he has exhausted the right to pay either in January or February, either in March or in April 2020. The Special Allowance will be equal to € 360 for a period of one month.
Unemployment
Allowance
  Support for small businesses
Businesses employing up to 5 people that have suffered a loss bigger than 25% of their turnover but are still employing their employees can receive a subsidy of 70% of the workers’ salary.
Payment support
  Suspended business unemployment scheme
Businesses that have suspended their operations or continue operations but have suffered losses more than 25% of their turnover are entitled to a special unemployment benefit that will be paid to 90% of employees, provided the terms and conditions are met.
Payroll
  Temporary suspension of VAT payments
Payments for VAT are suspended for two months for businesses whose turnover was not over €1 million according to the tax returns submitted in 2019 and whose turnover has fallen by more than 25% without imposing any charges. Arrangements can be made for gradual payments until 11 November 2020.
VAT
Czech Republic  Antivirus employment support program
An Antivirus employment support program has been approved to help companies protect jobs and compensate employers for a substantial part of labor costs The Antivirus A program applies to companies where there has been a forced reduction of operations. The program Antivirus B applies to companies whose employees have economic difficulties. The Antivirus C program applies to companies with up to 50 employees and consists of the waiver of social security contributions for June, July and August 2020.
Measures 

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.  
Grants
  Compensation bonus to municipalities
A one-time contribution of CZK 1,250 per capita is provided to municipalities on the basis of an amendment on the compensation bonus, which took effect on 7 August. The amendment also allows people working on an insured agreement to apply for state aid. The contributions are intended to compensate municipalities for the fall in tax revenues related to the payment of state aid for sole proprietors and partners of small limited liability companies.
Measures 
  Compensatory bonus for conciliators and self-employed persons
The government approved state aid for people who worked on a work performance agreement (DPP) or a work activity agreement (DPC). Contractors who have paid sickness insurance will be able to apply for a compensatory bonus of CZK 350 per day, retrospectively for the period from 12 March to 8 June 2020.It is also likely to expand the circle of recipients of the compensation bonus to people working on insured agreements, ie for DPČ from CZK 3,000 and for DPP over CZK 10,000 per month.
Compensatory bonus 
 

Culture & creative industry support
Entrepreneurs in the field of culture who, due to preventive measures of the government had to cancel or postpone their planned actions, will be able to apply for a subsidy in the amount of 50% of eligible expenditures ex post, maximum 5 million crowns.

SMEs in the creative industries will be able to receive support in the form of creative vouchers for the purchase of already paid creative services.

In the case of entities focused on furniture design, service design, film and video, photography, graphic design, music and sound, information and communication technologies, cultural heritage, marketing strategies, online marketing, PR, work with texts and webdesign, the grant will be a maximum of 150 000 CZK.

For companies focused on product design, industrial design and crafts, the subsidy will be a maximum of CZK 250,000.

Measures
 
 
  Direct support for the self employed
Self-employed persons could originally apply for support of CZK 500 per day for the period from March 12 to April 30, for a maximum amount of CZK 25,000. However, due to the extension of the state of emergency and the continuing closure of establishments, the Ministry of Finance has prepared an amendment to the law, which allows injured self-employed persons to continue to apply for CZK 500 per day from 1 May to 8 June for a maximum of CZK 19,500.
Payroll
  Export Guarantee and Insurance Company fund
The government approved a proposal by the Ministry of Finance for an extraordinary contribution of CZK 4 billion to the Export Guarantee and Insurance Company (EGAP) fund to cover liabilities from provided guarantees, with an aim to help export companies.
Funds
 

Guarantee for loans to companies
The Czech Republic will provide a state guarantee in the amount of a maximum of CZK 150 billion for loans to companies. The maximum amount of an individual loan is CZK 50 million. The condition for providing the guarantee is to determine the loan for operational financing and to prove that it is an applicant with a maximum of 500 employees.

In the case of small and medium-sized companies that employ less than 250 employees, the guarantee will be provided up to a maximum of 90% of the debt from the individual loan provided, with the lending bank's share of the risk is at least 10%.

Loans

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%.
Loans
  Measures for employees
The government has extended the period of payment of nursing allowance for the duration of the government measure banning school attendance, until 30 June 2020. Employees working on a performance agreement who pay social insurance are also entitled to the nursing allowance. From 1 April to 30 June, the nursing allowance (even retroactively) will increase from the normal 60 to 80% of the daily assessment basis.
Measures 
  Plan for hotel units and tourist accommodation
In the context of the emergency measures taken by the Ministry of Labor, Welfare and Social Security, the Special Plan is decided for hotel units and tourist accommodation and the payment of a special unemployment benefit to private sector employees in accordance with the terms and conditions set out in this decision.
Measures
  Postponement of loan and mortgage repayments
The new law on the credit moratorium will allow companies to postpone the repayment of loans and mortgages with any bank and non-bank provider for up to half a year.
Grants
  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. 
 
Financial support
  Reduction of VAT
Value added tax on a wide range of goods and services will be significantly reduced to 10%. The second reduced VAT rate now includes catering, some craft and professional services, as well as water and sewerage. Furthermore, rates of 10% have also been unified for books, e-books and audiobooks.
VAT
  Special Plan for Economic Activities related to the Tourism Industry
The decision of the Minister of Labor, Welfare and Social Insurance has been published in the Official Gazette of the Republic. This Decision will be referred to as the Special Plan of Economic Activities Related to the Tourism Industry, for economic activities which are directly affected by tourism or financial activities associated with companies that are under mandatory full suspension. The aim of the government is to support both private sector employees and businesses. This Special Plan is decided and the payment of a Special Unemployment Benefit to the Company for employees of the private sector in accordance with the terms and conditions set out in this Decision.
Measures 
  Support for large companies, COVID + program
The Export and Guarantee Insurance Company's guarantee program is prepared for companies with more than 250 employees, up to a total amount (including existing products) of insurance capacity of CZK 330 billion.
Fund 
  Support for maintaining employment
A supportive loan program called COVID II, will allow applicants to draw a state-guaranteed and subsidized loan from commercial banks. The government will release 150 billion crowns, which will enable loans up to 500 billion crowns. Companies with up to 250 employees will be able to apply for an operating loan of up to 90% of the principal of the guaranteed loan, up to a maximum of CZK 45 million. Companies with up to 500 employees can obtain a loan of up to 80% of the principal of a guaranteed loan, up to a maximum of CZK 40 million.
Fund 
  Support for partners of small limited liability companies
Direct support is paid in the form of a compensatory bonus of CZK 500 per day for the total period from 12 March to 8 June, ie a maximum of CZK 44,500.
Financial support
  Support for self-employed
The Ministry of Finance and the Financial Administration created a program of direct support for self-employed persons to apply for the nominal amount of CZK 25,000.
Measures 
  Support for self-employed persons
The state will pay a financial contribution for lost earnings for self-employed persons who, after the introduction of extraordinary government measures, care for children under 13 and dependent children up to the age of 26 who depend on the help of another person in the amount of 424 crowns per day. Self-employed persons are waived minimum mandatory social security payments and contributions to the state employment policy and pension and public health insurance from March to August 2020.
Fund 
  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.
Accounting and Tax
  Tax relief
The Ministry of Finance has prepared a package of tax relief for natural and legal persons , including the waiver of June advances on income tax and the postponement of the deadline for filing a tax return for real estate acquisition tax.
Accounting and Tax
  Tax return for real estate acquisition tax
The deadline for filing a tax return for real estate acquisition tax has been deferred until 31 August 2020.
Accounting and Tax
  Technology grant program
The new grant program will support projects that are directly related to the fight against the further spread of the virus through the acquisition of new technological devices and equipment The subsidy can reach up to 20 million crowns, with 300 million crowns available.
Fund 

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D

Jurisdiction Name of Scheme Scheme type
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.

VAT
  VAT Loans for SMEs
The government has passed a bill which gives small and medium-sized companies the opportunity to get an interest-free VAT loan and payroll tax loan for certain businesses.
Tax 

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E

Jurisdiction Name of Scheme Scheme type
Ecuador  Corporate income tax and Sales tax deadline extended
There is an extension of the term for the payment of the Income Tax of companies for the year fiscal 2019 and Value Added Tax (VAT) to be paid in April, May and June 2020. Specific taxpayers will cancel the Corporate Income Tax for the fiscal year 2019, and the VAT will be paid in April, May and June 2020, in six payments during the year 2020: two payments of 10% and four of 20% of the tax.
Accounting and Tax
  Home office regulations expanded
Home office regulations have been expanded to allow more businesses to use it. 
Regulation 

Tax deadline extended
Taxpayers obliged to file taxes during the month of March 2020 and whose ninth digit of the Single Taxpayer Registry (RUC) is 5, 6, 7, 8, 9 or 0, may file annexes in August based on specific dates.
Accounting and Tax
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.
Accounting and Tax

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F

Jurisdiction Name of Scheme Scheme type
Finland  Additional funding support for tourism
The government supports the development of tourism in the regions with €4 million. In addition, the government is directing €0.5 million to a campaign to promote domestic tourism. The aim is to help tourism companies recover from the interest rate crisis and increase tourism in Finland.
Fund 

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.
Financial support
 

Continuous support for companies
An increase of €700 million is proposed for the share acquisitions of the state's corporate governance. This appropriation may also be used for arrangements to strengthen the capital of state-owned companies and state-owned associated companies.

With the interest rate crisis, the unemployment insurance expenditure for which the Employment Fund is responsible will increase significantly. It is proposed to provide a state guarantee with a proposed maximum amount of € 800 million in capital.

The Council of State may grant a State guarantee of up to €432 million for loans under the European Emergency Emergency Relief Facility (SURE). In addition, it is proposed that the to provide a State guarantee of up to € 372 million to the European Investment Bank against possible losses from the EU-wide EU Covid-19 Guarantee Fund.

Financial 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.
Payment support
  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.
Payment support
  Increase of the unemployment benefit
The protective part of the unemployment benefit will be temporarily increased from the current € 300 to € 500 per month (from € 279 to € 465 over four calendar weeks).
Unemployment benefit 
  Korona grants for cultural event
A maximum of €9.6 million can be applied for from the Ministry of Education and Culture as Korona grants for cultural events. The grants are intended to support cultural events between 1 June and 31 August 2020.
Grant 
  Supplementary budget support for jobseekers
An increase of €60 million is proposed for employment appropriations. Additional funding will be allocated to the acquisition of labor market training and services for young people, as well as to the development of skills through joint procurement training and coaching. Additional funding of EUR 1 million is proposed for the Digital Employment follow-up project.
Budget 
  Support for basic art education
The Minister of Science and Culture has granted € 6,474,000 to the administrators of basic art education covered by the state's share per teaching hour.
Measures 
 

Support for companies
A total of more than €60 million will be provided to support those involved in culture, sports and youth work. €40 million will be invested in rural entrepreneurship.

Development aid for SME enterprises will be increased by €200 million compared to previous decisions. Business Finland's grant authority to support companies will also be increased by €100 million.

A proposed capitalization of€150 million is proposed for Finnish Industry Investment Ltd to establish a new stabilization program to be used for liquidity problems. Venture capital investments are targeted at companies that have experienced sudden and temporary difficulties.

A one-time increase of € 7.5 million is proposed for the operating expenses of the Centers for Economic Development, Transport and the Environment and € 10 million for the operating expenses of Business Finland for the processing of business support applications.

Financial support
  Support for sports sector
The Ministry of Education and Culture has granted a total of € 9,412,049 in grants. The grants support sports and sports clubs, racing series and federations, as well as sports training centers.
Grant 
 

Support for labor market
Amendments were made to the Employment Contracts Act, the Maritime Employment Contracts Act and the Act on Co-operation in Enterprises as of 1 April 2020, which will be extended until the end of 2020. The notice period for redundancies and the duration of the co-operation negotiations on redundancies have been reduced to five days.

The temporary provisions of the Unemployment Security Act will be extended until 31 December 2020.

Timeline extension 
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. 
Accounting and Tax
France   Additional support for affected sectors
The emergency measures for employees and companies are extended and their resources strengthened to almost € 31bn for partial activity and € 8bn for the solidarity fund for small companies.
There are other emergency support plans for the sectors most affected by the crisis, for a mobilization of resources of € 43.5 billion in total.
Budget 
  Aid for the hotel, catering, cafes, tourism, events, sport and culture sectors
The solidarity fund remains accessible to companies involved in these activities, as well as to artist authors, until the end of 2020 and is extended from June 1. VSEs (less than 10 employees) and SMEs (less than 250 employees) in these sectors will benefit from an exemption from employer contributions paid or deferred during the months of March to June 2020.
Aid 

Benefits for large companies
A large company which requests an extension of fiscal and social deadlines or a loan guaranteed by the State or which contacts the CCSF, undertakes to: not pay dividends in 2020 to its shareholders in France or abroad and not to buy back shares during 2020. 
Cash support measures 
  CAP Relais program
The government announced a new system that provides temporary public reinsurance for all outstanding credit insurance, that is expected to cover the domestic market and the risks relating to SMEs and mid-caps.
Credit insurance 
 

Cash flow measures for road transport
Cash flow measures of €390 million have been assigned to road transport for the movement of goods. 

The internal consumption tax on energy products, currently reimbursed to road haulage operators every six months, will be reimbursed quarterly and tax on road vehicles. The next deadline for the tax on road vehicles 2020 to be paid on or before 1 September, will be postponed for three months until the 1 December 2020.

Accounting and Tax
  Corporate tax deferment
Corporate tax deadlines have been postponed with new date deadlines. All tax filing deadlines have been postponed to 30 June. The President announced the postponement of payment of rent, water, gas and electricity bills for small businesses. 
Accounting and Tax
  Dashboard for solidarity fund
This dashboard platform lists the aid provided by sector, by region and by department under the Solidarity Fund which is now endowed with €7 billion. Since April 1, the Solidarity Fund has granted €1.32 billion in aid to 990,000 beneficiaries, in the form of tax-exempt and exempt aid social charges of up to €1,500.
Funds
Deferral of rental payments and utilities
The President announced the postponement of payment of rent, water, gas and electricity bills for small businesses.
Rent support
  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.).
Accounting and Tax
  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.
Financial support
  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.
Loans
 

Financial stimulus for start-ups
Business mediation services are available for free to companies to come up with a confidential action plan for disputes.

Users can access the site https://www.mieist.bercy.gouv.fr/ for business mediation.

Loans
  Free business mediation services
Business mediation services are available for free to companies to come up with a confidential action plan for disputes.
Mediation support
  Help for financial difficulties
The Commission of Heads of Financial Services (CCSF) can grant companies that meet financial difficulties a payment plan to pay their tax and social debts in complete confidentiality. 
Financial issues 
  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. 
Digital help
  Launch of projects to support the resilience of industry
The government announced projects to support the resilience of the industry with €100 million in 2020. The call for projects will target the most critical sectors as a priority including health, agro food, electronics and sectors providing essential industry inputs (chemicals, metals and raw materials).
Investment 
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.
Digital help
Mediation for merchant rent
The objective of the rent mediation is to define framework agreements and rules of good conduct to enable traders and their professional lessors to find solutions to payment of rent.
Mediation support
Measures for micro-entrepreneurs
Companies can receive assistance of up to € 1,500 from the solidarity fund, who make less than € 1 million in turnover as well as a taxable annual profit of less than € 60,000. For micro-entrepreneurs that declare taxes and payment on a monthly basis, they can register or modify to 0 the declaration of turnover for the month of February to avoid a levy of contributions at the end of the month. The government is implementing an exceptional guarantee system to support bank financing for businesses, up to 300 billion euros. Also, for small businesses, gas, electricity and rent bills will be suspended.
Financial support
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.
Accounting and Tax
  P&L statement filing extended
Additional time is granted to companies that cannot file their profit and loss statement on time for the year ending December 31, 2019. The filing deadline currently set for May 20 is extended to June 30, 2020.
Accounting and Tax
  Part 2 of the Solidarity Fund for SMEs
The government has announced financial aid under part 2 of the solidarity fund which has been reinforced for small and medium companies. The total amount of aid could go up to €45,000 to cover their fixed costs.
Fund 
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. The exceptional short-time working scheme for homeworkers is extended until 1 June.
Financial support
  Postponed tax deadlines with the corporate tax services
Companies can postpone, without penalty, the filing of tax forms and other similar declarations and the payment of their next due dates for direct taxes (company tax installment, payroll tax) will be June 30th. 
Accounting and Tax
 

Postponing social security contributions and contributions for companies
The government chose to renew in May the measures to defer contributions and social contributions decided upon March and April. For companies with 5,000 or more employees, the possibilities of deferrals will be granted on request, after prior exchange with the collection agency, and in priority to those which would not have benefited from a loan guaranteed by the State.

The deductions planned for May 5 and May 20 will again be automatically postponed for the 1,028,000 monthly self-employed workers. The deadline of May 5 for the 500,000 other self-employed workers paying their contributions quarterly is also postponed. 565,000 micro-entrepreneurs will also be able to adjust their May 31 payment.

The same deferral conditions are applicable for employers and operators of the agricultural system in May, as well as for all employers in monthly payment who pay the supplementary retirement contributions on May 25.

Payroll
  Postponement of social security contributions
Companies that are unable to pay their contributions can request from Urssaf, via their online account, a partial or total postponement. In line with May deadline, for large companies requests to postpone tax and social deadlines are subject to the non-payment of dividends and the non-redemption of shares between March 27 and 31 December 2020.
Deadline extended 
  Public credit insurance risk reinsurance scheme
A new support for businesses comes in the form of credit insurance supplements offered by insurers to all their French policyholders through CAP, CA+, CAP Francexport, and CAP Francexport +. There is state-guaranteed public reinsurance up to €12 billion.
Insurance
Public reinsurance scheme for credit insurance risks
The Minister of Economy and Finance announced the launch of the public reinsurance of corporate credit insurance risks scheme. Credit insurance plays an essential economic role, by covering businesses, especially SMEs and ETI, against the risk of default by customers to whom they grant payment terms, and thus, securing their cash flow. The public support system for credit insurance will allow companies that have taken out coverage, and who would be notified of reductions or denial of guarantees on certain customers.
Insurance
Relief for passenger road transport
There is a measure of €50 million in cash for road passenger transport, which is added to the measures already implemented and now includes coach and bus sector in the tourism support plan. These companies will be able to benefit from an exemption from social security contributions from March to June 2020.
Payment relief
  Repayment of corporate tax credits
An accelerated procedure for the reimbursement of refundable corporate tax claims in 2020 has been implemented. Companies that benefit from one or more tax credits refundable in 2020 can now request the reimbursement of the balance of the available receivable, after deduction, where applicable, from their corporate tax due for the 2019 financial year, without waiting for the filing of the result declaration. 
Accounting and Tax
 

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. This aid, which can range up to € 1,500, is for 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. 

Fund

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. This loan is intended for all economic activities - companies, traders, artisans, farmers, liberal professions, micro-entrepreneurs, associations and foundations - having an economic activity, except for a few exclusions in the financial sector and real estate civil companies.
Loans
  Strengthening of credit insurance support
The government announced the implementation of a public reinsurance program for outstanding credit insurance and line maintenance. It aims at implementing the “CAP Relais” program. This new system provides temporary public reinsurance of all outstanding credit insurance. It will initially cover the domestic market and risks relating to SMEs and mid-caps.
Credit 
  Support for restaurateurs
The government announced the temporary relaxation of terms for use of restaurant vouchers in restaurants and the daily usage limit will be doubled, from €19 to €38.
Temporary relaxation 
  Support for the wine sector
Three exceptional and sector-specific support measures for ensuring market stability for the wine sector include; exemptions from social security contributions for very small businesses and SMEs; a crisis distillation system in the amount of 140 million euros; and a relaunch of a request for a compensation fund at the European level. 

Support measures for restaurants, hotels and events sectors
The solidarity fund is open to companies in the tourism, events, sport and culture sectors that have up to 20 employees and €2 million in turnover, with subsidies up to €10,000 euros.

An exemption from social security contributions will apply to VSEs and SMEs in these sectors through June.

Mid-sized companies (ETIs) and large companies in these sectors not benefiting from automatic exemption will be able to obtain deferred social and tax charges and, on a case-by-case basis, request cancellation of debt according to their financial situation.

Rents and fees for occupying the public domain due to national lessors (State and operators) for VSEs and SMEs in these sectors will be canceled.

Financial support
  Support measure for VSEs and SMEs following the health crisis: settlement plans for tax debts
The government announced the establishment of a system of settlement plans allowing companies to spread the payment of taxes due during the crisis period over a period of up to three years. These settlement plans aim to support very small businesses (VSEs) and small and medium-sized enterprises (SMEs) particularly affected by the economic consequences of the crisis.
Measures 
  Support plan for aeronautics sector
The government announced measures to support the aeronautics sector, such as: investing in SMEs and mid-caps to support the transformation of the sector with the creation of two funds: a capital investment fund with €1 billion and a support fund for the digitization and robotization of SMEs and mid-caps, fully funded by the 'State, endowed with €300 million.
Measures 
  Support plan for automotive sector
An investment support fund for €200 million in 2020 was created. It is intended for companies in the automotive sector to invest in their production tools. Funding, mainly in grants, will allow them to develop innovative processes using digital tools or to in place new procedures in favor of the environmental transition.
Support plan

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.

Financial support
  Support plan for tech companies
The government launched a support plan for French tech companies which includes investments, loans and grants.
Fund 
 

Support plan for tourism sector
The solidarity fund will remain open for companies in the tourism, events, sports and culture sector until the end of 2020. Its access will be widened to larger companies, those that have up to 20 employees and up to 2 million euros in turnover. The aid to which he may be entitled will be increased to €10,000.

An exemption from social security contributions will apply to very small businesses (VSEs) and small and medium-sized enterprises (SMEs) in the tourism, cultural and sporting events sector, during the period of closure or of very low activity, at least March to June, for an estimated amount of € 2.2 billion.

Loan/Credit/Investment 
  Support program for the wine sector
New exceptional and sector-specific support measures for €30 million, include: opening of a private storage aid measure of €15 million for 2Mhℓ complementary to crisis distillation; an increase in the crisis distillation envelope by €5 million for prices purchase price set at €78 / hℓ for PDO / PGI wines and €58 / hℓ for VSIGs and aid to distilleries up to 40 € / hℓap for an envelope of €10 million. 
Measures 
  State guaranteed loan
The government is implementing an exceptional system of guarantees to support bank financing for businesses, up to €300 billion. Until December 31, 2020, companies of all sizes and whatever their legal form can ask their usual bank for a loan guaranteed by the state to support their treasury.
Loan 

Tax deferral
The tax relief measures allow all companies to defer tax (without any excuse/reasoning/ formalities or penalties) the payment of contributions and taxes due in March 2020.

Accounting and Tax
  Tourism plan: new activities eligible for support measures
The government announced the expansion of the measures of the support plan for tourism to new activities. The support plan for the tourism sector, announced on 14 May, put in place support measures for certain activities, until the end of 2020.
Measures 
  VAT credit refunds
To obtain a refund of VAT credit, the company must make its request electronically, directly from its professional space or through an approved partner (EDI partner).
Accounting and Tax

Website for masks for businesses
Businesses with 50-250 employees can use the new website "masques-pme.laposte.fr" to order masks for their employees for when they return to work.

Digital help

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G

Jurisdiction Name of Scheme Scheme type
Germany  Aid for catering trade
Sales tax for food in the catering trade will be reduced to the sales tax rate of 7% from 1 July 2020 to 30 June 2021.
Accounting and Tax

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.

Accounting and Tax

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

Accounting and Tax
  Bridging aid for SMEs
Funding for the new program is significantly higher than for emergency aid, depending on the loss of sales, i.e up to € 150,000 in fixed operating costs can be reimbursed from June to August.
Aid 
  Bridging assistance for larger companies
All companies in Germany are now eligible to apply regardless of their legal form, provided they do not qualify for the economic stabilization fund and their annual turnover does not exceed € 750 Million. Companies can now claim an additional lump sum of 10% of the eligible costs to cover personnel costs that are not covered by the short-time allowance. For companies with fewer than five or fewer than ten employees, equivalent to the Corona emergency aid, maximum upper limits of the subsidy of € 3,000 or € 5,000 per month and a total of € 9,000 or € 15,000 apply.
Aid 
  Custom-fit occupation program
The custom-fit occupation program has been supporting small and medium-sized enterprises (SMEs) in filling their vacant training positions .With the extension of the Custom-fit occupation program, the government is helping to ensure dual training in Germany at a consistently high level.
Measures 
  Economic and future package
The government announced a € 130 billion economic and future package to secure jobs and for economic recovery. The package has been launched for families and municipalities, with relief on the price of electricity and a reduction in VAT.
Financial aid 

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.

Fund
Emergency aid for self-employed and small businesses
To ensure liquidity for small business, the government will 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).
Financial support
  Expanded aid for recapitalisation measures
The European Commission expanded its temporary special framework for state aid member states to strengthen the equity base of companies. The Federal Economic Stabilization Fund (WSF) will also be able to commence its work promptly by taking recapitalization measures. These recapitalization measures are intended to strengthen the capital base of companies in order to ensure their solvency. They include the acquisition of subordinated debt, hybrid bonds, profit participation rights, silent participations, convertible bonds, the acquisition of shares in companies and the acquisition of other components of the equity of these companies if this is necessary for the stabilization of the company.
Funds
Export credit guarantees
The government continues to provide export credit guarantees to hedge export transactions and finance. If the respective customer is still obliged to pay and cannot pay, the federal government will step in. If there is an additional need for export cover, the federal government can expand the authorization.
Credit
  Extension for seasonal workers
The time limit for short-term social security-free employment for seasonal workers who are already in Germany has been extended to five months. There are also facilities for the deduction of income from secondary employment for those receiving short-time allowance.
Social security
  Extension of unemployment benefits
The government announced extension of unemployment benefits by three months for those individuals that would have benefits end between May 1 and December 31, 2020.
Payroll
  Further regulations of the Corona Tax Assistance Act
Public companies will have to meet the requirements of the sales tax law like private companies. The corresponding transitional regulation in the sales tax law will therefore be extended by two years until the end of 2022.
Accounting and Tax
  Future technology investment package
Around €50 billion will be invested in future technology areas such as the hydrogen economy, quantum technologies and artificial intelligence.
Future package 
  Germany and Singapore confirm cooperation to support start-ups
The governments of Germany and Singapore have taken measures to help companies with their continued collaboration in promoting innovation and entrepreneurship through the Global Innovation Alliance partnership. Via the Singapore platform, the Federal Ministry for Economic Affairs and Energy has set up the German Accelerator Southeast Asia (GASEA), which promotes a stronger presence of German startups throughout Asia, while Singapore has set up the Scaler8 program, which supports the spread of startups from Singapore in Germany.  GASEA and Scaler8 are now making online versions of their programs available to start-ups.
Funds
  Grant for employees
From 1 March to 31 December 2020, employers can grant their employees financial assistance and support in the form of subsidies and non-cash benefits up to an amount of €1500, which are exempted from tax and social security contributions. The government is likely to allow small and medium-sized enterprises to have the amount of their tax prepayments for 2019 reduced on the basis of losses incurred in 2020.
Grant 

Grants for micro businesses, self-employed and start-ups
Companies eligible for grants are:

  • Companies with up to five employees can apply for a one-time grant of up to €9,000.
  • Companies with up to ten employees can apply for a one-time grant of up to €15,000.

The grant is intended to serve as a liquidity aid for three months.

Financial support

Guarantee program for farmers
Farmers can apply for loans amounting to a maximum of €3 million. Small and medium-sized enterprises are guaranteed up to 90% of the loan amount and up to 80% for large companies.

The time limit for short-term, social security-free employment for seasonal workers who are already in Germany has been extended to five months. There are also facilities for the deduction of income from part-time work for recipients of short-time work benefits.

Loans
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).
Loans
 

Implementation of economic stimulus package
Companies are supported with:

  • Expansion of tax loss carryforward will be expanded to €5 million and €10 million (with joint assessment) for the years 2020 and 2021.  Introduction of degressive depreciation in the amount of 25%, at most 2.5 times the linear depreciation, for movable assets that are acquired or manufactured in 2020 and 2021.
  • Allowance for the additional items to relieve and increase liquidity, in particular for small and medium-sized companies, will be increased to €200,000 from the 2020 survey period. The due date of the import sales tax is postponed to the 26th of the second month following the import.
 Stimulus Package
  Implementation of regulation based on the Energy Industry Act
Companies may fail to meet the formal requirements for receiving individual network charges in 2020, due to temporary changes in electricity consumption. So that these companies are not burdened with additional costs, regulation passed creates a transitional arrangement.
Measures 
  Increasing regional economic development
The federal and state governments have decided to simplify investment support. The federal government will make an additional 250 million euros available for the GRW this year and next as part of the economic and crisis management package. This means that a total of 850 million euros is available this year, with which the federal states can co-finance the same amount.
Measures 
  Job support
The eligibility criteria for reduced hours compensation benefit has been broadened and facilitated access to it for a temporary period until the end of 2020. Employees whose working hours have been reduced by at least 50% are to receive 70% of their flat-rate net pay (77% for households with children) from the fourth month of drawing the benefit and 80 percent from the seventh month (87% for households with children). This regulation also applies temporarily until the end of 2020. The Federal Employment Agency will reimburse employers their social security contributions in full.
Payroll 
  KfW Instant Loan 2020
The KfW Instant Loan 2020 supports companies with more than 10 employees with loans amounting to up to 25% of their annual turnover in 2019. The Federation assumes 100% liability for the loans from their banks. Businesses with between 11 and 50 employees receive up to € 500,000, businesses with more than 50 employees up to € 800,000. The repayment term for the loan is up to 10 years, with the option of two grace years.
Loan 

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.

Loans

KfW special programme
The KfW Special Program 2020 builds on the KfW Entrepreneur Loan and ERP Start-Up Loan - Universal programs, whose funding conditions have been modified and expanded, and supplemented by a direct variant with the KfW Special Program 2020 - direct participation for syndicated financing. The special program is open to commercial companies of all sizes and the liberal professions.

With a maximum liability exemption by KfW of up to 90% for equipment and investments by SMEs, the government will make full use of the risk assumption permitted by EU law.

Loans
  Liquidity aid for companies
Companies that expect a loss this year receive liquidity assistance. In addition to the advance payments already made for 2020, they can also apply for reimbursement of amounts paid for 2019 at your local tax office, based on a flat-rate loss for the current year.
Accounting and Tax
  Liquidity assistance for SMEs
The maximum amount of the bridging allowance is EUR 50,000 per month for a maximum of three months. For companies with up to five employees, the maximum reimbursement amount is EUR 3,000 per month for a maximum of three months, for companies with up to ten employees EUR 5,000 per month for a maximum of three months. In exceptional cases, the maximum reimbursement amounts for small businesses can be exceeded.
Measures 
Loss allocation for SMEs
The federal government has decided that small and medium-sized companies may offset their tax advances against their current losses.
Accounting and Tax
  Marshall Plan 2.0
The government coalition has agreed on a comprehensive economic and future package with a volume of €130 billion. Key measures include: VAT rate reduced from 19% to 16% and from 7% to 5% till 31 December 2020; social security contributions stabilize at a maximum of 40%; postponement in the due date of the import sales tax to the 26th of the following month; corporate tax law has been modernized, etc.
Stimulus package 
  Measures for municipalities and federal states
The government has announced measures for federal relief for municipalities, including: compensation for trade tax reduced income; increase in federal participation in accommodation costs and an increase in federal participation in the AAÜG.
Measures 
  Measures for self-employed and SMEs
Direct grants are now available to all solo and freelance professionals, small and medium-sized companies and non-profit organizations as a new bridging aid program for the months of June to August 2020. The second supplementary budget for 2020 provides for up to € 24.6 billion for this new aid.
Aid 
  Package for the export industry
Exporters and export finance banks are expected to be supported with improved financing conditions for new export transactions (reduced down payments and delayed repayments for certain transactions); introduction of a shopping line cover (simplified securing of various export financing for large foreign customers) and improved funding options for export finance banks
Measures 
  Promote investments by companies and municipalities
For the fiscal years 2020 and 2021, companies will temporarily receive improved amortization options for movable assets. Tax loss carryforward will be increased to a maximum of €5 million for 2020 and 2021.The due date of the import sales tax is postponed to the 26th of the following month. Corporate tax law is being modernized and, partnerships have the option of taxation as a corporation.
Measures 

Protection of supplier credits
To secure supplier loans from German companies and to support the economy, the federal government is guaranteeing compensation payments from credit insurers of €30 billion for 2020. Credit insurance protects suppliers against payment defaults if a customer cannot or does not want to pay the invoice at home or abroad.
Loans
  Regulations regarding parental allowance
Regulations regarding parental allowance have been amended for
a temporary period. Parents working in essential occupations should be able to postpone months in which they draw parental allowance payments since they often cannot determine the amount of work or their working hours themselves at the present, thus failing to meet the legal requirements for receiving parental allowance.
Allowance 
  Reduction in VAT rate
From July 1 to December 31, 2020, the VAT rate will be reduced from 19 percent to 16 percent and for the reduced rate from 7 percent to 5 percent.
VAT 
  Relief in electricity costs
The EEG has been lowered through grants from the federal budget until 2021.
Utility charges 

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. Measures include:   

  • The short-time work allowance is increased depending on the length of the short-time work. 
  • From the fourth month of receipt, the short-time allowance for childless employees who are currently working at least 50 percent less will increase to 70 percent and from the seventh month of receipt to 80 percent of the loss of wages.
  • For employees with children who are currently working at least 50 percent less, the increase is 77 percent from the fourth month of receipt and 87 percent from the seventh month of receipt. These increases apply until December 31, 2020.
HR

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.
Funds
  Support for children and youth hospices
The Federal Ministry of Family Affairs is making around €100,000 available so that the German Children's Hospice Association and the Federal Children's Hospice Association can set up digital offers such as virtual exchange and support options.
Measures 

Support for farmers
The federal government has launched liquidity guarantee loans aimed at farms - including wine and horticulture, forestry, fishing and aquaculture. Loans amounting to a maximum of €3 million are offered and for SMEs they can be guaranteed up to 90% of the loan amount, for large companies up to 80%.
Loans
  Support package for startups
Start-ups generally have access to all support measures of the Corona aid package. The €2 billion package of measures is aimed at targeting start-ups and small and medium-sized companies with a sustainable business model.
Fund 
  Suspended tax enforcement measures
Overdue tax debts will not be enforced until 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. Employers may want to pay their employees a bonus and the government decided that of such payments up to 1,500 euros will be tax-free.
Measures 
  Suspension of income assessments
Income assessments will be suspended for the next six months if a declaration is made that the person does not have substantial assets (liquid assets of over € 60,000 and an additional € 30,000 per member of the household).
Income  
 

Tax aid for restaurants and short-time employees
The sales tax rate for restaurant and catering services has been reduced from 19% to 7%, with the exception of beverage sales.

Employer grants for short-time work benefits and seasonal short-time work benefits for wage payment periods that begin after February 29, 2020 and end before January 1, 2021 will be up to 80% of the difference between the target salary and the actual salary.

Deadlines have been temporarily extended in the conversion law.

Accounting and Tax

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.

Accounting and Tax
  Tax exemption for increases in short-time work benefits (Corona Tax Assistance Act)
Increases in short term benefits of up to 80% of the salary remain tax-free and no longer count as taxable wages. No social security contributions must be paid on the increase up to 80% of the gross salary. The rules for taxation are adjusted accordingly. This measure is limited until 31 December 2020. 
Accounting and Tax

Tax help for companies and employees
Companies that are expecting a loss this year can now receive liquidity aid and take advantage of further tax relief. Employee bonus payments of up to €1,500 are tax-free for employees.

Accounting and Tax
Temporary suspension of cruise line repayment of export credits
With an aim to prevent liquidity crises at the cruise lines, the governments of Germany, France, Finland, Italy and Norway have agreed on principles on how cruise lines can suspend the repayment of their cruise ships financed with the help of state export credit guarantees for one year (debt holiday). This is also intended to avoid negative effects for European shipyards and their suppliers.
Credit
  Unemployment benefit extension
Unemployment benefits will automatically extend three months. This affects people whose entitlement would expire between 1 May 1 and 31 December 2020.
Unemployment benefits 
Unrestricted loans
The German government is offering loans of unlimited size to small and large companies.
Loans
  Up to € 4,000 consulting costs
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.
Consultation service
support
  VAT reduction for catering trade
The value added tax for food in the catering trade will be reduced to 7% from July 1, 2020 to June 30, 2021.
VAT
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.
Fund
  Wages for parents
The federal government aims to support working parents who have to take care of their children at home by extending the current continued payment of wages. For example, the current wages continue to be extended from six to ten weeks per person entitled to custody. Single parents are entitled to 20 weeks of continued payment.  
Bill 
Guernsey

Expansion of financial support measures for businesses
Businesses that see turnover reduce to below 40% of normal levels will be able to apply for up to 100% of minimum wage for employees through the Payroll Cofunding Scheme.

Businesses with turnover in excess of 40% and up to at least 70% of normal levels will continue to be able to apply for up to 80% of minimum wage for employees. Again, this upper threshold will be extended to 80% of normal turnover for those businesses most in need. Businesses that see their turnover improve to above 70% (or 80% in some cases), will continue to be able to continue receiving this support for two further weeks after turnover reaches that level. These businesses will still need to contribute the remaining 20% to their employees’ wages.

Financial support
  Financial support available to self-employed
A grant of £3,000 is available to self-employed persons (single operators) and to self-employed persons that employ up to 10 persons (including themselves). 
Financial support

Payroll co-funding scheme
The payroll co-funding scheme and other financial support measures will continue until the end of September.

Fund
  Two-tier grant scheme
The introduction of a two-tier grant scheme to provide ongoing support for tourist visitor accommodation businesses has been moved back 1 October. The payroll co-funding scheme will continue to be made available for visitor accommodation businesses until 30 September.
Grant 
  Unemployment and sickness benefit
The amount payable for unemployment depends on the number of contributions paid or had credited in 2018. The full rate of benefit is £163.60/week.
Payroll

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H

Jurisdiction Name of Scheme Scheme type
Hong Kong   Additional aid for arts and culture sector
The Government will disburse an additional subsidy from the Arts & Culture Sector Subsidy Scheme under the Anti-epidemic Fund to help small and medium-sized arts groups stage live performances and support their operations after the reopening of performance venues.
Subsidy 

Additional aid for construction sector
The Anti-epidemic Fund will offer a one-off subsidy to employers in the construction sector who have employed casual employees on a long-term basis. An employer may apply for a subsidy of $36,000 per qualified employee.
Aid 

Additional rental or fee concessions for tenants
The Lands Department will provide additional rental or fee concessions for tenants of short-term tenancies (STT) and waiver holders in accordance with the new round of support measures  Under the new round of support measures, the 5,000 eligible STT tenants and waiver holders already levying previous concession, such as catering facilities, shops, workshops, public fee-paying car parks, and welfare facilities, will see their rental or fee concession rate increase to 75% from April to September.

The 75% concession arrangement will be extended to businesses not covered previously, such as depots for public transport operators, public utilities, petrol filling stations, driving schools and advertising facilities, effective for the same period.

Rental aid

Anti-epidemic fund
The Legislative Council Finance Committee approved a funding application of $137.5 billion, including an injection of $120.5 billion to the Anti-epidemic Fund to roll out the second round of measures. The Government launched the second phase of the Anti-epidemic Support Scheme for Property Management Sector to extend the subsidy coverage to industrial buildings and commercial buildings.

Under the Anti-epidemic Fund, the second phase provides financial support to frontline property management workers assisting in cleansing and security work, who serve industrial or commercial buildings, including shopping malls.

As of May 6, 2020, Anti-epidemic Fund has paid out over $13 billion, and many businesses and members of the public have gradually received subsidies. For the Retail Sector Subsidy Scheme which provides a one-off subsidy of $80,000 to eligible retailers, about 93,000 applications were received.

Fund
  Anti-epidemic Support Scheme for Property Management Sector enhanced
The government aims to enhance the Anti-epidemic Support Scheme for Property Management Sector. The subsidised period will be extended for three months, from June to August 2020; the caps on headcounts of the Anti-epidemic Hardship Allowance per eligible building block will be relaxed to 100. An extra subsidy of $2,000 will be granted to each eligible private residential or composite building block, while the amount of extra subsidy for each eligible industrial or commercial building block will be doubled. 
Subsidy 
  Distance Business Programme
The government announced an additional provision of $1 billion under the Anti-epidemic Fund for the Distance Business Programme to further support enterprises to adopt IT solutions for continuing business and services.
 IT solutions adoption

Employment measures
The government aims to launch the $81 billion Employment Support Scheme. The scheme will provide time-limited financial support to employers to retain workers who will inevitably be made redundant due to the downturn in business.

The provision of subsidies for employers, together with other relief measures and loan arrangements under the Anti-epidemic Fund and the 2020-21 Budget will help businesses stay afloat and retain jobs.

Wage subsidies provided under the ESS are calculated based on 50% of wages in a specified month subject to a wage cap of $18,000 per month for six months. 

Payment will be made in two tranches, with the first payout no later than the end of June to subsidise employers to pay employees' wages from June to August.

Fund
  Enhanced Anti-epidemic Support Scheme
To support the property management sector, the government has established the Enhanced Anti-epidemic Support Scheme for Property Management Sector (Enhanced ASPM) under the Anti-epidemic Fund. The scheme includes Anti-epidemic Hardship Allowance to give each frontline PM worker a monthly Anti-epidemic Hardship Allowance of $1,000 is extended three months (June to August 2020) and Anti-epidemic Cleansing Subsidy.
Allowance & Subsidy 
  Exemptions for legal practitioners
Legal practitioners, arbitrators or mediators providing necessary professional services in the Mainland, Macau or Taiwan can apply for exemption from the compulsory quarantine arrangement.
 Legal actions
  Extension of helper flexibility measures
The government announced the extension of flexibility arrangement for all FDH contracts to assist foreign domestic helpers (FDH) and their employers (that will expire on or before September 30) to be extended to October 31.
Helper flexibility
measures
  Extension of Strategic Public Policy Research Funding Scheme
In view of the latest situation of COVID-19, to provide adequate time for applicants to prepare and submit applications, the deadline for submission of applications to the SPPR Funding Scheme 2020-21 has been extended by the government from 21 August 2020.
Extension of Deadline 
  Extension of workers allowance
The government announced that the monthly $1,000 allowance under the Anti-epidemic Fund for outsourced cleaning and security workers of the Government and the Housing Authority will be provided for three more months.
Workers allowance 
  Fintech talent scheme
The government announced the launch of FinTech Anti-epidemic Scheme for Talent Development (FAST Scheme) under the second round of the Anti-epidemic Fund and has set aside $6 billion under the Anti-epidemic Fund to create around 30,000 time-limited jobs in both public and private sectors for the next two years.
Fund 
  Fund for arts & culture sector
$100 million of $150 million has been dispersed to arts groups. The scheme was established under the Anti-epidemic Fund to assist the arts and culture sector. 
Fund
  Funds for the arts sector
The government disbursed $101 million to 463 arts groups or projects as well as more than 2,300 individual arts workers through the Arts & Culture Sector Subsidy Scheme under the Anti-epidemic Fund. 
Fund 
 

Job aid scheme
Employers and self-employed people will be able to apply for the Employment Support Scheme (ESS), online for starting on May 25.

The ESS, with a total commitment of $81 billion under the second round of the Anti-epidemic Fund, aims to provide time-limited financial support to employers to retain their employees.

HR
  Laundry trade subsidy
The Anti-epidemic Subsidy Scheme for the Laundry Trade opened and will run until June 12. About $90 million has been earmarked under the Anti-epidemic Fund for the scheme to provide a one-off subsidy to help the laundry and dry cleaning services industry. 
Subsidy 
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. 
Loans
  New round of Anti-epidemic Fund
The government announced the launch of a new round of Anti-epidemic Fund to help sectors affected by COVID, especially those sectors which are providing hospitality, catering, tourism and personal services.
Measures 
  Non-residential mortgage cap relaxed
The Hong Kong Monetary Authority (HKMA) announced that the countercyclical macroprudential measures for mortgage loans on non-residential properties will be relaxed from 20 August.
Measures 
 

Property management support scheme
More than 5,400 applications for the Anti-epidemic Support Scheme for Property Management Sector have been approved, involving subsidies of over $200 million.

The approved subsidies will benefit more than 27,200 building blocks and 51,300 frontline property management workers. The scheme, which has received over 8,700 applications, was launched under the Anti-epidemic Fund to subsidise owners' organisations or property management companies of buildings to provide the Anti-epidemic Hardship Allowance to frontline property management workers.

Grants-property
management
 

Quarantine exemptions set for businesses
Enterprises with an operating base relating to logistics, port or shipping business on the Mainland can apply for an exemption from the compulsory quarantine arrangement.

The government may designate any person or category of people for exemption from quarantine if their travelling is necessary for purposes relating to business activities in the interest of Hong Kong’s economic development.

Exemptions 
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.
Accounting and Tax
  Re-industrialisation Funding Scheme
The Innovation & Technology Commission has rolled out the $2 billion Re-industrialisation Funding Scheme to subsidise manufacturers to set up new smart production lines in Hong Kong.
Fund 

Rental aid programme extended
Tenants of the EcoPark, country park refreshment kiosks and the Hong Kong Wetland Park will benefit from increased rental concessions for government premises.

To help tenants cope with the economic impact of the COVID-19 epidemic, rental concessions of government premises from April to September will be increased from 50% to 75%.

Rental aid
  Rent waiver for PRH tenants
A two-month rent waiver will be provided to public rental housing (PRH) tenants to offset the financial burden of rent adjustment.
Waive off 
  Rise in Working Family scheme rates
The Government announced that payment rates under the Working Family Allowance (WFA) Scheme will be raised from the claim month of July. The adjustment includes working-hour linked household allowance and Child Allowance. The maximum allowance receivable will increase by more than 30% from $3,200 to $4,200 per month.
Working family 
  Second catering business subsidy
The Food & Environmental Hygiene Department is to disburse the second-tranche subsidy under the Catering Business (Social Distancing) Subsidy Scheme to successful applicants.
Subsidy 
  Set up of Online Dispute Resolution Centre
The Department of Justice announced a COVID-19-related scheme, eBRAM International Online Dispute Resolution Centre, to provide speedy and cost effective online dispute resolution services to the general public and businesses.
Online Dispute
Resolution Centre
  Subsidies for amusement establishments
A scheme that provides a $100,000 one-off subsidy to licensed billiard establishments, public bowling alleys opened for applications.
Grants
   Subsidies for construction workers
$1.2 billion in subsidies has been disbursed so far to about 160,000 construction workers under the second round of the Anti-epidemic Fund. The Government is likely to align the amount of the one-off subsidies offered to construction-related enterprises under the second round of the fund at the higher level of $20,000 each, covering eligible contractors, specialist contractors, works contractors and suppliers, as well as minor works contractors, registered electrical/gas/lift/escalator/fire service installation contractors and suppliers of construction-related machinery and equipment rental. 
 Grants
  Subsidies for employment agency
The government announced a Subsidy Scheme for Employment Agencies will be open for applications from 22 June to 21 July. The scheme will grant a $50,000 subsidy for each main licence of employment agencies that provide a foreign domestic helper (FDH) placement service.
Subsidy 
  Subsidies to the transport trades
The government announced the disbursement of over $1.8 billion of subsidies to the transport trades under the two rounds of the Anti-epidemic Fund,.From July 1, 2020 to June 30, 2021, the government will offer a subsidy of $1 per litre of liquefied petroleum gas (LPG) for public light buses and taxis, and reimburse one-third of the actual fuel costs for diesel public light buses and petrol taxis.
Subsidy 
  Subsidy for Club-house operators
The Government announced the disbursement of subsidies under the Club-house Subsidy Scheme within the Anti-epidemic Fund. The scheme provides a one-off subsidy of $100,000 to clubhouse operators with valid Certificates of Compliance issued under the Clubs (Safety of Premises) Ordinance. 
Grants
  Subsidy for vehicle workshops
The government announced the Anti-epidemic Fund will cover vehicle maintenance workshops by granting a non-accountable subsidy of $50,000 to each eligible workshop.
Subsidy 
  Subsidy Scheme for Employment Agencies
The government announced that the Subsidy Scheme for Employment Agencies (EAs) will be introduced under the Anti-epidemic Fund. A subsidy of $50,000 will be granted for each main license of an EA which provides foreign domestic helper placement services. For EAs which do not provide such placement services, a subsidy of $30,000 will be granted for each main license.
Subsidy 
  Subsidy to kaito operators
The Anti-epidemic Fund will offer an additional one-off non-accountable subsidy of $20,000 to kaito operators for each vessel deployed in kaito services, across the transport sector.
Subsidy 
  Support for I&T development
The Government has set aside $380 million under the Anti-epidemic Fund to provide a six-month rental waiver for tenants and startups in the Science Park, industrial estates and Cyberport. It has also launched the Distance Business Programme to provide funding to enterprises to adopt information technology (IT) solutions for developing distance business.
Funds
  Support for Property Management Sector
The Government has launched the ASPM under the Anti-epidemic Fund to subsidise owners' organisations or property management companies of eligible residential, composite (i.e. commercial cum residential), industrial and commercial buildings (including shopping malls) to provide the Anti-epidemic Hardship Allowance to the front-line property management workers. The subsidised period has been extended for three more months to August 2020.
Property Management
Sector support
  Support for sectors
The Government will provide salary subsidies to employers who hire graduates and assistant professionals of the engineering, architectural, surveying, town planning and landscape sectors, Employers will receive a salary subsidy of $5,610 per month for providing recognised professional training to each employed graduate. The subsidy period is up to 18 months and a total of 500 subsidy places will be provided.
Subsidy 
  Support Scheme for Property Management Sector
More than 6,900 applications for the Anti-epidemic Support Scheme for Property Management Sector have been approved, involving subsidies of over $240 million. The approved subsidies will benefit more than 31,600 building blocks and 60,700 frontline property management workers. 
Subsidy 
  Tax exemption for Anti-epidemic Fund
The Exemption from Salaries Tax and Profits Tax (Anti-epidemic Fund) Order will be gazetted and take effect on 29 May. The Order seeks to implement tax exemption from the year of assessment (YA) 2019-20 to most of the financial assistance or relief under the Anti-epidemic Fund (AEF) provided to businesses or individuals. 
Accounting and Tax
 

Transport trade subsidies
The Transport Department announced that applications for the subsidy scheme for public light buses, local ferries and taxis under the second round of the Anti-epidemic Fund.

Green minibus and local ferry operators are likely to be provided with a monthly subsidy of $6,000 for each employee aged 65 or above who has not participated in Mandatory Provident Fund schemes for a period of six months.

Subsidy 
  Unemployment assistance changes
The measures include the provision of a time-limited unemployment support scheme through the Comprehensive Social Security Assistance (CSSA) system. The Social Welfare Department will temporarily relax the CSSA asset limits for able-bodied people by 100% for six months, effective from June 1 to November 30.
Unemployment
assistance
  Working Family Allowance (WFA) and Student Financial Assistance (SFA)
The Working Family & Student Financial Assistance Agency will start disbursing a one-off special allowance under the Anti-epidemic Fund to Working Family Allowance (WFA) and Student Financial Assistance (SFA) households. WFA households, will receive a special allowance equivalent to two months' WFA payment based on the highest monthly amount it received in its most recently submitted and approved application during the above period. Households receiving means-tested SFA for pre-primary, primary and secondary students in the 2019-20 academic year will receive a special allowance of $4,640. 
Fund 
Hungary 

Additional tax concessions
The government has decided on the introduction of further tax concessions that will leave 200 billion forints (EUR 570 million) in the pockets of enterprises and families.

From 1 July the rate of social contributions tax will be reduced by a further 2% to 15.5%, which will leave some 160 billion forints (EUR 455 million) in the pockets of enterprises during the second half of the year.

The maximum level of this reduction is 5 million forints (EUR 14,200). Up to a maximum tax debt of 5 million forints, enterprises may also ask for payment in 12 monthly instalments or a six-month, surcharge-free deferment with relation to all tax forms.

Small business tax (KIVA) will be reduced from 12% to 11% from 2021.

Accounting and Tax
  Measures to protect jobs
The State government aims at protecting jobs and minimising loss through tax reductions and the wage support measures. It agrees to pay 70% of the lost wage, and more than 100 companies have already applied for this support and have retained 30,000 jobs.
Payroll
  Tax concession for sectors most affected by the coronavirus epidemic
The State Secretary announced that the sectors that were most adversely affected by the coronavirus pandemic (such as tourism, hospitality and agriculture) will receive immediate assistance from the government. The four-month tax concession will leave a total of over 1.1 billion forints (€3.18 million) in the pockets of companies that pay the KIVA tax.
Tax 

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.

Accounting and Tax
  Wage support scheme
The State will reimburse 70% of the wages due to lost working hours; this assistance will be available for maximum of three months during employment in reduced working hours. The government had also launched a special research and development wage support scheme which could assist some 33,000 researchers and engineers. As part of the measure, employers could receive up to HUF 318,000 per worker monthly. Those businesses will be eligible for support which are active in the areas of research, development and innovation in the private sector.
Payroll

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I

Jurisdiction Name of Scheme Scheme type
India Company Affirmation of Readiness towards COVID-19 web form
The Ministry of Corporate Affairs has deployed a simple web form named CAR (Company Affirmation of Readiness towards COVID-19) on 23rd March 2020 for companies/LLPs to confirm their readiness to deal with COVID-19 threat. This form needs to be filed by authorized signatories of companies/LLPs.
Information
 

Compliance & Regulatory Relief Measures
The Government of India has deferred the applicability of CARO 2020 to FY2020-21, provided relaxation in holding meetings of independent directors, residency requirements for resident directors and some deferrals for board meetings. There have been extensions for filings to newly incorporated companies. Additional fees have been removed for late filing of documents in MCA-21 during moratorium period. The government has raised the threshold for triggering of insolvency proceedings for SMEs from INR 1 Lakh to INR 1 Crore.

Accounting&Tax
 

Contribution to PM CARES Fund eligible for tax exemption
PM has created the PM CARES Fund to deal with the emergency situation and provide relief. Any contribution towards PM CARES Fund would qualify for 80G exemption under Income Tax Act, 1961.

Accounting and Tax
  Deadlines extended for GSTR 3B for Ladakh region
The due date for tax payers in Ladakh submitting GSTR-3B for January 2020 to March 2020 has been postponed to 20th May 2020. 
Accounting and Tax
  Economic package
The government announced another economic package of INR 20 lakh crore including those announced earlier which accounts for 10% of India’s GDP.
Grants
  Extension of Annual General Meeting (AGM) Companies Act for financial year ending 31 March 2020
Companies unable to hold their AGM for the financial year ending 31 March 2020, ought to file their applications in form No. GNL-1 with the concerned Registrar of Companies on or before 29 September 2020.
Extension 
  Extension of Foreign Trade Policy
The Union Commerce and Industry Ministry has granted an extension of the existing Foreign Trade Policy by another one year until 31 March 2021.
Timeline Extension of
Foreign trade Policy
  Extension of Income Tax deadlines
The government announced that returns starting on 1 April 2019 will be extended to 31 July 2020.
Accounting and Tax
  Extension of refinance facility to SIDBI
The RBI had announced a special refinance facility of ₹15,000 crore to SIDBI at RBI’s policy repo rate for a period of 90 days. It has been extended another 90 days.
Loan 
  Extension of timeline for import payments
The time period for completion of outward remittances against normal imports (i.e. excluding import of gold/diamonds and precious stones/jewellery) into India has been extended from six months to twelve months from the date of shipment for such imports made on or before July 31, 2020. 
Remittances 
  Extension of timelines for loan moratorium and working capital
Timelines have been extended from March 1, 2020 to August 31, 2020 for moratorium on term loan installments; deferment of interest on working capital facilities; easing of working capital financing requirements by reducing margins or reassessment of working capital cycle; exemption from being classified as ‘defaulter’ in supervisory reporting and reporting to credit information companies; extension of resolution timelines for stressed assets; and asset classification standstill  by lending institutions.
Loan 
  Filing of GST returns
Companies can file GST returns using an Electronic Verification Code from 21st April 2020 to 30th June 2020. NIL Return (Form GSTR 3B) can be filled through SMS using a registered mobile number. 
Accounting and Tax
  E-Way Bills validity extension
E-Way Bills generated on or before 24th March 2020 which expire 20th March 2020 to 15th April 2020, are extended till 31st May 2020.
Accounting and Tax

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. 
Accounting and Tax

GST return filing extended
Filing of GST Annual Return for FY 2018-19 shall be extended till 30th September 2020.
Accounting and Tax
  Income tax refunds
All pending income tax, GST and customs refunds will be released to taxpayers and business entities. 
Accounting and Tax
  Interest on working capital
Lending institutions have been allowed to convert the accumulated interest on working capital facilities over the total deferment period of 6 months (i.e. March 1, 2020 up to August 31, 2020) into a funded interest term loan, to be fully repaid during the current financial year, ending March 31, 2021.
Interest  
  Loans against gold ornaments and jewellery for non-agricultural end-uses
An increase to the permissible loan to value ratio (LTV) for loans against pledge of gold ornaments and jewellery for non-agricultural purposes from 75 per cent to 90 per cent. This enhanced LTV ratio will be applicable up to 31 March 2021.
Measures 
  Maximum credit to corporates
The maximum credit which banks can extend to a particular corporate group has been increased from 25% to 30% of the bank’s eligible capital base. The increased limit will be applicable up to 30 June 2021. 
Credit 
 

Measures to support export and imports
A line of credit of INR15,000 crore is extended to the EXIM Bank for a period of 90 days (with rollover up to 1 year) to enable it to avail a US dollar swap facility.

Increase the maximum permissible period of pre-shipment and post-shipment export credit sanctioned by banks from the existing 1 year to 15 months, for disbursements made up to July 31, 2020. 

Export/Import Credit 
  Micro, Small and Medium Enterprises (MSME) sector – restructuring of advances
To facilitate the restructuring of MSME accounts, it has been decided to permit a one-time restructuring of existing loans to MSMEs classified as ‘standard’ without a downgrade in the asset classification, subject to certain coditions.
Measures 
  MSME Emergency Response Programme
The government and the World Bank today signed a 750 million US dollar agreement for the MSME Emergency Response Programme to address the immediate liquidity and credit needs of some 1.5 million viable MSMEs.
Measures 
  Reduction in repo rate, marginal standing facility rate and reverse repo rate
The repo rate has been reduced by 40 basis points from 4.4% to 4.0%. The Marginal Standing Facility rate and the Bank rate have been reduced from 4.65% to 4.25%. The reverse repo rate has been reduced from 3.75% to 3.35%. 
Bank rates 
  Relaxation of deadlines under SEBI
SEBI has granted temporary relaxations and extended deadlines to listed entities for compliance certificates on share transfers, quarterly statements of investor complaints, the annual secretarial compliance reports, filing of quarterly corporate governance reports, filing of quarterly shareholding patterns and filing of quarterly and annual financial results. 
Accounting and Tax
  Relaxation of rules for foreign portfolio investment
The Voluntary Retention Route (VRR) is an investment window provided by RBI to Foreign Portfolio Investors, which provides easier rules in return for a commitment to make higher investments. The rules stipulate that at least 75% of the allotted investment limit be invested within three months; considering the difficulties being faced by investors and their custodians, the time limit has now been revised to six months. 
Investment 
  Relaxed time requirements for meetings
SEBI had relaxed the requirement of the maximum stipulated time gap of 120 days between two meetings of the board and audit committees of listed entities.
Relaxation 
 

Relief and credit support for businesses
Many support measures have been created to help MSMEs, such as Emergency Working Capital Facility for Businesses, Subordinate Debt for Stressed MSMEs, extending the Employees Provident Fund Support for business and organised workers for another 3 months for salary months of June, July and August 2020.

The EPF contribution is reduced for employers and employees for 3 months to 10% from 12%.

The government of India has provided tax relief to business by issuing income tax refunds to charitable trusts and non-corporate businesses.

 Credit
 

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.

Corporate Secretarial
Services
 

Schemes to support MSMEs
MSMEs that are manufacturing products or providing services related to fighting the Coronavirus can apply for loans at a rate of 5%. There is another scheme to provide financing for the healthcare sector.

Loans
  Support for migrant workers
The government of India has launched a massive rural public works scheme ‘Garib Kalyan Rojgar Abhiyaan’ to empower and provide livelihood opportunities to the returnee migrant workers and rural citizens.
Employment 
  Tax extensions and reduction in fees
Late fees for FORM GSTR-3B for the tax period from July 2017 to January 2020 have been reduced or waived. For small taxpayers (aggregate turnover up to INR50 million), the rate of interest for filing a late return is reduced from 18% per annum to 9% per annum till 30 September 2020. For taxpayers (aggregate turnover up to INR50 million), there is a waiver of late fees and interest if the returns in FORM GSTR-3B are filed by September 2020.
Accounting and Tax
  Technology platform for MSMEs
The PM launched CHAMPIONS (Creation and Harmonious Application of Modern Processes for Increasing the Output and National Strength) to resolve the problems of MSMEs including those of finance, raw materials, labor, regulatory permissions and to help MSMEs to find new opportunities.
Technology Platform 
  Virtual board meetings
The Ministry of Corporate Affairs (MCA) has allowed companies to hold meetings of their board of directors through video conferencing till June 2020 for matters dealing with approval of financial statements as well as books of accounts, approval of the board’s report and approvals relating to mergers and restructuring. 
Board Meetings  
Indonesia  Extension of no in-person taxation services
No in-person taxation services is extended until May 29, 2020. Taxpayers can still submit Annual and Period Notification (SPT) through e-filing or e-form. 
Accounting and Tax
  National Economic Recovery program
The Indonesian government, as part of its National Economic Recovery (PEN) program, plan to inject over Rp 14.1 trillion (around one billion US dollars) to finance four state owned enterprises. Rp 1 trillion for PT Permodalan Nasional Madani, which is charged with providing micro loans for women. Rp 3.5 trillion for construction company PT Hutama Karya, which is charged with completing the Trans Sumatra Toll Road. Over Rp 4.6 trillion, as well as an additional Rp 5 trillion, for state power company PT PLN.
Measures 
  Reduced reverse repo rate
The Bank Indonesia decided to reduce the BI 7- Day Reverse Repo Rate (BI7DRR) by 25 bps to 4.00%, the Deposit Facility interest rate by 25 bps to 3.25%, and Lending Facility interest rate of 25 bps to 4.75%.  
Repo Rate   
 

Relaxation policies for banks
Credit treatment / restructuring financing in accordance with POJK Stimulus is excluded from the calculation of low quality assets or Loans at Risk (LAR) in assessing the soundness of a bankTo accelerate the loan restructuring approval process  and to avoid a buildup if the approval mechanism must be carried out by a higher official, the bank can approve credit restructuring with several governance alternatives while still observing the principles of objectivity, independence, avoiding collisions interests and fairness.

There are also adjustments to the implementation of several banking regulations during the relaxation period.

 

Reporting requirements for listed companies
The deadline for submission of annual financial statements has been extended from 31 March to 31 May 2020. The deadline of submission for annual reports for listed companies has been extended from 30 April to 30 June 2020. The deadline for annual general shareholders meetings for listed companies has been extended from 30 June to 31 August 2020.
Accounting and Tax
  Tax deferral
New regulations for fiscal incentive regarding taxes have been announced.  There will be a relaxation of Article 21 WHT to only applies to certain business classification (""KLU"") taxpayer or KITE entity, whose annual income does not exceed the threshold of IDR 200 million. There is an exemption of the Article 22 Import Tax and a reduction of Article 25 Income Tax Installment amounting to 30% and a faster VAT refund process.
 

Tax deferral and VAT process
Certain business classification ("KLU") taxpayer) or KITE (Kemudahan Impor Tujuan Ekspor) entity, whose annual income does not exceed the threshold of IDR 200 million can have their taxes deferred. The KLU must have been stated in the reported CITR FY2018.

Exception of import taxes for certain KLU taxpayers or KITE Taxpayers. The KLU must have been stated in the reported CITR FY2018. The taxpayer needs to submit an application letter to the tax office.

There will be a faster VAT refund process for certain KLU taxpayers or KITE Taxpayer, who has submitted a refund request on overpayment amounting to no more than IDR 5 billion.

Accounting and Tax
  Tax measures
The corporate tax rate will be reduced from 25% to 22% (FY2020 and FY2021) and 20% (FY2022 onward). For a listed company, the tax rate will be reduced from 20% to 19% (FY2020 and 2021) and 17% (FY2022 onward). The deadline for application of objection is extended for a maximum of 6 months. Tax Audit on refund process has been extended from the normal 12 months to 18 months.
Accounting and Tax
  Trade VAT
A Value Added Tax (VAT) of 10% will be levied on purchases of digital products and services from traders or providers of Trade Through Electronic Systems (PMSE), both from outside and within the country, which reaches a transaction value or a certain amount of traffic and access within 12 months.
VAT 
  VAT on electronic transaction
Ministry of Finance has issued regulations on the procedures on VAT collection, payment, and reporting for electronic transactions.
 
Ireland  €5.5m COVID-19 Online Retail Scheme
The fund will be administered by Enterprise Ireland, on behalf of the Department of Business, Enterprise and Innovation, and will support retail businesses to enhance their digital capability, drive online sales and grow their customer base. Targeted at indigenous retailers with a pre-existing online presence, this fund will accelerate their online offerings to respond to both domestic and international consumer demand. The grant can be used to fund fees for service providers, to develop and implement a digital strategy supported by in-house training, and to enhance the retailer’s website and related systems. Successful applicants will receive a grant of up to 80% of project costs, with these grants ranging from €10,000 to a maximum of €40,000.
Measures 

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.

Accounting and Tax
  COVID-19 Online Retail Scheme
183 retailers have been approved for €6.5 million in funding as part of the scheme, which is targeted at online retailers to strengthen their online offering and enable them to reach a wider customer base. The Scheme helps Irish-owned retailers to strategically enhance their online sales capabilities, so they can be more competitive, sustain jobs and subsequently scale their businesses in international markets.
Scheme 
  COVID-19 Rapid Response funding
A Rapid Response Research and Innovation programme  has been developed by the government’s research and innovation agencies to support the development of innovative solutions (including STEM-based, social/behavioural science) .
Fund 
  Credit Guarantee Scheme
The Government has agreed to publish the Credit Guarantee (Amendment) Bill 2020, which will underpin the scheme and will also remove the portfolio cap, which will result in an increased potential maximum liability for the State of €1.6 billion.
Scheme 
  Enterprise Ireland’s Competitive Start Fund
Enterprise Ireland’s Competitive Start Fund (CSF) will open to applications for two competitions on 7th July which will approve up to forty investments – the ‘All Sectors’ competition and a ‘Women Entrepreneurs’ Competition. Each of the two €1,000,000 funds being launched will provide up to €50,000 in equity funding to successful projects. Both funds will close to applications at 3pm on Tuesday, 18th August 2020.
Measures 
 

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%. 

Loans
  Payments for Pandemic Unemployment Payment
The new two-tiered payment structure for people receiving the Pandemic Unemployment Payment includes: Employees whose average weekly earnings in 2019 or January and February 2020 (whichever is the higher) were less than €200 gross will receive a weekly Pandemic Unemployment Payment of €203 a week. 2. Employees with average earnings of €200 or more a week will continue to receive €350 Pandemic Unemployment Payment. 3 in 4 recipients (75%) will continue to receive €350 per week 3.The payment to self-employed people has been assessed based on their 2018 returns to the Revenue Commissioners.
Measures 
  Restart Grant for businesses
Supports available include the €250 million Restart Grant which provides direct grant aid of a minimum of €2,000 to a maximum of €10,000 to micro and small businesses, to help them with the costs associated with reopening and reemploying workers.
Grant 
 

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.

Loans
 

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).

Credit
 

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.

Accounting and Tax
 

Temporary Wage Subsidy Scheme
The Temporary Wage Subsidy Scheme was introduced to support business and employees with around €21.3 million payments generated to employers.

Financial support
 

Unemployment payment
Unemployment payment is paid at a flat rate of €350 per week for the duration of the pandemic emergency which has been extended until 10 August 2020.

Unemployment Aid
 Italy

€155 billion for phase two of economic measures
Italy is adopting the tools necessary to restart in safety and revive its economy, through a unitary and organic decree that allocates € 155 billion in terms of net balance to be financed and € 55 billion in terms of borrowing. The recovery phase begins, with non-repayable grants for businesses with up to € 5 million in revenues that have suffered losses, support for important expenses such as rent and utility bills and an unprecedented commitment to recapitalization and to help absorb the losses of small and even larger businesses

There is ~€ 4 billion for the cancellation of the June IRAP (regional tax on productive activities) balance and advance payment, for companies with turnover up to € 250 million. All tax payments are suspended until 16 September. The safeguard clauses on VAT and excise duties have been removed through 2021. All foreclosures on wages and pensions have been suspended. The plastic and sugar tax has been suspended, and system charges for utility bills have been eliminated for all businesses.

Financial support
  Agile work for public sector employees
For public employers, until the end of the state of emergency and in any case no later than 31 December 2020, the agile working method can be applied to any subordinate employment relationship.
Agile work 
  Agricultural workers' wage supplement (CISOA)
The agricultural workers' wage supplementation treatment (CISOA), is granted for a maximum period of 90 days, from 23 February 2020 to 31 October 2020 and in any case with the end of the period by 31 December 2020.
Payroll 
  Asset expansion measures
The European Central Bank and the Bank of Italy have launched extraordinary measures to expand the value of the assets that can be transferred to guarantee monetary policy operations, by easing the criteria of suitability and risk control. The Bank of Italy has expanded the national scheme relating to the additional bank loans, allowing banks to allocate the loans assisted by the state guarantee pursuant to the Liquidity Decree.
Asset expansion 
  August Decree
This provision provides for changes and extensions of some of the economic support already provided for by the Cura Italia decree and confirmed by the Relaunch Decree.
Measures 
  Bank loans to secure financing transactions
The measures introduced aim to support lending to small and medium-sized enterprises. Loans will be backed by guarantees and granted to companies for whose debtors where only a statistical evaluation is available. There will also be loans available within business credit portfolios, regardless of the probability of insolvency attributed to the debtor.
Loan
  BTP Futura tool
BTP Futura was created to collect resources entirely dedicated to finance the expenses provided for by the latest measures launched by the government.
Financial tool 
  Emergency fund for companies and cultural institutions
A fund for business and cultural institutions emergencies, with a budget of 210 million euros for 2020, is intended to support bookstores, the entire publishing chain, as well as museums, libraries, archives, archaeological areas, parks archaeological and monumental complexes.
Fund 
  EU Commission supports Italy's policies for work and employment
European Commission has granted €27.4 billion to the various European states. The implementation decision that was approved makes explicit reference to the main measures implemented by the Government to support work and employment: from the redundancy fund for all employees to workers' benefits.
Measures 
  Expansion of bank measures
The Governing Council approved a second series of measures to extend the Bank of Italy scheme for additional bank loans (ACC). The measures support the flow of credit to families and businesses.
Credit 
  Extension for the payment of excise duties
The payment of excise duties on energy products and electricity scheduled for May 16 are deferred to May 20 by the 'Relaunch' decree. The 'Relaunch' decree also provided for a remodeling of the payments due between May and September 2020.
Grants

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. 

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.

Accounting and Tax
  Extension of income support
Companies that have exhausted the 14 weeks of cash integration will be able to get an additional 4 weeks. This will help guarantee workers continuity of income support.
Decree 
  Extension of payment deadline for income tax and VAT
The payment deadline for the 2019 balance and the first 2020 advance for income tax and VAT purposes, for taxpayers affected by the application of the Synthetic Reliability Indices (ISA) has been extended till 20 July 2020.
Accounting and Tax
  Fund for the agricultural, fishing and aquaculture sectors
An emergency fund to protect supply chains in crisis, has been set up, with a budget of € 500 million for the year 2020, aimed at helping the agricultural, fishing and aquaculture sector.
Fund 
  Fund for technology transfer
The Fund for technology transfer has been set up at the Ministry of Economic Development, with an endowment of €500 million. The fund is aimed at promoting initiatives aimed at promoting the collaboration of public entities and private individuals in the implementation of innovation and spin-off projects for technologically advanced solutions, processes or products innovative activities to strengthen structures and disseminate research results, technical-scientific consultancy and training, as well as support activities for the growth of start-ups and SMEs with high innovative potential.
Fund 
  Fund for the safeguard of employment levels
€100 million fund has been created to safeguard employment levels and the continuation of the business activity. 
Fund 
  Granting of Sace's guarantee
The guarantee, granted as part of the Guarantee Italia operations (the instrument put in place by Sace to support Italian companies affected by the Covid-19 emergency), covers 80% of the loan amount of € 6.3 billion requested by FCA Italy Spa. The granting of the guarantee falls within the specific procedure envisaged by the Liquidity Decree, relating to loans for large companies, with over 5,000 employees in Italy or with a turnover value of more than 1.5 billion euros.
Guarantee 
  Guarantee Fund for SMEs
The Guarantee Fund for SMEs helps to encourage access to financial sources for small and medium-sized enterprises through the granting of a public guarantee that works alongside and often it replaces real guarantees brought by companies.
Measures 
  IMU exemptions for the tourism sector
The first IMU installment for the year 2020 (expiring on 16 June 2020) has a long list for tourist properties that are exempt.
Exemption 
  Incentives for areas of industrial crisis
Businesses located in the industrial crisis areas of the Friuli Venezia Giulia region, Livorno, Massa Carrara and the municipalities included in the seismic crater of L'Aquila will be able to submit applications, through Invitalia, to access the new facilities. The resources made available by the Ministry of Economic Development for these areas are around €30 million. 
Incentives 

Increase in Central Guarantee Fund for SMEs
The Central Guarantee Fund - already expanded by the Cura Italia Decree with € 1.5 billion - completes its transformation into an instrument to support small and medium-sized enterprises, to protect entrepreneurs, artisans, self-employed and professionals, as well as to safeguard exports and of all those sectors.

There is also a strong streamlining of bureaucratic procedures to access the guarantees granted by the Fund, which will act on three main lines: 100% guarantee for loans up to €25,000, without any credit assessment. In this case, the banks will be able to provide the loans without waiting for the go-ahead from the Guarantee Fund; 100% guarantee (of which 90% State and 10% Confidi) for loans up to €800,000, without performance evaluation; 90% guarantee for loans up to €5 million, Confidi, without performance evaluation.

Loans
  IRAP Payment Exemption
The Relaunch Decree provides for the exemption from the payment of the IRAP balance due for 2019 and the first installment, equal to 40 percent, of the IRAP advance due for 2020 for companies and self-employed workers with revenues / remuneration not in excess of € 250 million in the tax period preceding the one in progress on the date of entry into force of the decree-law. The obligation to pay advances for the 2019 tax period remains unchanged. The amount not paid on account is in any case excluded from the calculation of the tax to be paid in 2021.
Exemption 
 

Liquidity support measures
To secure supplier loans from German companies and to support the economy, the federal government is guaranteeing compensation payments from credit insurers of €30 billion for 2020. Credit insurance protects suppliers against payment defaults if a customer cannot or does not want to pay the invoice at home or abroad.

Insurance
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.
Loans
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.
Loans
  Maternity and paternity allowance for female and self-employed workers
On 3 August 2020 the INPS provided operational instructions for the recognition of maternity and paternity allowances despite the suspension of the payment of contributions permitted by emergency legislation.
Measures 
  Measures to strengthen the capital of SMEs
The Minister of Economy and Finance signed a decree on implementing incentives, in the form of a tax credit, for strengthening the capital of businesses. This package of measures is designed to support companies that decide to invest in their own relaunch, with particular attention to innovation and the environment.
Measures 
 

Operational plan for Sace's guarantee
The government signed the implementing decree that makes Sace's guarantee operational to cover 80% of the €100 million loan signed by Ovs with a pool of Italian banks, led by Unicredit.

The guarantee, granted as part of the guarantee Italy operations, is the first operation completed through the Liquidity Decree, that relates to loans for large companies, with over 5,000 employees in Italy or with a turnover value of over €1.5 billion. 

Guarantee 
  Paid parental leave
Paid parental leave for private sector employees has increased to 30 days for taking care of children up to 12 years of age. An allowance equal to 50% of the remuneration will be paid and the extension is until 31 July 2020.
Paid Leave 
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.
Bank
Payment allowance for workers
Around 1.8 million workers are expected to receive €600 bonus payment allowances.
Payroll
  PMI Assets Fund
The PMI Patrimony Fund is aimed at subscribing, by December 31, 2020 and within the limits of the Fund's endowment, of newly issued bonds or debt securities issued by companies for a maximum amount equal to the lower amount between three times the amount of the capital increase carried out in 2020 and 12.5% of the 2019 revenue amount.
Fund 
  Promotion of agricultural work
Non-longer term contracts with employers in the agricultural sector can be extended for 30 days, renewable for an additional 30 days, within the limit of €2000 for the year 2020, without suffering the loss or reduction of benefits.
Agriculture work 
  Relaunch Decree
"Relaunch" Decree extends and enhances few of the measures already introduced with the "Cura Italia" Decree, such as parental leave, permits pursuant to art. 33 of law 104/1992, the babysitting bonuses, the "COVID-19" layoff, the suspension of layoffs. The decree also introduces new measures, such as the Emergency Income (REM), the bonus for domestic workers and the extension for the NASPI and DIS-COLL allowances. 
Indemnity against loss 
  Sace's guarantee for the loan for Fincantieri
The Minister of Economy and Finance, signed the implementing decree with a pool of Italian banks that makes the Sace guarantee operational to cover 70% of the €1.15 billion loan. The guarantee falls within the scope of the specific procedure envisaged by the Liquidity Decree, relating to loans in favor of large companies (with over 5,000 employees in Italy or with a turnover value exceeding 1.5 billion euros) and was granted by means of 'Guarantee Italy' (the instrument put in place by Sace to support Italian companies affected by the Covid-19 emergency).
Measures 
  Salary redundancy fund
The salary redundancy fund can be used for a maximum duration of nine weeks for periods from 23 February 2020 to 31 August 2020, increased another five weeks in the same period for only employers who have already been fully authorized. An additional four-week period from 1 September 2020 to 31 October 2020 is also recognized.
Fund 
 

Strengthening of the SME guarantee fund
Until 31 December 2020, Article 13 introduces a strengthening of the intervention of the Guarantee Fund for small and medium-sized enterprises. Some measures include: Intervention under guarantee of the Fund free of charge; raising the maximum guaranteed amount per individual company to € 5 million. Automatic extension of the guarantee in the event of suspension of the payment of the amortization installments or of only the capital portion.

Elimination of the security (300 Euro) for the failure to complete the guaranteed financing operations; three-month extension of all terms referring to the administrative obligations; increase in the percentage of coverage of the direct guarantee from 80% to 90% of the amount of each loan with a duration of up to 72 months.

Funds
  Support for public enterprises
Bars, restaurants, pizzerias, breweries, bathing establishments, ice cream parlors are exempt from paying the occupancy tax on public spaces and areas from 1 May until 31 October 2020.
Accounting and Tax
  Support for travel agencies and tour operators
A fund with an endowment of € 25 million for 2020 has been established for businesses and tour operators.
Fund 

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. Even 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.

Financial support
  Support to micro, small and medium fuel distribution companies
For micro-enterprises and small and medium-sized enterprises based in Italy, which manage the motorway fuel distribution service - a contribution commensurate with social security and welfare contributions can be recognized, up to a total of €4 million for 2020.
Fund 

Suspension of loan payments for SMEs
The government has suspended the repayment installments of subsidized loans until 30 September 2020.

Loans

Suspension of mortgage payments for first time home owners
Holders of a first-time home owner mortgage contract who are in situations of temporary difficulty can apply for the suspension of installment payments for up to 18 months. The fund will bear 50% of the interest accrued during the suspension period.

Loans

Suspension of tax payments and contributions
The government has introduced a series of rules that provide for a total allocation of €2.4 billion to  suspend taxes and contributions for a total of  €10.7 billion. The deferral of deadlines and the suspension of tax and social security contributions are established (for all small businesses and without turnover limits for businesses operating in the sectors most affected); the collection and dispatch of the tax collection files; of assessment documents and payments due for the various tax amnesty measures.

Accounting and Tax
  Tax credit for companies
Companies can receive a tax credit equal to 50% of the losses exceeding 10% of the shareholders' equity, gross of the losses themselves, up to 30% of the capital increase and in any case within the limits set by the decree (800,000 euros, or 120,000 euros for businesses operating in the fisheries and aquaculture sector or 100,000 euros for businesses operating in the primary production of agricultural products).The distribution of any type of reserves before January 1, 2024 by the company entails the forfeiture of the benefit and the obligation to return the amount, together with the legal interest.
Tax Credit
Tax deferral
Tax deadlines have been extended/suspended for residents and companies in some areas of Italy such as Lombardy and Veneto. Apart from this, all tax payments that were due in the period between February 23 and April 30 have been extended until May 31, and tax credits will be granted to companies that suffer a 25% decrease in revenue.
Accounting and Tax
  Transition 4.0 plan
€7 billion of resources will be mobilized for companies that will focus more on innovation, green investments, in research and development, in design and aesthetic innovation activities, on training 4.0. There will be a tax credit for investments in capital goods and for research, development, innovation and design. 
Measures 

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J

Jurisdiction Name of Scheme Scheme type
Japan

Additional funding support and sustained benefits for SMEs
The Ministry of Economy, Trade and Industry, announced measures which include; refinancing of existing debt of government financial institutions and credit guarantee associations to real interest-free loans and interest-free and unsecured lending, with a non-principal financing for up to five years, is now available to private financial institutions.

Loans

ASEAN-Japan Economic Resilience Action Plan
The ASEAN-Japan Economic Resilience Action Plan is based on three objectives: sustaining the close economic ties developed by ASEAN and Japan; mitigating the adverse impact of COVID- 19 on the economy; and strengthening economic resilience.

Agreement
  Business Resumption Support Package for SMEs
With an aim to support the efforts of SMEs to restart their businesses, the sustainability subsidy and manufacturing subsidy and infection prevention measures have been introducted. The government is likely to add a new fixed amount subsidy with an upper limit of ¥500,000 (business resumption limit) to its investment.
Subsidy 

Consultation desk for SMEs and small businesses
A consultation desk has been set up for small and medium-sized businesses and small businesses affected by or likely to be affected to have management consultations.
Consultation service
support

Deferral of property tax
Property taxes have been reduced to one half or zero for one year for SMEs.
Accounting and Tax

Emergency economic measures for businesses
Business can receive support from:  

  • interest-free unsecured loans with improved loan conditions, such as allowing recurring debts to be refinanced as interest free loans.
  • deferment of the payments of national taxes and social security premiums without collateral and penalties (amounting to ¥26 trillion). 
  • cash payments of ¥2 million to micro-, small-, and medium-sized business and ¥1 million to individual business owners
Loans
  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. 
HR
  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. 
Bank
  Extension in paying electricity and gas charges
The Ministry of Economy, Trade and Industry has granted approval to extend the special measures to delay payment of charges by electric utilities and gas utilities.The government has been requesting a flexible response to delays in the payment of electricity and gas charges, such as the suspension of supply interruptions.
Charges delay
  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. 
Loans/Financial support
  Grant for furloughed employees
Furloughed SME’s employees that have received no leaving allowance can receive a grant of max ¥330,000 per month.
Grants 
  Grant for rent payment
For microbusiness and SMEs, grants are available to help with rent in the amounts of max ¥6 million for microbusinesses and SMEs and max ¥3 million for sole proprietors.
Grants
 

IT support
The government aims to provide support to businesses that are committed to capital investment, cultivation of sales channels, and efficiency through the introduction of IT to respond to supply chain damage and future business continuity.

Support for small businesses to develop sales channels and improve productivity can claim subsidies up to 500,000 yen. IT tools that will lead to value-added improvement such as the efficiency of back-office operations are able to get a subsidy from 300,000 to 4,500,000 yen.

Digital help
  Japan Government to use 1.2 trillion yen from coronavirus reserve funds
The Japanese Government decided to use 1.2 trillion of the 10-trillion-yen reserve funds earmarked under its second fiscal 2020 supplementary budget to battle the novel coronavirus. About 900 billion yen will go to cash relief mainly to small businesses hit by sales plunges, while 200 billion yen will be used for small-lot emergency loans to individuals.
Measures 
  Loan guarantee
The government aims to offer a 100% guarantee on loan amounts in a separate framework (up to 280 million yen) for industries affected with a decrease in sales of 20% and 80% guarantee on loan amounts in a separate line (up to 280 million yen) for industries with a sales decrease of more than 5% compared to the same period of the previous year.
Loans
  Measures from the second supplementary budget for businesses
¥2,024.2 billion of rent support grant for SMEs; support of ¥1,639.0 billion for businesses including loans to micro, small-and medium-sized businesses (¥8,817.4 billion); loans to major corporations(¥452.1 billion); providing capital (¥2,369.2 billion); ¥100 billion grants for micro, small-and medium-sized business operators; ¥56 billion, emergency comprehensive support package for art and cultural activities; grants of ¥20 billion to sustain businesses for agriculture, forestry and fisheries.
Grants 
  Overseas investment loan
The Japan Bank for International Cooperation will provide the following financial support to the overseas business of Japanese companies. This financing facility will be available provisionally until June 30, 2021.
Measures 
  Payment deferral of tax and social security contribution
No collateral and no late payment penalties for one year are available for SMEs.
Accounting and Tax
  Real interest-free and collateral-free loans
Real interest-free loans are available for 3 years with a grace period of 5 years for micro businesses and SMEs.
Loans
 

Relaxation of import/export procedures
If an import certificate or export license will expire due to delays in imports, companies may apply for an extension of the validity period, before the validity period elapses.

If a customs quota certificate will expire due to import delays, companies may apply to extend the validity period within 30 days from the day after the expiration date. 

Regulation relaxation
 

Safety nets to support SMEs
The Ministry of Economy, Trade and Industry has implemented safety nets as a measure to support SMEs' financing. It has been decided to additionally specify the type of business covered by Guarantee No. 5. to allow them to use the general warranty and a separate warranty.

Financial support
  Second supplementary budget
The government is likely to carry out liquidity support surpassing ¥130 trillion. It will provide capital funds, such as subordinated loans or investments, to companies regardless of their size. The provision of loans that are interest free in real terms with principal repayment deferred for a maximum of five years, provided by local banks, shinkin banks, credit unions in local communities, and other institutions, has also been progressing. The Bank of Japan decided on a new assistance program totaling ¥75 trillion and is likely to work in tandem.
Financial support
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. 
Funds/Financial support
  Subsidy for sustaining business
Subsidies are available for microbusiness and SMEs to help with reopening business in the amounts of max ¥1.5 million for microbusinesses which can subsidize up to 3/4 of expenses (up to ¥1 million) or subsidize a fixed amount (up to ¥500,000).
Subsidy
  Subsidy Program for Sustaining Businesses
The government initiated a plan to receive applications for the Sustainability Subsidy (Subsidy Program for Sustaining Businesses), which provides up to ¥2 million in cash, unsecured loans up to ¥30 million that are interest free in real terms with principal repayment deferred for a maximum of five years. They are available from not only the Japan Finance Corporation and Shoko Chukin Bank but also from local banks, shinkin banks, and credit unions. It is also expected to provide grace periods for paying taxes and social security premiums.
Grants
Teleworking measures
The government has developed measures to encourage companies to introduce teleworking for employees. 
HR
Jersey

Business Disruption Loan Guarantee Scheme
£50 million of new lending capacity has been added to this scheme with £40 million guaranteed by the government. 

Loans or overdrafts are available under this scheme to qualifying businesses required to close or reduce services. The loans are intended to help qualifying businesses to manage short-term cash flow constraints. Qualifying businesses can apply to banks through the scheme to borrow between £5,000 to £500,000.

Loans
  Deferral of GST payments
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. This scheme may be subject to extension.
Accounting and Tax
  Deferral payment of Social Security contributions
Businesses with less than 80 employees and individuals who pay Class 2 contributions (including those who are self-employed) are automatically permitted to defer their payments for A and B quarters (payments due in April and July) by 12 months. Businesses with 80 or more employees can apply to defer their payments for A and B quarters (payments due in April and July) by 12 months. 
Payroll  
 

Economic stimulation measures
The government has announced following measures including: £100 payment to ~13,000 Islanders from low-income households.

The proposed temporary reduction for employees Social Security contributions from 6% down to 4% will, if approved by the States Assembly, will run for nine months up to June 2021 and will increase the take-home pay for over 50,000 workers and self-employed islanders across our entire community.

The government has also extended the deadline for local businesses to repay their Social Security and GST payments for two years.

 
  Extension of Co-funded Payroll Scheme
The government has extended the Co-Funded Payroll Scheme until the end of August 2020.
Payroll 
  Government support for businesses
The Government Co-Funded Payroll Scheme (Phase 2) follows on from the Phase 1 support but offers greater financial support over a longer period to many more different types of organisations. This includes businesses, charities, sole-traders and partners. Phase 2 support will be available for April, May, June, July and August 2020. 
If a business cannot afford to pay its workers even with the Phase 2 subsidy, because of severe and immediate financial problems, it can apply for a special exemption to make a smaller contribution to the cost of the wages than the scheme normally requires.
Measures 
  Interim Parental Payment Scheme
The scheme will provide subsidy payments to employers whose staff take paid parental leave under the amended Employment Law. IPPS will also support sole traders and other business owners who take parental leave. As an interim step, the IPPS will support employers with some of the additional costs of paid parental leave for the second parent by providing a one-off lump sum payment of up to £1335. 
Fund
  Jersey COVID-19 Special Situations Fund
This £50 million scheme is open for applications from qualifying businesses which deliver a public good or serve an essential strategic purpose for Jersey. Applications will be considered by a panel of senior Government officials and independent specialists based on criteria. 
 Funds
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
  Payroll scheme expansion
More self-employed Islanders will be able to claim for income they have lost. Individuals have until 30 June to claim for income lost in April and May, and will be able to claim for June, July and August when applications for those months open.
Payroll 

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
Payroll scheme; phase 2
Under phase 2 of the Scheme, businesses with less than 80 employees and individuals who pay Class 2 contributions (including those who are self-employed) are automatically permitted to defer their payments for A and B quarters (payments due in April and July) by 12 months. Businesses with 80 or more employees who can demonstrate that they have been significantly adversely impacted by the coronavirus pandemic can apply to defer their payments for A and B quarters (payments due in April and July) by 12 months.
Measures
  Support for fishing industry
The government approved the allocation of up to £233,400 in 2020 from the General Reserve for the Fisheries Support Scheme to help the industry continue to pay fixed costs, and prepare for recovery.
Fund 

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K

Jurisdiction Name of Scheme Scheme type
Kazakhstan  Compulsory pension contribution
A correction factor “0” has been established for the rates of individual income tax withheld at the source of payment, social tax, mandatory pension contributions, mandatory professional pension contributions, social contributions, contributions and contributions and the deadline for payment (transfer) is between 1 April and 1 October 2020.
Pension 

Deadline change for yearly tax returns for 2019
Deadlines for the following yearly tax reports for 2019 of corporate income tax, personal income tax and vehicle, land and property tax returns are prolonged till May 31, 2020 provided they are filed electronically. Also, the deadline for submitting tax reporting forms for the obligations of 2019 has been postponed from March 31, 2020 to May 31, 2020.
Accounting and Tax
Deferral of payment of all taxes
Micro, small or medium-sized enterprises have been granted a deferral of payment of all types of taxes and other obligatory payments, and social payments until June 1, 2020
Accounting and Tax
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.
HR
Excise tax exemption
Manufacturers of gasoline (excluding aviation) and diesel fuel exported from export sales are exempt from the payment of excise duty.
Accounting and Tax

Exemption from payroll taxes
An exemption from tax payments are provided for the following:

  • Private practitioners, small and medium enterprises of certain types of activities for tax liabilities with deadlines for payment in the period from April 1, 2020 till October 1, 2020.
  • Large enterprises of certain types of activities with deadlines for tax liabilities with deadlines for payment in the period from April 1, 2020 till July 1, 2020.
Accounting and Tax
  Land tax for agricultural land
A correction factor “0” has been introduced for land tax for agricultural land from 20 March to 31 December 2020.
Accounting and Tax
  Loan support for SMEs
From 16 June to 15 September 2020, an SME entity can apply for deferred loan payments to a bank or microfinance organization. In July 2020, a new direction will be launched in the framework of the Business Roadmap-2025 program to support micro and small business entities. Loans will be issued at the expense of funds of second-tier banks and microcredit organizations.
Loan 
  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.
Accounting and Tax
  Postponment of deadline for the delivery of TNF
The deadlines for submitting tax reports were postponed to the 3rd quarter of 2020 (all TNFs, the deadline for submission of which are April 15, May 15, June 15, and July 15, are postponed to August 15, 2020).
Accounting and Tax
  Property tax changes
A correction factor “0” has been introduced for the tax rate for property tax for legal entities and entrepreneurs from 20 March 20 to 31 December 2020.
Accounting and Tax
  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.
Accounting and Tax
  Social payments for loss of income
The government will make social payments for loss of income in the amount of the minimum wage — 42,500 tenge — for one month for the period of restrictive measures. Payment will be made on the basis of applications from employers, individual entrepreneurs and self-employed.
Measures
  Suspension of tax audits
Tax audits are suspended for SMES except for taxpayers with a high degree of risk.
Accounting and Tax
  Transaction monitoring reporting deadlines extended
The deadlines for submitting tax reports on monitoring transactions under the Law of the Republic of Kazakhstan on transfer pricing for 2019 for large taxpayers are extended until July 15, 2020. 
Accounting and Tax
  VAT on domestic goods
VAT has been set at 8% for the import of goods included in the list of socially significant food products, approved by the Government of the Republic of Kazakhstan from 27 March 27 to 1 October 2020.
VAT 

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Jurisdiction Name of Scheme Scheme type
Luxembourg  Aid scheme for companies
Companies of all sizes as well as the self-employed can get the benefit of a repayable advance. The aid can cover up to 50% of the rental costs, capped at €10,000 monthly per single enterprise from March-May.
Financial support
  Aid scheme for retail businesses
From 3 August 3 2020, retail businesses can apply for direct non-refundable assistance under this scheme. The amount of the assistance is €1,000 per employee for the month of July, €750 per employee for the month of August and €500 per employee for the month of September. This aid cannot exceed 50,000 euros. A separate request must be made for the months of July, August and September 2020.
Measures 

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). 
Bank
  Compensation allowance for partial unemployment
During the period of partial unemployment, the State will pay the compensation allowance up to 80% of wages. Reimbursement is limited to 250% of the minimum social wage for unskilled workers aged 18 or over. 
Payroll
  Economic recovery support measures
Twenty-three new measures are proposed to maintain employment and to start the recovery, A recovery and solidarity fund for companies will be set up for a period of 6 months starting on 1 July  to offer companies in the hotel and catering sectors, events (including in the cultural field), the tourism as well as physical cultivation centers, direct monthly aid of 1,250 euros per employee in post and 250 euros per employee on partial unemployment. 
Measures 
  Emergency indemnities for self-employed
To support the self-employed, the government approved an emergency indemnity of €2,500.
Financial support
  Export aid for companies
There are measures for export companies that include, an increase in the guaranteed portion of the limits and contracts for export insurance; collaboration with the Mutual Guarantee Company with the establishment of insurance for guarantees; an increase in the percentage of insurance within the framework of its bank guarantees insurance product; reduction of the claim period and reduction of the reimbursement deadline for invoices paid.
Export aid
  Extension for filing accounts
The deadlines for filing and publication of annual accounts, consolidated accounts and related reports are extended by three months.
Initiatives 
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.
Accounting and Tax
  Extension of the deadline for annual AML KYC online survey
The deadline to answer the annual AML KYC online survey 2019 has been extended. 
KYC
  Increase in standard allowance
For the 2020 tax year, the standard allowance will be increased to a maximum of €6,750 for taxpayers who have employed an aid of household performing domestic work in their private household and declared this to social security institutions, during the period from 1 April 2020 until at least 31 December 2020. In this case, the allowance cannot exceed neither the costs actually incurred, nor €450 for the months of January 2020 to March 2020 and €600 for the months of April 2020 to December 2020.
Allowance 
  New aid regime to boost business investment
This new financial aid aims to encourage companies with high levels of subsidy (up to 50% of eligible costs) to carry out economic development projects, digitisation or environmental protection. The aid scheme is aimed at companies which suffered a drop in their turnover during the crisis.
Measures 
  New partial unemployment scheme
From July until December 31, 2020,  companies must submit partial unemployment requests electronically and wait to be approved for this scheme.
Initiative 
No penalty for late filing of VAT returns
No administrative penalties will be applied for late filing of VAT returns. 
VAT
  Non-refundable financial aid
The creation of a Recovery and Solidarity fund to encourage and maintain employment, as well as support businesses in the tourism, events, culture and entertainment sectors.
Measures 
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.
HR
  Recovery Plan for Agriculture
The government announced a recovery plan for agriculture of €5 million.
Initiative 
 

Social security measures
The legislation outlines that an employee cannot exceed 78 weeks incapacitated for work due to illness over a reference period of 104 weeks.

If an employee cannot work due to illness, the employer must continue to pay the salary to the employee over a period determined by legislation. The employer is then reimbursed up to 80% by the Employers' Mutuality.

Payroll
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. 
HR
 

Special Anti-Crisis Financing
SNCI has set up a Special Anti Crisis Financing - FSAC for an SNCI envelope of up to €400 million corresponding to a total leverage effect of nearly €700 million EUR, bank financing included.

This instrument is intended for SMEs and large Luxembourg companies with an establishment authorization for the financing of any exceptional need Funding is done indirectly through the customer's usual bank - SNCI finances up to 60% of the requirement, on condition that the bank finances 40%.

Scheme
  State guarantee scheme for new bank loans
The state guarantee scheme for new bank loans over a maximum period of six years covers guarantees of 85% by the state and 15% by participating banks for loans granted from March 18, 2020 until December 31, 2020. The benefit of the new credit is reserved for companies that were viable before March 18, 2020.
Loans
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. 
Financial support
  Support for apprenticeships
The government has announced a range of measures and financial aid aimed at guaranteeing the integration of young people in vocational training and to support them in the transition to working life. The Ministry of National Education, Children and Youth support training organisations in their effort to maintain or even increase the number of apprenticeship positions in order to ensure the training of apprentices and to meet needs of a future skilled workforce.
Measures 
  Support for tourism
The government has set up a €3 million tourism fund, which aims to support non-profit associations (ASBL) working in favor of tourism. This fund provides a contribution to remuneration costs as well as to operating costs within the framework of large-scale regional or national tourism projects or initiatives managed by an ASBL.
Measures 
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.
Accounting and Tax
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.
VAT

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Jurisdiction Name of Scheme Scheme type
Malaysia

Additional measures for SMEs
An additional allocation of RM10 billion has been added to the Prihatin Package for SMEs to help ease the financial burden.

A wage subsidy program has been increased from RM13.8 billion from RM5.9 billion. All companies with local workers earning RM4,000 and below will receive wage subsidy assistance of between RM600 and RM1,200 depending on the number of employees.

A special grant of RM2.1 billion is specifically for all qualified micro-SMEs. The government will provide a Special Grant of RM3,000 to each micro company which will benefit almost 700,000 micro SMEs nationwide.

In addition, money lending organisations registered under the Moneylenders Act 1951 are encouraged to give a moratorium on SMEs instalment payments for six months effective April 2020.

Financial support
  COVID-19 Financing Measures Bill Takes into account National Law, Overseas
The Temporary Measures Bill (RUU) for Government Financing (Coronavirus Disease 2019 (COVID-19)) 2020, seeks to create provisions for temporary measures related to government financing to reduce the impact of COVID-19.
Measures 
  Deferment of CP204 payment for SMEs
SMEs do not need to apply for deferment of CP204 payment as it will be given automatically to all SMEs based on IRB’s records Business criteria until June 2020.
Accounting and Tax
  Deferment of CP500 instalment payments
The instalment payments can be deferred starting from April 2020 to June 2020. Deferment of CP500 payment will be given automatically to eligible taxpayers. SMEs are also entitled to deferment of CP500 payments. They need not apply for deferment of CP500 payment as it will be given automatically to them based on IRB’s payment records.
Accounting and Tax
  Economic stimulus measures
The government has implemented the PRIHATIN stimulus package worth RM250 billion, PRIHATIN Supplementary package RM10 billion and the National Economic Recovery Plan (PENJANA) worth RM35 billion to reduce the impact of COVID-19. Dueto the global health crisis, the government acknowledged the number of unemployed in the country would increase, but the government would ensure that its impact on the people would be reduced based on the initiatives implemented.
Measures 
 

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.

Funds
 

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).

Financial support
  Extension of Bantuan Prihatin Nasional payments
The second phase of BPN payments scheduled to end is extended to 22 May 2020. 
Grants
  Fund for People's Economic Stimulus Package (PRIHATIN) 
The government will borrow up to RM35 billion from the country to fund economic stimulus initiatives through the People's Economic Stimulus Package (PRIHATIN) and the total RM295 billion National Economic Renaissance Plan (PENJANA).
Fund 
  Funds for startups 
The Ministry of Finance (MoF) has allocated RM100 million to Malaysia Debt Ventures Bhd (MDV) to fund the Technology Start-up Funding Relief Facility (TSFRF) to assist technology startups and provide financial assistance to support the companies cash flows and ensure continuity of the business operations of the selected companies.
Funds
 

Measures from the Prihatin Rakyat Economic Stimulus Package implemented
All 10 core initiatives in the Prihatin Rakyat Economic Stimulus Package (PRIHATIN) have been implemented, comprising 95% of the total package valued at RM260 billion.

The government had allocated RM2.1 billion for GKP, which was opened for applications on May 1 and involved disbursing RM3,000 in grants to active micro small and medium enterprises

RM1 billion additional allocation was expected to be required on top of the RM10 billion originally earmarked under Bantuan Prihatin Nasional (BPN), a one-off cash assistance for the B40 and M40 groups.

Financial support
  National economic rebuilding plan
There are 40 initiatives worth RM35 billion under the PENANG and out of that, RM10 billion is a direct fiscal injection from the government. An allocation of nearly RM9 billion will address unemployment. Tax incentives and employment insurance protection are given exclusively to SMEs to implement the concept of 'work from home'. Financing micro financing in collaboration with Bank Simpanan Nasional and TEKUN Nasional for financing of RM400 million with RM50 million will be dedicated to women entrepreneurs. Tax incentives in many forms include tax deductions related to expenses for operating in new habits such as PPE purchases and cost of screening tests. The issuance of RM500 million Concerned Sukuk in the third quarter of this year, with funds raised to help finance micro enterprises especially women entrepreneurs.
Economy Rebuilding
Plan
  Launch of digital dashboard
A digital dashboard has launched that can link data from 53 ministries and agencies that are involved in the implementation of the planned stimulus packages worth RM295 billion. It will also assist with the Economic Stimulus Package 2020 (PRE2020), namely Prihatin Rakyat Economic Stimulus Package (PRIHATIN) and National Economic Recovery Plan (PENJANA).
Digital 
  Loans approved for SMEs
Loans amounting to RM3 billion have been approved and accepted by 6,840 small and medium enterprises (SMEs) under the government’s easy financing scheme until May 5. Of the amount, BSN approved RM90 million for 2,000 Micro SMEs, while TEKUN Nasional approved RM42 million for 5,000 Micro SMEs.
Loans
  Loan repayment flexibility
Bank Negara Malaysia (BNM) announced measures to provide a targeted extension of the moratorium and repayment flexibility to individuals and SMEs. The banking industry will provide a targeted moratorium extension and provision of repayment flexibility.
Measures 
  Loan repayment flexibility to borrowers
Bank Negara Malaysia (BNM) announced measures to provide a targeted extension of the moratorium and repayment flexibility to individuals and SMEs who continue to be affected by COVID-19.
Measures 
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%.
Funds
  Short-term economic recovery plan
The government is likely to implement a short- and medium-term economic recovery plan, highlighting health guidelines and safe operating procedures in the new norm, capacity building, hiring of workers, job creation as well as boosting consumer spending, especially through digital channels. Additionally, the government will also support the restructuring, recovery and growth of small and medium-sized enterprises (SMEs) especially via digital technology, enhancing resilience and developing growth opportunities for medium and large-sized companies, boosting investor confidence and generating short-term economic growth. 
 Grants
Special deductions to company taxes
Owners of business premises/renters who provide reductions or leases to SMEs renters are given a special deduction equal to the amount of the rent reduction for April 2020 to June 2020.
Accounting and Tax
  Support for Halal SMEs
RM25 million will be allocated to train Malaysians Halal SMEs to equip them with ICT technology.to generate income through digital platforms.
Digital 
Mauritius  Bank of Mauritius Support Programme
The Bank of Mauritius has introduced a Special Relief Amount of Rs5 billion through commercial banks to meet cash flow and working capital requirements.  This Special Relief Amount is being made available, through commercial banks up to 30 September 2020. The Bank has now raised the amount of the FX line of credit to banks for funding purposes from USD300 Million to USD500 Million, that is, by an additional amount of USD200 million. The additional amount will be available to banks for the next 6 months.
Measures 

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. 
Accounting and Tax

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Jurisdiction Name of Scheme Scheme type
Netherlands  Additional assessment for VAT return
Many entrepreneurs will receive an additional assessment for the VAT return. Entrepreneurs who have not yet applied for a special deferral of payment, but wish to do so, can request special postponement for 3 months immediately after receipt of the additional assessment.
Accounting and Tax

Additional measures for the agricultural sector
€650 million of additional measures have been granted for the agricultural sector. A turnover damage settlement of €600 million will be introduced for floriculture and specific components of food horticulture. The scheme is for companies in these sectors that are experiencing a sharp drop in turnover.

Financial support
  Agriculture loan guarantee extended
The Guarantee Credit for Agriculture (BL) has been extended with an extra module, a guarantee for a bridging loan (BL-C) for healthy agricultural and horticultural businesses. The government guarantees a bridging loan of up to € 1.5 million per company under BL-C and can be applied till March 2021.
Measures 
 

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.

Financial support
  Corona Business Guarantee
The GO-C scheme is for entrepreneurs who need credit. It offers companies the opportunity to obtain financing for liquidity caused by corona. The scheme is for (medium) large companies with substantial activities in the Netherlands and for entrepreneurs in Bonaire, St. Eustatius or Saba.
Measures 
  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).
Financial support
 

Expansion of BMKB for SMEs
The BMKB has been expanded and is intended for SMEs with a maximum of 250 employees. This measure has increased the size of the surety loan in the BMKB from 50% to 75%.

In addition, the BMKB's guarantee budget has increased from € 765 million to € 1.5 billion. Non-bank financiers can also accredit themselves to finance their existing customers under the corona module of the BMKB.

Measures 
  Fixed Cost Allowance (TVL)
The allowance is for SME entrepreneurs and self-employed persons who have trouble with paying their fixed costs. Entrepreneurs who were eligible for the TOGS scheme can also use the TVL.
Measures 
  GO-C scheme for entrepreneurs
The GO-C scheme is for entrepreneurs who need credit. It offers companies the opportunity to obtain financing for liquidity. The scheme is for (medium) large companies with substantial activities in the Netherlands and for entrepreneurs in Bonaire, St. Eustatius or Saba .The GO-C allows banks to receive an 80% or 90% state guarantee on medium and large loans.
Measures 
  Guarantee credit for agriculture loans extended
The Guarantee Credit for Agriculture (BL) has been extended with an extra module, a guarantee for a bridging loan (BL-C). The government guarantees a bridging loan of up to € 1.5 million per company.. The government guarantees 70% of credit.
Loan
  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.
Loans
  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).
Financial support
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.
Accounting and Tax
Reduction of provisional tax assessment
Businesses can change 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.
Accounting and Tax
  Small Credits Corona guarantee scheme (KKC)
Entrepreneurs can apply for a loan of at least € 10,000 and a maximum of € 50,000 from their financier under the KKC scheme.
Measures 
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.
Loans
  Tax measures for entrepreneurs extended
The period during which entrepreneurs can apply for special postponement of payment has been extended to 1 October 2020. Entrepreneurs can also apply for an extension for a period longer than 3 months. The tax and recovery interest for all tax assets has been reduced to 0.01% until October 1, 2020.
Accounting and Tax
 

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.

Accounting and Tax
 

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%.
Accounting and Tax
  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."
Loans
New Zealand  $50 million 'shovel ready' fund for rural broadband
$50 million for further rural broadband digital connectivity has been allocated from the $3 billion infrastructure fund in the COVID Response and Recovery Fund. The investment will go to boosting broadband access and capacity across most regions of New Zealand, with an emphasis on Te Tai Tokerau (Northland), Bay of Plenty, Waikato, Top of South and Canterbury, secondly, Gisborne, Manawatu-Wanganui, Auckland rural areas and Otago, and thirdly Hawkes Bay, West Coast, Taranaki, Wellington (rural) and Southland.
Fund 
  Business Finance Guarantee simplified and expanded to support COVID-19 recovery
The Business Finance Guarantee encourages banks to support their customers, by offering an 80% Government guarantee over the loans issued under the scheme.The government has announced a number of key changes to simplify the scheme.
Measures 
  Extension of new wage subsidy
The new wage subsidy and the current wage subsidy extension – which is open for new applications until 1 September – will support an estimated 930,000 jobs. Eligible businesses can apply for a two-week wage subsidy of up to $1,171.60 per worker from today to help cover wages as part of the Government’s plan to protect jobs and support the economy.
Measures 

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.
Financial support
  Funding boost for Community Law Centres
Community Law Centres will receive a funding boost to meet the increased need for free legal services due to COVID-19. The $3.5m funding is for the next three financial years and is additional to the almost $8 million for Community Law Centres announced in Budget 2020.
Fund 
  Government support for Hawke’s Bay mushroom production
A Government investment in Te Mata Mushroom Holdings Ltd will help create the largest mushroom production centre in the North Island and sustainable full time employment for more than 200 people. The funding will come from the $3 billion set aside for infrastructure projects in the Government’s COVID-19 Response and Recovery Fund.
Measures 
  Income Relief Payment
For those who have lost jobs (including self-employment) from 1 March 2020 to 30 October 2020, may be eligible for the COVID-19 Income Relief Payment and can get up to 12 weeks of payments.
Income  
 

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
  Leave Support Scheme
The COVID-19 Leave Support Scheme is available for employers, including sole traders, to pay their employees who can't work. The Leave Support Scheme will be paid at a flat rate of: $585.80 for people who were working 20 hours or more per week (full-time rate) $350.00 for people who were working less than 20 hours per week (part-time rate).
Leave support 
  More funding for schools and the construction sector
The government is releasing $214 million from the COVID-19 response and recovery fund to help schools and support construction firms facing additional costs due to the pandemic.
Fund 
  New fund to support housing and construction sector
A $350 million Residential Development Response Fund is being established to support the residential construction sector and to minimise the economic impact of COVID-19.
Fund 
  New training centre in Tokoroa to upskill workers
A new trades training centre to upskill the local workforce will be built in the South Waikato town of Tokoroa through funding from the government’s COVID-19 Response and Recovery Fund.
Measures 
  One-stop ‘jobs and training’ shop
The government has launched a new online, phone and onsite service to help New Zealanders connect to a range of employment support and products for workers and businesses affected by COVID-19.
Measures 
  Payroll reporting
There are two new leave types available in the payroll software – COVID-19 and COVID-19 Unpaid. 
Payroll
  Ruapehu District housing construction receives funding
The construction project in Ruapehu that will deliver more social and affordable housing in the region while stimulating the local economy and creating jobs will be receiving government funding. The funding for the project will come from the $3 billion set aside for infrastructure projects in the Government’s COVID-19 Response and Recovery Fund. The council has recognised the need for more social and affordable housing and It also means that the local economy and businesses get a boost during COVID-19 pandemic.
Measures 
  Support for employers
Wage Subsidy is available to support businesses that face laying off staff or reducing hours. and the Essential Workers Leave Support is available for essential businesses to pay their employees who can't come into work because Ministry of Health guidelines recommend they stay at home and can't work from home.
Payroll
  Wage subsidy
Employers and sole traders could apply for the Wage Subsidy before 10 June 2020. The subsidy will be paid at a flat rate of: $585.80 for people working 20 hours or more per week (full-time rate) $350.00 for people working less than 20 hours per week (part-time rate).
Payroll 
 

Wage subsidy extension
A Wage Subsidy Extension payment is available to support employers, including self-employed people. The subsidy will be paid at a flat rate of: $585.80 for people working 20 hours or more per week (full-time rate) $350.00 for people working less than 20 hours per week (part-time rate).

The subsidy is paid as a lump sum and covers 8 weeks per employee from the date application is submitted.

Payroll 
Norway   Changes for self-employed and freelancers
The temporary benefit will also provide earnings for freelancers and self-employed person who become ill or whose family members become ill. Self-employed people and freelancers are now entitled to benefits under the National Insurance Act. They will sick pay, nursing and care allowance, and parental benefits. The compensation basis for self-employed persons is calculated on the basis of pensionable annual income from the industry from 2019, rather than 2017 and 2018.
HR

Compensation scheme for business and industry
Companies with a large drop in turnover due to the outbreak of the virus can get compensation from the state to cover a proportion of its inevitable fixed costs through an application form.
HR support
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.
VAT
  Fund for business development
The government will allocate NOK 600 million to municipal business funds. 
Funds 
 

Loan guarantee scheme
The scheme has a total guarantee framework of NOK 50 billion, which is distributed among the individual banks. As of April 22, banks had used NOK 3.7 billion of the limit. Since the guarantee covers 90% of the loans, this means that the banks have provided partially government-guaranteed loans for a total of NOK 4.1 billion. 1,021 loans have been granted under the scheme, of which 972 have been granted to SMEs.

Loans have been granted to companies in a number of industries, where the retail trade / workshop, accommodation / serving and industry are the largest.

Loans
  Measures for construction sector
The government aims to spend NOK 253.8 million on maintenance of the state's properties to increase activity in the construction industry. Additionally, the measures will reduce the maintenance requirements for government properties and streamline the operation of the properties.
Measures 

Measures for temporary lay-offs
Measures have been put into place by 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.

HR
  Wage support scheme
Employers who take back laid-off employees can apply for grants to cover wage costs for July and August. 
Payroll 

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P

Jurisdiction Name of Scheme Scheme type
Paraguay  Audit report extension
External audit report filing is extended to November 2020 for taxpayers whose fiscal year ended 31 December 2019.
Audit 
  Digital certificates for import offices
The digital certificate of origin of states parties to Mercosur and third states shall be accepted at import offices until 30 July.
Digital certificate 

Discontinue payment of a percentage of salaries
Businesses can discontinue the payment of salaries, allowances or professional fees equal or over five legal minimum wages, at a rate of 10% per month or salaries, allowances or professional fees over 10 legal minimum wages, at a rate of 20% per month.  
Payroll
  Guarantee Fund for micro, small and medium-sized enterprises
The Ministry of Finance will transfer US$ 100,000,000, or its equivalent in guarantees under Loan Agreement No. 9059-PY between the Republic of Paraguay and the International Bank for Reconstruction and Development, in the amount of US$ 200,000,000, to the Guarantee Fund for Micro, Small and Medium-Sized Enterprises (FOGAPY), administered by the Development Finance Agency.
Loans
  Simplified business registration
A simplified procedure has been established for the registration of micro and small one-person businesses in the Single Taxpayer Registry (RUC) for Business Income Tax under the Simplified Regime for Small Businesses (RESIMPLE). One-person companies that require their enrollment in the RUC must request registration by completing the electronic form N ° 601 . The Tax Administration will receive the Application for Registration in the RUC to the IRE RESIMPLE. 
 
 

Support measures
The executive branch is authorized to implement, for the present fiscal year, exceptional budgetary, fiscal and administrative measures, employment protection and economic and financial policy measures. Teleworking is established for the private and public sectors. The Social Fund administered by the Ministry of Finance is created with Gs. 1,914,600,000,000 or USD 300,000,000 to subsidize workers who are self-employed or dependent on MSMEs and who are 18 years of age or older.

The Ministry of Finance would contribute to IPS up to Gs. 638,200,000,000 or USD 100,000,000, for sick benefit and financial compensation to active contributing workers for total cessation of activities in economic sectors or suspension of employment contracts.
The payment of the employer's contribution to IPS for the months of March, April and May 2020 are deferred. The unpaid obligations resulting from this temporary measure may be financed in up to 18 instalments without surcharges or interest, starting in July 2020.I PS will have to continue serving the insured during the emergency, beyond the payments received from the employer's contributions.

Grants
  Tax certificate extension
Certificates of tax compliance issued through 30 June 2020 will be valid for another 90 days.
Accounting and Tax
  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. 
Accounting and Tax
  VAT scheme
Until August 31, 2020, taxpayers of Value Added Tax (VAT) can benefit from this scheme which includes  an annual financing interest rate of zero percent and payment in four monthly installments. 
 
Peru   Arranca Perú plan
The government has transferred a total of S / 123, 509, 431 to twenty-nine municipalities in the Puno region for urban infrastructure works and water and sanitation projects under the Arranca Perú plan.
Fund 

Compensation Program for Competitiveness - for agricultural organizations
The Compensation Program for Competitiveness - Agroideas of the Ministry of Agriculture (Minagri) has begun the process of modernizing its procedures, to streamline access to its four incentives: associativity, business management, technology adoption and strengthening of the agricultural unions.
Measures  

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.
Accounting and Tax
  Guaranteed credit lines for MYPE
The MYPE Business Support Fund expanded its scope and improve the access and coverage conditions of the Fund. It will allow businesses to secure credit lines of up to S / 4,000 million to be channeled through banks. The credits granted will be exclusively for working capital.
Funds
  Support for the tourism sector
Peruvian government created a Business Support Fund for Mype of the Tourism Sector (FAE Tourism), with a specialized guarantee fund of S / 500 million. Also, it has established the transfer of S / 50 million for the development of a new contest for the Tourism Emprende program
Fund 
  Tax obligation flexibility
The government will be flexible with delayed formal tax filings during the emergency period. 
Accounting and Tax
Poland 

Anti Crisis Shield scheme
The shield is a package of solutions prepared by the government to protect the Polish state and citizens and consists of protection of jobs and employee safety, financing entrepreneurs, health care, strengthening the financial system and public investments totaling over PLN 212 billion.

The government has been expanding the group of entrepreneurs who will take advantage of 3-month contributory holidays in ZUS (Social Insurance Institution). Until now, such dismissal from ZUS affected self-employed workers and micro-enterprises employing up to nine employees. After the changes, this scheme will also benefit companies that employ between 10 and 49 people.

Sole proprietors and those employed under a civil law contract will receive a benefit of 3,000 zlotys for three months.

HR
 

Changes across Anti Crisis Shield
The extended anti-crisis shield introduces a new instrument financed from the Guaranteed Employee Benefits Fund gives funding up to 80% of the employee's remuneration for specific persons.

The new act introduces a change in the rules for granting loans to micro-entrepreneurs to cover the current costs of doing business. The date before which a micro-entrepreneur applying for a loan should run a business has changed, from March 1, 2020 to April 1, 2020.

Pension assessment base set for June 1, 2020 should not be lower than that set for May 31 of the same year.

Measures 
  Financial support for companies
Financial support received under the Financial Shield is referred to as a financial subsidy. This subsidy is refundable, however in certain cases it may be redeemed up to 75%.
Financial support 
  Fund for micro-enterprises, SMEs and large enterprises
Nearly PLN 100 billion will go to micro-enterprises, SMEs and large enterprises - of which up to PLN 60 billion are non-returnable funds. The Polish Development Fund is responsible for implementing the program, which is part of the Anti-Crisis Shield. The Financial Shield consists of 3 basic components with a total value of PLN 100 billion (4.5% of GDP), in which: PLN 25 billion will go to micro-enterprises (employing at least one employee), to small and medium enterprises - PLN 50 billion, and to large enterprises - PLN 25 billion.
Financial support
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.
Loans
  Local Investment Fund
The Local Investment Fund will provide investment capital to local authorities, as it aims to support all Polish municipalities and poviats, PLN 5 billion for municipalities and PLN 1 billion for poviats. Rural and urban-rural communes will receive special support, which - regardless of their size - will receive at least PLN 0.5 million.
Fund 
  PLN 12 billion for the target for local governments
The value of the Government Fund for Local Investments increased to PLN 12 billion. The COVID-19 Fund will grant PLN 5 billion for municipalities and PLN 1 billion for poviats, for subsidies to any local investments, close to home. All communes and counties in the country will have access to funds. An additional PLN 6 billion will be allocated by the government for specific investments proposed by local governments.
Measures 

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Q

Jurisdiction Name of Scheme Scheme type
Qatar  Amendment in working hours of employees in the government sector
The working hours of employees in the government sector present at their workplace have been changed to 7 AM until 2 PM.
Employee working
hours
  Exemption of electricity and water fees
The government announced the exemption of electricity and water fees for a period of 6 months across sectors such as hospitality, transport, retail, SMEs, commercial complexes and logistics.
Electricity and water
fees

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. 
Financial support
  Rent exemption
There is an exemption of payment of rent from the logistics area and SMEs for a period of 6 months.
Rent 
  Suspension of instalments for borrowers
Qatar Development Bank announced the postponement of instalments for all borrowers for a period of 6 months.
Instalments suspension 
  Suspension of loan instalments
The central bank aims to encourage banks to postpone loan instalments and obligations of the private sector for a period of six months.
Loan 

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R

Jurisdiction Name of Scheme Scheme type
 Romania Launch of digital platform for unemployment
The Romanian government launched the digital platform aici.gov.ro. The platform offers the possibility for all legal entities in Romania to send to the county representations of the National Agency for Employment the request for technical unemployment. Technical unemployment allows private companies to get payment from the state budget of 75% of the average gross salary to all employees of those companies.
Digital help

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.
Financial support

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. 

Accounting and Tax,
Loans
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.  

Payroll
  Additional tax capital for self-employed
 To help people amid the coronavirus, the government has approved an additional tax capital worth one subsistence wage. It will be allocated automatically and can be used to pay future taxers.
Accounting and Tax
  Access of soft loans to agrarians
Companies from fishing, fish farming, forest resource processing, and fish- and shellfish-processing are eligible to investment (up to 15 years) and short-term (up to one year) soft loans.
Loan 

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.

Loans
  Exporters of agricultural products loan
Agricultural firms which have signed agreements on boosting their competitiveness will continue to receive low-interest loans even if they fail to meet their obligations for exporting agricultural products in 2020.
Loan 
  Expansion of support measures for unemployed
The unemployment benefits are extended for another three months for those whose benefits expired after 1 March. The May and July minimum unemployment benefit is increased to 4,500 roubles.
Measures 
  Income tax expense relief
All organisations can apply for monthly advanced payments based on actual profit starting from payment for January-April. The limit on sales income for which they can pay advance tax payments on a quarterly basis has increased from 15 to 25 million rubles for 2020.
Accounting and Tax
  Measures for construction industry, housing and utilities services
The government has allocated six billion roubles for this and another 12 billion roubles to subsidise the interest rate for builders’ loans. The government has allocated another 30 billion roubles to solve the problems of equity construction investors.
Subsidy 
  Measures to support developers
The following special measures are provided for developers; extension of validity of construction documents; freezing of financial sanctions under the DDU; reduction of the supervisory load; lower interest rates on loans; encouraging citizens to buy housing; obtaining loans from SROs.
Measures 
 

Measures to support the economy
The Russian Government allocated an additional 1.8 trillion rubles to support the economy and incomes of citizens. The total amount of assistance under the two packages of measures is 2.1 trillion rubles.

A six-month deferment has been introduced for all taxes (except VAT) for small and medium-sized enterprises, as well as for the payment of insurance premiums and rental payments for SMEs from the most affected sectors.

SMEs can halve the size of insurance premiums if the wages of employees are higher than 1 minimum wage.

In 2020, 100 thousand planned inspections of SMEs, including tax and customs, will be canceled and 15 types of licenses and permissions expiring in 2020 will be automatically renewed. 

Businesses are exempt from paying interest on loans. 

For SME enterprises from the most affected sectors in May and June, the Government co-finances the payment of salaries to employees. The amount of grants is 1 minimum wage (12,130 rubles) per employee employed in the organization, provided that employment remains at least 90% of the number as of April 1, 2020.

Financial support
  Measures to ensure sustainable economic development
Enterprises and companies engaged in the supply of goods, the performance of work and the provision of services for state needs can receive up to 50% of the contract price as an advance. 
Financial support
  Preferential microloans for businesses
12 billion roubles will be allocated for increasing the capital of state microfinancing organisations (MFOs) that provide preferential loans to small and medium-sized businesses.
Loan 

Reduction of social payments for SMEs
All small and medium-sized businesses have a reduction of the total amount of the insurance premium rate with payments above the minimum wage. This reduction is 15% down from 30%. There is deferred payment of insurance premiums till May 2020. 

Insurance Premium tax
  Soft loans and loan rates
The Central Bank reduced the rate of loans to support lending to SMEs from 4 to 3.5% pa. Banks have begun to issue soft loans for payment of salaries and other urgent needs for 12 months.
Loans
  Support for hardest hit industries
The hardest-hit companies will receive even more support, including subsidies to compensate their expenses, tax deferments and deferments for advance tax payments, as well as the government surety required to reschedule their current loans or obtain new loans or bonded loans.
Measures 
  Support for small and medium-sized businesses
The government will allocate over 81.1 billion roubles from the Reserve Fund to the Federal Treasury to subsidise small and medium-sized businesses in industries which have been hardest hit. The requirement for receiving a subsidy is that a company must keep at least 90 percent of the employees it had in March 2020.
Fund 
  Support measures
The deadline for most of the reporting of taxes and contributions to be submitted in March - May is extended by 3 months.  Until the end of the year, there will no scheduled and unscheduled audit inspections.
There will be exemptions and deferral of fines for government contracts, housing and communal services and there will be an increase in advances on government contracts.
Measures 
  Support measures for affected sectors
All organizations from affected industries can receive; a soft loan at a rate of up to 2%; a soft loan for the payment of salaries; deferral of payments for rental property; bankruptcy protection; and an individual deferral of taxes and contributions based on justifications.
Measures 
  Support measures for SMEs
For all SMEs, there will be a twofold reduction in the total tariff of insurance premiums; extension of the terms of payment of administrative fines; and deferred payment in the repurchase of a leased state or municipal non-real estate.
Measures 

Tax on interest
A tax of 13% on individual income in the form of interest on deposits (account balances) exceeding 1 million rubles in Russian banks will be effective starting in 2021. This measure will not affect the interest received on deposits in the current year, 2020.F or the first time, depositors will have to pay this tax for 2021 only in 2022 (until 1 December 2022) based on tax notifications sent by the tax authorities.

Accounting and Tax
  Tax regime for self-employed
The government will expand the special tax regime for the self-employed to all regions and the minimum age for those who can register as self-employed will be lowered from 18 to 16 years.
Accounting and Tax

Temporary deferral on lease payments for SMEs
Small and medium-sized enterprises included in the unified register that are tenants of state/ municipal property can defer payment of lease payments from April to June 2020.

Charges delay

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S

Jurisdiction Name of Scheme Scheme type
Serbia   Additional loan support to vulnerable sectors
Tourism, catering and passenger traffic companies can obtain loans from the Development Fund for current liquidity and working capital, which includes a repayment period of up to five years, a grace period of up to two years, total loan duration of up to 24 months and up to 36 months of repayment.
Loan 
  Aid for pensioners
The government announced the payment of a one-time financial aid of €100 for about 950,000 pensioners.
Financial Aid 

Extension of deadline for annual reports
The deadline for submission of annual reports, annual financial reports with the auditor's report of all taxpayers whose reporting is regulated by the Law on Capital Market, the Law on Investment Funds or the Law on Open-End Investment Funds with Public Offering, is postponed for 60 days. The deadline for holding a regular session of the general meeting of the company is moved to 90 days from the day of termination of the state of emergency. 
Grants
  Extension of deadlines for submitting financial reports for 2019
The deadline for submitting the regular annual financial report is 4 August 2020, instead of 30 June 2020.A 
Accounting - deadline
extension

Financial Support program
A program of financial support for economic entities has been created to help maintain liquidity and working capital. Business entities in the period from 15th March 2020 until the expiration of three months after the release of funds may not reduce the number of employees more than 10%. Business entities that choose to use the program may not pay dividends until the end of 2020.
Financial support
 

Measures for aid to companies
The Economic Measures Programme contains four measures – tax policy measures, direct assistance to the private sector, measures for preservation of liquidity and a direct assistance to all citizens of legal age. The Programme is worth €5.1 billion, or RSD 608.3 billion.

The first measure relates to support in terms of fiscal policy and direct assistance to the private sector, as well as to the payment of €100 to citizens. The second relates to support to the economy through the Development Fund, which is a measure to preserve liquidity, and the third to debt securities.

Guaranteed loan schemes worth €2 billion exist to support the entrepreneurs, micro, small and medium-sized enterprises. 

Grants
  Payment of third minimum wage
The third minimum salary for will be paid by the government to employees in August.
Payroll 
Singapore 

Additional Loan and Cashflow Support for Landlords and Businesses
Landlords who are individuals and are current in their loan repayments as of 1 February 2020 can defer both principal and interest repayment up to 31 December 2020.

The larger corporate landlords, including real estate investment trusts listed on the Singapore Exchange (S-REITs), are encouraged to approach their banks or finance companies to explore funding solutions to meet their cashflow needs Landlords who are small and medium enterprises can already apply to defer principal payments on their commercial and industrial property loans.

Loan and Cash
flow support

Additional subsidised solutions to support SMEs
The Infocomm Media Development Authority and Enterprise Singapore announced that they have pre-approved remote working solutions that come bundled with laptops, with up to 80% subsidy from the Productivity Solutions Grant till end-2020. 

To better support SMEs in ensuring business continuity there are two laptop-bundled remote working solutions by M1 and Singtel, under the SMEs Go Digital programme.

Digital support

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.

Financial support

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.

Funds
  Common Reporting Standard Return
CRS returns for reporting year 2019 have been extended till 31 August 2020.
Return 
  Continuous support for businesses
To ensure that businesses continue to get access to credit amid the novel coronavirus crisis, the government has taken a 90% risk share on loans under schemes overseen by ESG until 31 March 2021.
Credit 

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.

Accounting and Tax
  COVID-19 Support Grant
The application period for this grant has been extended up to December 2020 and is open to both existing CSG recipients and new applicants from 1 October 2020. Unemployed applicants must demonstrate job search or training efforts to qualify.
Measures 

Deadline extended for AGMs and annual return filings
There has been a 60-day extension for all listed and non-listed companies whose AGMs are due during the period 16 April 2020 to 31 July 2020. Companies that had previously been granted extension of time to hold their AGMs within this period will also be given a further 60 days of extension from the last date of extension. The AR filing due dates for the period 1 May 2020 to 31 August 2020 for all listed and non-listed companies will also be extended for 60 days.

Accounting - deadline
extention
  Defer increase in CPF contribution rates
A planned increase in CPF contribution rates for senior workers is deferred from 1 Jan 2021 to 1 Jan 2022.
Rebates, Deferrals
& Waivers

Defer tax payment
Employees may opt to defer income tax payments due in May, June and July 2020, if they are paying by GIRO, and their income tax deduction will resume in August, September or October 2020 and the end-date of their instalment plan will be extended by 3 months.

Non-residential properties will be granted a property tax rebate for the period 1 January 2020 to 31 December 2020. Commercial properties badly affected by COVID-19 like hotels, serviced apartments, tourist attractions, shops and restaurants will receive a 100% rebate. Other non-residential properties such as offices and industrial properties will get a 30% rebate on their property tax payable.

Monetary Authority of Singapore (MAS) announced a S$125 million support package to sustain and strengthen capabilities in the financial services and FinTech sectors.

Accounting and Tax

Deferment tax
Companies with taxes due in April through June 2020 can defer payments for three months. There will be no increase in government fees and charges for one year from April 2020 to March 2021.

Accounting and Tax

Digitalisation of logistics industry
Enterprise Singapore supported the development of a Logistics Industry Digital Plan that guides SMEs in adopting digital solutions and training, and offers grants to those that need financial support.

Digital support
  Digitalisation support
A Digital Resilience Bonus will be introduced to help businesses take their next step to digitalise. Digital Resilience Bonus will have an additional tier of $5,000 for F&B and retail businesses which also incorporate advanced solutions. $250 million has been set aside to help businesses digitalise in partnership with digital platform solution providers. 
Investments 

Digitalisation support for healthcare and education SMEs
The government expanded the range of pre-approved digital solutions to help Small and Medium-sized Enterprises (SMEs) in the healthcare and education sectors. The pre-approved solutions under the SMEs Go Digital programme qualify for up to 80% subsidy from the Productivity Solutions Grant (PSG) until 31 December 2020.

Digital support
 

Economy-wide measures to help businesses with cash flow
To help companies with cash flow, a CIT Rebate of 25% of tax payable, capped at $15,000 per company, will be granted for Year of Assessment (YA) 2020.The CIT payments deferred from April, May, and June 2020 will instead be collected in July, August, and September 2020 respectively.

Companies paying their CIT by GIRO can automatically enjoy an additional two months of interest-free instalments, when they file their Estimated Chargeable Income (ECI) within three months from their Financial Year End.

SME Working Capital Loan (EFS-WCL), which is available to SMEs across all industries, will be enhanced from March 2020 to 31 March 2021 to help SMEs with their working capital needs. The Government will raise the maximum loan quantum to $1 million, and enhance the Government’s risk-share to 90% for loans initiated from 8 April 2020 to 31 March 2021 under the scheme.

The Enterprise Financing Scheme- Trade Loan (EFS-TL), supports Singapore-based enterprises’ trade financing needs, which include the financing of short-term import, export and guarantee needs. 

The Loan Insurance Scheme (LIS) helps SMEs secure short-term trade loans by having commercial insurers co-share loan default with Participating Financial Institutions.

Grants
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.
HR
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.
HR

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.

Financial support
  Estimated Chargeable Income (ECI) for companies
Estimated Chargeable Income (ECI) for companies with a financial year ending in January and February 2020 have been extended to 30 June 2020.  
Accounting and Tax
  Expanding rental relief for SMEs
There will be cash grants to offset the rental costs of SME tenants, to be disbursed through property owners. The government will offset about two months of rental for qualifying SME tenants of commercial properties, and about one month for qualifying SME tenants of industrial and office properties. 
 

Enhanced Self-Employed Person Income Relief Scheme
The Ministry of Manpower (MOM) will enhance the Self-Employed Person (SEP) Income Relief Scheme (SIRS) to broaden support. About 100,000 SEPs can automatically benefit from SIRS and will receive three cash payments of $3,000 each in end-May, July and October 2020.

Financial support
  Extended JSS scheme
The Jobs Support Scheme (JSS) provides wage support for employers to retain their
local employees during this period of economic uncertainty. It was announced that the JSS will be extended by up to seven months, covering wages paid up to March 2021. This will provide continued support for businesses and workers amidst the protracted economic downturn.
Measures 

Extended tax filing
Income tax for trusts, clubs and associations has been extended to 30th June 2020 and for sole proprietors and partnerships to 31 May 2020.

Accounting and Tax
  Extension of Foreign Worker Levy Rebates
The government has set aside up to $920 million to extend foreign worker levy (FWL) rebates until the end of 2022 for the construction, marine shipyard and process sectors. From August 2020, firms in these sectors will receive a $90 FWL rebate monthly for each Work Permit Holder, until December 2021.
 
  Extension of the US$60 billion swap facility
The Monetary Authority of Singapore (MAS) announced that it will continue to provide US Dollar  via the MAS USD Facility following the extension of MAS’ US$60 billion swap arrangement with the US Federal Reserve (Federal Reserve) through 31 March 2021. [1] The MAS USD Facility will offer up to US$60 billion of funding to banks, to facilitate USD lending to businesses in Singapore and the region.
Extension 
  Extension of Workforce Special Payment
As part of the Care and Support Package announced at Budget 2020, all Singaporean
employees and Self-Employed Persons (SEPs) who received Workfare Income Supplement (WIS) payment for Work Year (WY) 2019 are receiving a $3,000 Workfare Special Payment (WSP) in 2020.
Measures 
  Financial support for startups
EDBI and SEEDS Capital will provide S$285 million financing support for startups. 
Investment 

First tranche of payouts under the Jobs Support Scheme
From 15 April 2020 onwards, over 140,000 employers will start to receive the first tranche of payouts under the Jobs Support Scheme (JSS). Totalling over $7 billion, the payouts will help to cover the wages of over 1.9 million local employees in Singapore.                           

Under the JSS, the Government will co-fund gross monthly wages paid to each local&nbsp;employee for a total of nine months. Companies with CorpPass access may log in to myTaxPortal to view these notification letters from 20 Apr 2020. Employers do not need to apply to receive the JSS payouts.                                                                       
Under the JSS, the Government will co-fund the first $4,600 of gross monthly wages paid to each local employee for 9 months. There are three tiers of support for employers in different sectors: firms in the aviation and tourism sector will receive 75% co-funding, firms in the food services sector will receive 50% co-funding, and firms in all other sectors will receive 25% co-funding.

Financial support
  Grant Scheme to support fintech firms
A $6 million FinTech Solidarity Grant will support Singapore-based FinTech companies. The Grant will help the FinTechs manage their cashflow better, support them in generating new businesses, and provide greater support for FinTechs to pursue growth strategies.
Grants

GST tax deadline extended
The filing and payment due date for GST returns due in May 2020 is extended to 11 Jun 2020.

Accounting and Tax
  Jobs growth incentive
The government has announced a $1 billion programme to support firms to increase their headcount of local workers over the next six months. For each new local hire, Government will provide a wage subsidy for 12 months of up to 25% for those below 40 years old (subject to cap), or ip to 50% for those aged 40 and above (subject to cap).
Measures 

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.

HR

Jobs Support Scheme
The Job Support Scheme will provide more wage support.

75% wage support for Tier 1: Aviation, Tourism, Built Environment, Aerospace, MICE Organisers and 50% wage support for Tier 2: Food services, retail, arts & entertainment, marine & offshore, and land transport.

Payroll

Jobs Support Scheme payout
Over 140,000 employers will receive $4 billion in the next Jobs Support Scheme payout starting on 28 May.

HR
  Jobs Support Scheme update
For the payment in July, employers will receive up to 75% support for the first $4,600 of wages paid to local employees in February and March 2020. Employers in the aviation and tourism sectors will receive 75% support; those in the food services, retail, arts and entertainment, land transport, and marine and offshore sectors will receive 50% support; and employers in all other sectors will receive 25% support. In addition, all employers will receive 75% support for wages paid in April 2020, during the Circuit Breaker.
Scheme 

Lower cost of loans to SMEs
The Monetary Authority of Singapore launched MAS SGD Facility for ESG Loans in partnership with Enterprise Singapore (ESG), to lend Singapore dollars at an interest rate of 0.1% per annum to eligible financial institutions, to support their lending to SMEs under the ESG Loan Schemes. 

Loans
 

Maritime sector measures
The Maritime and Port Authority of Singapore (MPA) will be giving 50% port dues concession to cruise ships and regional ferries with a port stay of not more than five days, and passenger-carrying harbour craft.

MPA will grant passenger terminal operators 100% waiver of their public licence fees for one year.

Accounting and Tax
 

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.

Financial support
 

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. 
Financial support
 

Measures to help REITs
The Ministry of Finance, the Inland Revenue Authority of Singapore, and the Monetary Authority of Singapore announced new measures to provide real estate investment trusts listed on the Singapore Exchange (S-REITs) with flexibility to manage their cash flows and raise funds. MOF and IRAS will extend the timeline for S-REITs to distribute at least 90% of their taxable income from 3 months to 12 months (after the end of Financial Year (FY) 2020) to qualify for tax transparency. MAS will raise with immediate effect the leverage limit for S-REITS from 45% to 50%. MAS will defer to 1 January 2022 the implementation of a new minimum interest coverage ratio (ICR) requirement.

Accounting and Tax
 

More measures for businesses
The government is working to flow payouts under the wage support schemes quickly to provide timely assistance. 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.

Accounting and Tax
 

Property tax measures
Non-residential properties will be granted a property tax rebate for the period 1 January 2020 to 31 December 2020. Commercial properties badly affected by COVID-19 like hotels, serviced apartments, tourist attractions, shops and restaurants will receive a 100% rebate. Other non-residential properties such as offices and industrial properties will get a 30% rebate on their property tax payable.

Accounting and Tax
  SBF initiatives to help workers, SMEs
The SBF Foundation set up a compassion fund to help employees. It will provide dollar-for-dollar matching for every dollar raised by participating trade associations and chambers (TACs), for up to $200,000 per association. The foundation will also provide $2 million in funding for TACs and their members to set up their respective compassion funds.
Fund 
  SMEs loans for immediate cash flow
The government is taking a 90% risk share on loans under schemes overseen by Enterprise Singapore, such as the SME Working Capital Loan and the Temporary Bridging Loan Programme until March 31 next year.
Loan 
 

Solidarity budget support for firms and workers
SMEs can now opt to defer principal payments on their secured term loans till the end of the year. The government will extend the Job Support Scheme (JSS) wage subsidy of 75% for all sectors for the month of May 2020.

As part of the Solidarity Budget, employers are also given a Foreign Worker Levy (FWL) rebate of $750 for each S Pass or Work Permit holder employed as of 29 February 2020. In addition, levies due to be paid in April 2020 have been waived. The Government will extend these measures by providing: FWL rebate of $750 for each S Pass or Work Permit Holder employed as of 1 May 2020 and waiver of FWL due in the month of May 2020.

There is a corporate Income Tax rebate for YA2020 and companies pay income tax for financial year 2019 profits from Jul 2020 instead of Apr 2020 and SEPs pay income tax for income earned in 2019 from Aug 2020 instead of May 2020. There will be a property Tax rebate for non-residential properties for 2020 with up to 3 months’ rental waivers in 2020.

Accounting and Tax
  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.
Financial support
  Startup SG Founder programme
The government has set aside up to $150 million to enhance the Startup SG Founder programme. This aims to raise the startup capital grant and to continue to provide mentorship.
Measures 
 

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.

Those flights that operate scheduled passenger flights between mainland China and Singapore up to 31 July will receive 100% Landing Charge Rebates for these flights. There will be a 100% Parking Charge Rebate for all scheduled passenger flights up to 31 October 2020;10% Landing Charge Rebate for all scheduled passenger flights landing in Singapore between 1 April 2020 and 31 October 2020; 50% Rebate on CAAS’s regulatory fees for new and renewed Certificates of Airworthiness paid by Singapore carriers flying scheduled flights in FY2019; and 12-month waiver of the planned 1% annual increase in Landing, Parking, and Aerobridge (LPA) Charges for all flights, which had been previously announced on 28 February 2018 and is scheduled to take effect from 1 April 2020; 50% rebate on rental paid for airlines’ lounges and offices within Changi Airport terminal buildings between 1 April 2020 and 31 October 2020.

Accounting and Tax
  Support for financial institutions and fintech firms
Monetary Authority of Singapore (MAS) announced a S$125 million support package to sustain and strengthen capabilities in the financial services and FinTech sectors.
Financial support
  Support for media sector
Infocomm Media Development Authority (IMDA) seeks to protect jobs in the media industry with the launch of a new $8 million Public Service Content (PSC) Fund that will catalyse more production projects that in turn, benefits media professionals. 
Financial support
  Support for migrant workers and dormitory operations
The government announced that the Assurance, Care and Engagement (ACE) Group will be fully operational by 1 October 2020 with its immediate focus to continue the efforts to enable the dormitories to be more resilient and prevent new public health threats to the migrant worker population. The ACE Group will provide assurance to migrant workers living in dormitories and workers working in the dormitories, including the dormitory operators. It will also provide Care for workers through a comprehensive medical support plan and make health services more accessible to migrant workers.
Measures 
  Support for SME construction firms
A $1 million initiative was launched to help small and medium-sized construction firms. These companies will be able to apply to the Scal Covid-19 Fund for $300 for each eligible Singaporean or permanent resident employee, and $100 for each foreign employee and a dependant under stay-home notice. The one-off payment will be capped at $2,500 for each company.
Financial support
  Support for the aerospace, aviation and tourism sectors
The government has announced $187 million to extend support measures in the Enhanced Aviation Support Package, up to March 2021. This provides: cost relief for airlines, ground handlers, cargo agents, and airport tenants; support for local carriers to regain Singapore’s air connectivity to the world; a temporary redeployment programme scaled up for workers in the aviation sector; $320 million to boost domestic tourism through tourism credits.
Measures 
  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%.
financial support
  Support grant for local agri-food tech sector
The government has set aside more than $55 million to help local agriculture and aquaculture companies grow to boost their innovation capabilities, and work towards resource-efficient and high-yielding farming solutions.
Grant 
 

Support measures and tax guidance
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 that are deferred from April, May and June 2020 will be collected in July, August and September 2020 respectively.

The income tax payments due in May, June and July 2020 for Self-Employed Individuals will be deferred automatically for three months to August, September and October 2020 respectively. This means that there will be no income tax payments in May, June and July 2020.

For one-time income tax payments due in May, June and July 2020, there will be a 3-month deferment to August, September and October 2020 respectively.

Non-residential properties will be granted property tax rebate for the period 1 January 2020 to 31 December 2020. Commercial properties badly affected by COVID-19 like hotels, serviced apartments, tourist attractions, shops and restaurants will receive a 100% rebate. Other non-residential properties such as offices and industrial properties will get a 30% rebate on their property tax payable.

Accounting and Tax
  Support SME lending
The Monetary Authority of Singapore (MAS) and Enterprise Singapore (ESG) has stated that eligible banks can borrow at just 0.1 per cent per annum for a two-year tenor, to support SME lending.
loans
 

Supporting cash flow and cost
To help businesses with cash flow and costs there will be an Enhanced Property Tax Rebate for 2020 that features 100% rebate for qualifying commercial properties; 60% rebate for integrated resorts; and 30% rebate for non-residential properties. There will be enhanced rental waivers for three months for hawkers and up to two months for commercial and non-residential tenants in government properties.

The maximum loan for EPS Trade Loans has increased from $5million to $10 million and the government risk share has increased to 80%. The maximum loan amount for EPS SME Working Capital Loan increased from $0.6 million to $1 million. 

Accounting and Tax
  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.
liquidity
  Tax clearance for foreign employees
Tax clearance for foreign employees due in April and May has been extended till 30 June 2020.
Accounting and Tax
  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.
Accounting and Tax
 

Tax support for employees
The employees may opt to defer their income tax payments due in May, June and July 2020 if they need help with their tax payments. If they are paying by GIRO, there will be no GIRO deduction in May, June and July 2020. Their income tax deduction will resume in August, September or October 2020 and the end-date of your instalment plan will be extended by 3 months.

If employees are making a lump sum payment, they may opt to defer their payment by three months. For instance, if their current payment due date is 5 May 2020, they may opt to pay in lump sum by 5 August 2020.

Accounting and Tax
 

Wage Credit scheme and Self-Employed Person Income Relief scheme
Enhancements to the Wage Credit scheme are a level of co-funding with 15% of qualifying wage increases in 2020. The gross monthly wage ceiling is $5,000. Increases in gross monthly wage of at least $50 given to Singaporean employees in the qualifying year, up to a gross monthly wage level of $5,000, will be co-funded.

Eligible self-employed persons will receive $1,000 a month for nine months under the Self-Employed Person Income Relief Scheme (SIRS).

Payroll
  Waiver and rebates extended for the construction, marine shipyard and process sectors
The government has set aside $320 million to further extend the foreign worker levy (FWL) rebates to support firms in the construction, marine shipyard and process sectors. The government will also further extend the FWL waiver.
Measures 
  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. 
financial support
Slovakia 

Aid for employees, companies and freelancers
The government will compensate 80% of employees’ salaries to the companies whose branches have been mandatorily closed. It will provide a contribution to freelancers and employees based on the decrease of the company’s sales:

  • more than 20 % – 180 €
  • more than 40 % – 300 €
  • more than 60 % – 420 €
  • more than 80 % – 540 €

It will provide bank guarantees in the amount of € 500 million a month.

Employees in quarantine and parents providing care for family members will be compensated 55% of their gross salary for the entire period. Postponement of payment of mandatory contributions by employers if they have had a sales decrease of more than 40%. Postponement of income tax prepayments for a sales decrease of more than 40%.

Directors order
 

Credit and guarantee schemes for SMEs
Slovak Investment Holding guarantee is intended to enable the provision of preferential bridging loans for SMEs, which, provided that employment is maintained, can also be combined with an interest rate subsidy to reduce interest rates. The SIH anti-crown guarantee should lead to new, up to four-year bridging loans (including a 12-month deferral of principal and interest payments) of up to almost €1.2 million per loan.

Eximbanka loans are available to support the maintenance and employment of SMEs. The amount of the loan may range from €100,000 to €500,000, and at the same time the maximum amount may not exceed 50% of the total turnover of SMEs in 2019.

Slovak Guarantee and Development Bank business operating loan is intended to support the maintenance of small and medium-sized enterprises by providing financial assistance to the Ministry of Finance of the Slovak Republic in the form of a loan guarantee provided by the bank and interest payments on a loan provided by the bank.

The amount of the loan may be at most in the amount corresponding to 50% of the client's total turnover for 2019, the minimum loan amount is €10,000 and the maximum loan amount is €350,000.

Financial support
  Deferment of payments
The government has allowed deferral of payments of levies on behalf of the employer in the event of a decrease in sales by more than 40%.
They also have allowed deferment of income tax advances in the event of a decrease in sales by more than 40% for the month of April or more than 20% for the month of March.
Financial support

Tax measures
The deadlines for filing tax returns has been extended and the government will notify you of the new deadline. 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.

Accounting and Tax
South Korea  Emergency funding
The government has allocated an additional KRW 85 trillion in emergency funding to stabilize key sectors and employment. It will use the key industry stabilization fund to prevent those industries from collapsing and will mobilize all available methods to support businesses, including investments and payment guarantees. The president intends to add KRW 35 trillion to the KRW 100 trillion worth of emergency financial measures to expand support for micro-business owners and corporate bond purchases as well as increase liquidity support even for companies with low credit ratings. The government will also inject KRW 10 trillion into emergency measures to secure employment. 
Funds

Expansion of Special Financial Support
The Special Financial Support for Small Merchants and SMEs will be expanded to help with business operations. 
VAT
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.   
Financial support
VAT Break
The government is providing a VAT break for businesses with revenues of ₩60 million or less per year.
VAT
Spain 

2020 National Reform Program
At the economic level, measures have been taken to protect SMEs and the self-employed. At the social level, measures have been put in place to support the incomes of families and workers.

Facilitate ERTE in companies to ensure that workers continue to receive at least 70% of their salary and at the same time companies are exempt from social contributions. Both issues have an impact of €20,000 million.

Paying an extraordinary benefit to the self-employed affected by the cessation of activity or who have seen a 75% reduction in their turnover will mean €3,700 million for the benefit of this group.

Establishing a 0% VAT for the acquisition of medical devices when the recipient is a hospital, public or private non-profit entity will have an impact of €1,022 million.

Tax flexibility measures such as the possibility for the self-employed to change from the module tax system to the direct estimation system without the requirement to remain three years in the new tax system or that SMEs may change the system of calculating the fractional payment based on quarterly real earnings. Both measures represent a cost of €1,100 million.

Financial support

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.
Financial support
  Aid for culture sector
The government launched grants that are aimed at professionals registered in the Special Scheme for self-employed workers and small companies and micro-enterprises. The maximum amount that the beneficiaries may request will be € 100,000, in any case representing the amount of aid granted by the Ministry of Culture and Sport, a maximum of 70% of the total cost of the project.
Fund 
  Aid for independent bookstores
The government published the call for extraordinary aid from the Ministry of Culture and Sports for the maintenance of the structure of the bookkeeping sector and the adaptation of bookshops as a consequence of the negative impact of COVID-19. The objective of this €4,000,000 aid package is to finance projects for structural adaptation and maintenance of the business of independent bookstores to alleviate issues caused by COVID-19.
Measures 
  Aid for the production of feature films
The Ministry of Culture and Sports, through the Institute of Cinematography and Audiovisual Arts (ICAA), has announced selective aid for the production of feature films on the project, with an endowment of €11.9 million.
 
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.
Payment relief
  Benefit for freelancers
Social Security has recognized more than 1,316,000 self-employed workers for the extraordinary benefit for cessation of activity. Any self-employed worker registered in the regime who is affected by the closure of businesses or whose billing falls 75% each month compared to the monthly average can get at least 661 euros per month.
Payroll
  Benefit to self-employed workers
More than a million freelancers will receive the extraordinary benefit managed by Social Security which is equivalent to 70% of the minimum contribution base in the Special Scheme for Self-Employed Workers or, where appropriate, in the Special Scheme for the Sea, which represents a minimum of €661 a month.
Employee Benefits
  Boosting credit through reciprocal guarantee companies
The endowment for CERSA (Compañía Española de Reconfianzamiento) is increased by €60 million, so that it can guarantee a greater number of operations. CERSA is a public company that reinforces mutual guarantee companies in order to stimulate access to bank credit for companies with a substandard credit rating, generally SMEs and micro-SMEs.
Financial support
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.
Loans
  Coverage line for new working capital loans
An extraordinary coverage line has been created on behalf of the state through CESCE for an amount of up to €2,000 million for financial entities that grant new working capital loans. The beneficiaries will be SMEs and other larger companies, provided they are unlisted, internationalized entities or in the process of internationalization.
Loans
  COVID-19 Fund
The Council of Ministers has agreed to allocate 173.5 million euros to measures to support the industrial sector to promote its digital transformation and new business models. A first package of measures will be endowed with 75 million euros, of which 50 will go to industrial R & D & i projects in the manufacturing industry and the rest, 25, will be loans to the financial support program for the Connected Industry 4.0. A second block will allow offering participative loans, worth 98.5 million euros, to SMEs, young entrepreneurs and technology-based companies.
 
  Credit institutions may advance unemployment benefits
The Ministry of Labor and Social Economy (MTES) and the Public State Employment Service (SEPE) have signed a collaboration agreement with the banking associations AEB, CECA and UNACC whereby credit institutions may advance the payment of benefits for unemployment to people affected.
Credit
  Digitization of SMEs
Various support measures are available to SMEs to promote their adaptation to the digital environment through the Acelera program , endowed with €250 million, to finance investment in the acquisition of equipment or solutions for non-contact work.
Digital help
  Direct concession grants to cinematographic theatres
The Ministry of Culture and Sports, through the Institute of Cinematography and Audiovisual Arts (ICAA), has summoned direct grant aid for cinematographic exhibition rooms and aid to the production of short films made in competitive competition. These grants are endowed with €13,252,000 and €300,000 euros, respectively. The aid is intended to defray the costs of the preventive health measures adopted in the face of COVID-19 and to promote the visibility of the reopening of theatres in 2020. A minimum of 35% is reserved for short films made exclusively by women.
Grant 
 

Economic measures
Unemployment benefits have been extended to workers who have been made redundant during the trial period of a new job.

The tax bases are adjusted to the economic situation, freeing €1,100 million of liquidity for companies, particularly SMEs and the self-employed.

The VAT applicable to the supply of medical equipment from national producers to public entities, non-profit organizations and hospital centers is reduced to 0%. The VAT on electronic books, magazines and newspapers is also reduced to align it with that applicable to paper ones.

The Insurance Compensation Consortium Guarantee Line of €100,000 million will cover company notes and reinforce the mutual guarantee societies of the Autonomous Communities. It is empowered to act as a reinsurer of credit insurance risks.

The scope of application of the Temporary Employment Regulation Files (ERTEs) is increased due to force majeure to cover significant drops in activity in those sectors considered essential that have also seen their incomes decrease.

A mechanism is established for the renegotiation and postponement of the payment rent for businesses.

Notary fees for novation of non-mortgage loans are reduced.

Directors order
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. 
Financial Support
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. 
Financial Support
  Extension of aid for mortgages, rent and basic supplies
The government has expanded the measures to ease the financial burden of mortgages, non-mortgage loans and rent, as well as to guarantee basic supplies to the most vulnerable groups. In addition, it has agreed initiatives to revive the economy in the areas of transport and housing and has reformed the justice system on disability matters.
Measures 
  Extension of aid to self-employed workers
The government has extended aid to self-employed workers until 30 September. Measures include an extension of the exemption from Social Security contributions for self-employed workers who have been receiving the extraordinary benefit, which included financial aid and an exemption from contributions.
Aid for self-employed
>workers
Extension of ERTE
Government and social agents signed the Social Agreement that extended the ERTE until June 30 for those companies that cannot resume their activity due to force majeure. The Agreement also includes the modification of the sixth additional Provision of Royal Decree-Law 8/2020, of March 17 , which guarantees the commitment of the maintenance of employment, by companies, within a period of six months from the date of resumption of its activity.
Payroll
  Extension of ERTE benefits
Benefits of the ERTE are extended until September 30. The agreement provides benefits for contributions of workers to Social Security, guarantees for the maintenance of employment and flexibility for companies.
ERTE 
  Extension of Public Job Offer
The Government has extended until 2021 the term to approve, publish and develop public job offers and stabilization processes, as well as the calls derived from those offers.
Public Job Offer 
  Extension tax deferrals for SMEs and self-employed
SMEs and the self-employed can defer their tax obligations to a maximum of 30,000 euros for six months, with the first three exempt from interest. The grace period is now extended to four months.
Accounting and Tax
  Extraordinary contribution to Social Security
The income of the Social Security system has been reduced and expenses have increased, especially those for benefits for cessation of activity, due to unemployment derived from the ERTE and due to sick leave. The Government has approved an extraordinary loan of €14,000 million, as well as a maximum loan of 16,500 million without interest to its General Treasury.
Income 
  Flexibility of electricity and natural gas supply contracts
Companies may temporarily suspend or modify their electricity and natural gas supply contracts in order to adapt their contracts to their new consumption guidelines, without any penalty charge.
Financial Support
  ICO financing expansion
€10 billion will be released to guarantee loans from self-employed workers and SMEs and another €10,000 to guarantee loans from larger companies. Likewise, a tranche of €4,000 million is destined to guarantee the issuance of promissory notes of non-financial companies that operate in the Alternative Fixed Income Market. €500 million are also set up to reinforce up to 80% the guarantees granted by the Spanish Company for Reconfiancing (CERSA).The Government has activated the third tranche of the Line of Guarantees of the Official Credit Institute (ICO) for a value of €24,500 million to guarantee the liquidity of companies and the self-employed.
Financial Support
  Issue of €12,000 million 20-year bond
The Public Treasury has made a syndicated issue of a new 20-year bond for an amount of €12,000 million. It is the first syndicated issue made by the Treasury with a 20-year term and is part of the new financing program revised in May to face the greater financing needs.
Bond 
  Line of financing for tourism
The line of financing rose to €400 million and its application was extended to companies throughout the national territory and to more economic activities related to tourism. It is a line within the ICO Companies and Entrepreneurs Line that has a guarantee provided by the Ministry of Industry, Commerce and Tourism of 50% of the amount granted through financial entities.
Financial Support
  Line of Guarantees - Fifth section
The Council of Ministers approved the agreement that activates the fifth and last section of the Line of Guarantees to guarantee the liquidity of companies and the self-employed. €7,500 million euros are allocated to guarantee loans from SMEs and the self-employed and €5,000 million for the rest. €2,500 million euros are reserved to boost the tourism sector by guaranteeing loans from SMEs and the self-employed for liquidity or investments.
Guarantee 
 

Line of guarantees for companies
The fourth section of the Line of Guarantees for companies and the self-employed, totaling €20,000 million, will be used entirely to guarantee the operations of SMEs and the self-employed.

Additionally, €4,000 million have been approved to guarantee the issuance of promissory notes in the Alternative Fixed Income Market (MARF) and €500 million to reinforce the reavality that CERSA grants to Reciprocal Guarantee Companies.

The Spanish self-employed and companies have received a total of 420,717 loans for an amount of 53,610 million euros guaranteed with the Line of Guarantees.

Financial support

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.

Financial Support
  Loan granted for Social Security
The Government approved a state loan to the General Treasury of Social Security for €13,830 million, with the aim of providing adequate coverage to Social Security obligations. The loan ensures the timely payment of pensions, especially when extraordinary payments are paid.
Loans

Loan guarantees
The second section of the guarantee line of €20,000 million is for SMEs and the self-employed. The guarantee guarantees 80% of new loans and renewals of operations requested by self-employed workers and SMEs and will be valid for the term of the loan granted, with a maximum of five years.

Loans
 

Measures for SMEs and the self-employed
SMEs and the self-employed can change the calculation system of fractional payment and do so based on real quarterly benefits. The Treasury has also made the procedure more flexible so that the self-employed have the possibility of moving from the module system to that of direct estimation without the obligation to remain in the new system for three years.

Self-employed who pay taxes in modules may be deducted from the calculation of payments on account of VAT and Personal Income Tax on calendar days, which implies a saving of €30 million in the first quarter. To alleviate the treasury problems of SMEs and the self-employed, they will be able to access an extraordinary deferment of the payment of taxes of up to €30,000, for six months.

The government also approved that the self-employed with a turnover of up to €600,000 do not have to submit in April the self-assessments of the quarterly VAT declarations or the fractional payment of Personal Income Tax or Companies and may do so a month later, on 20 May.

Financial support
  Measures to improve energy efficiency in buildings
The government has approved the regulatory bases of the Building Energy Rehabilitation Program (PREE), which will allocate €300 million in direct aid to increase the energy efficiency of buildings built before 2007. The amount of aid will be 35% of the cost of the performance, except for improvements in lighting, which will be 15%. In individual home renovations, it will be 25% in the case of envelopes and thermal installations, and 15% for lighting.
Measures 
  Measures to support agri-food sector
Granting flat-rate aid for producers and SMEs, of up to €5,000 and 50,000 respectively, charged to the Rural Development funds
There are support programs for the wine, fruit and vegetables and honey sectors, as well as in school programs for the consumption of milk, fruit and vegetables. There is aid for the private storage of dairy products (milk powder, butter and cheese) and meat products (beef, sheep and goat).
Financial support
  Minimum Vital Income
The Council of Ministers approved a Royal Decree-law that implements a Minimum Life Income, a non-contributory Social Security benefit that guarantees minimum income for those who lack it.
The guaranteed income threshold will be €462 per month for an adult person living alone. It will increase by €139 per month for each person, up to a maximum of €1,015 per month. In addition, single-parent families will receive a supplement of €100 per month. 
Payroll 
  More tax flexibility for SMEs
The autonomous taxing modules can switch to direct estimation without requiring three years of payment. SMEs may calculate their fractional payment based on real quarterly benefits and not using previous years payments. All taxpayers can request deferrals and installments of their tax debts, which are granted without the need to provide guarantees and through an automated resolution procedure when their debts are equal to or less than €30,000.
Accounting and Tax
  Postponement of the repayment of loans
Companies that have received financial support for industrial investment through loans from the General Secretariat for Industry and Small and Medium-Sized Enterprises can request a deferment of payment of principal and / or interest of the current annuity.
Loans
  Procedural and organizational measures
The Royal Decree Law plans to promote teleworking, the improvement in the use of digital signature systems as well as the empowerment of new technologies in the development of views and other procedural acts.
Digital help

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.

Payroll

Support for farmers
The Ministry of Agriculture, Fisheries and Food plan to allocate €10 million to compensate sheep and goat farmers.

Loans
  Support for film production
The government has authorised the Institute of Cinematography and Audiovisual Arts (ICAA) to summon general aid for the production of feature films, with an endowment of €40 million. Beneficiaries will be able to receive a higher percentage of aid on the first payment (40%) to allow them to have more liquidity to facilitate the production phase.
Measures 
  Support for manufacturing health products
The government announced aid for a total of €11 million to entities that make investments for the manufacture of medical devices, protective equipment personnel and other medical products.
Measures 
  Support for municipalities
The government has approved mobilisation of up to €5,000 million for municipalities, to help them increase their income and spending and investment capacity without incurring a deficit. The municipalities will receive the full refund of their remnants and will have an additional mobilisation of €5,000 million distributed between the years 2020 and 2021. The objective is to streamline the transferof these resources to municipalities to deal with the effects of COVID-19.
Measures 
  Support for tourism sector
The government announced €4.6 billion Tourism Sector Promotion Plan that consists of 28 measures that are articulated around five lines of action: the recovery of confidence in the destination, the implementation of measures to reactivate the sector, the improvement of the competitiveness of the tourist destination, improvement of the tourism knowledge and intelligence model and a marketing and promotion campaign.
Promotion Plan 
  Support for wine sector
The wine sector will receive €91.6 million.
Measures 
 

Suspension of contracts
The suspension of contracts or the reduction of the working day and the processing of the employment regulation procedures by force majeure has been expedited. The maximum period of processing of the procedure from been reduced to five days from seven. and the request for a report from the Labor and Social Security Inspection has become optional.

The processing of employment regulation procedures for economic, technical, organizational or production reasons has been reduced to 12 days from 21.

Loans
  Tax breaks for workers with discontinuous fixed contracts
To support workers and companies in the tourism, commerce and hospitality sectors, the Social Security bonuses are extended in discontinuous fixed contracts from February to June 2020.
Accounting and Tax

Tax deadlines extended
The deadline for filing tax returns and self-assessments for SMEs and the self-employed have been extended by one month until May 20.

Accounting and Tax

Training package for the digitization of companies
The Ministry of Economic Affairs and Digital Transformation launched a new aid and training package worth more than €70 million, through an employment training service and two calls for aid to accelerate the digitization process of young people and companies. The program aims to accelerate the digitalization process of SMEs, through financial support, advice, training and the creation of technological solutions.

Digital help
Sweden  Capital injection for aviation sector
The government proposed a capital injection of SEK 3 150 million to Swedavia AB to enable investments and maintenance.
Capital Injection 

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.

Companies can defer payment of employers’ social security contributions, preliminary tax on salaries and value added tax that are reported monthly or quarterly.

Financial support

Economic impact on businesses
The government has proposed a system of support for short-term layoffs. The. A temporary reduction of employers’ social security contributions and the general salary contribution for the first 30 employees for four months is in place. The social security contributions of self-employed people have also been reduced. Central government will temporarily cover employers’ sick pay costs, and sole traders with an F-tax card will be compensated through sickness benefit on days 1 to 14 of their sickness period.

Relief measures

Employer’s costs reduced
The wage costs for an employee will be reduced by over 70% while workers retain almost 90% per cent of their original wages.

Relief measures
  Measures to match unemployed people to green industries
The government is investing SEK 11 million to assist the green industries in the absence of foreign seasonal workers.
Investment 
  More measures for employees and businesses
Measures include reimbursement for the first day of sickness and the central government’s responsibility for businesses’ sick pay costs. In addition, the ceiling for unemployment benefits will be raised from SEK 760 to SEK 1 000 per day.
Measures 
  Support for businesses
The measure, totalling SEK 39 billion, is meant to provide support for businesses to reorient their focus and adapt their activities.
Investment 

Unemployment insurance
Unemployment insurance fund will be temporarily relaxed in terms of how much people need to have worked and how long people need to have been a member of a fund. It is proposed that both the highest and the lowest amounts paid out by an unemployment insurance fund be raised temporarily. It is also proposed that the six initial qualifying days be removed and that the unemployment insurance funds receive funding for administration.  

Payroll
Switzerland    Additional funding for unemployment insurance
The Federal Council has passed the necessary amendment to the Unemployment Insurance Act (AVIG). The ALV is to receive additional support from the federal government with up to CHF 14.2 billion for 2020. The basis is to be created so that the federal government can also provide extraordinary support to ALV in 2021, should the debt level again massively increase due to the consequences of COVID-19 on the labour market.
 

Additional unemployment insurance funding
The Federal Council will provide additional unemployment insurance funding of CHF 14.2 billion.
Fund 
  Extension of deadline for short-time work allowance
The Federal Council has extended the maximum period for receiving short-time work compensation from twelve to eighteen months. There is also a grace period of one day. It will be applicable until 31 December 2021. 
Payroll 
  Extension of legal standstill for travel agency industry
On 26 August 2020, the Federal Council dealt with the situation in the travel agency sector and decided to extend the legal standstill applicable to the travel agency industry until 31 December 2020 due to the impact of COVID-19.
Measures
 
 

Extension of the right to income compensation
Right to income compensation is limited to CHF 196 per day, i.e. CHF 5,880 per month. The entitlement arises retrospectively from the first day of the drop-in employment, at the earliest from March 17, 2020, and ends after two months.
Payroll

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.

Accounting and Tax
  Short time work compensation
Additional employees are entitled to short-time work allowance (KAE) on demand. In addition, interim jobs are no longer counted towards the KAE. This creates a financial incentive so that vacancies in agriculture or logistics can be filled.
Payroll
  Support for public transport and rail freight
The government has announced CHF 800 million for public transport and rail freight.
Fund 
  Temporary relief of environmental regulations
A temporary regulation includes exemptions from the wastewater tax extended by one and a half months until mid-November. Exemption of incentive tax on volatile organic compounds (VOC) from February 28 to August 31, 2020 and the limit value for the vapor pressure in gasoline will not to be applied until the end of July 2020.
Measures 

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.  

Payroll

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T

Jurisdiction Name of Scheme Scheme type
Taiwan

Deferral of payment for personal income tax
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.

Accounting and Tax
  Exemption from temporary payment of income tax for profitable businesses in 109
In accordance with the Ministry of Finance Order No. 10904595840 dated 31 July, for-profit enterprises that meet one of the following circumstances may be exempted from the 109-year provisional income tax declaration for profit-making enterprises in accordance with Article 69, paragraph 6 of the Income Tax Law And payment: (1) Provide relief-related measures in accordance with the regulations authorised by the central competent authority for the purpose of business in accordance with the Special Regulations on the Prevention and Relief of Severe Infectious Pneumonia; (2) Affected by the pandemic, causing a sudden drop in operating income in the short term.
Measures 
  Exemption from the 109-year temporary income tax declaration
Profit-seeking businesses that meet certain conditions due to the pandemic are exempt from the 109-year temporary income tax declaration for profit-making businesses.
Measures
  Extension of 108-year for-profit business income tax
The 108-year profit business income tax settlement declaration and payment period is May 1 to June 30. Those than can pay off the tax in one payment within the prescribed payment period, can apply for deferred (up to 1 year) or installment (up to 3 years and 36 installments). Before June 30th, the application deadline is to prepare supporting documents, which can be applied together in the online settlement of for-profit business income tax.
Accounting and Tax

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).

Payroll
  Rent for non-public real estate rentals
The Ministry of Finance announced the reduction of the rent on non-public real estate rentals by 20%.
Rental support
Thailand

Acceleration of VAT refunds
VAT refunds will be accelerated for goods exporters. Refunds will be made within 15 days for the monthly VAT return filing via the internet or 45 days for filing at the Area Revenue Branch Office.

VAT
  Assistance to businesses
Ministry of Finance to seek 1-trillion Baht loan to resolve and remedy economic and social issues. The Bank of Thailand and Ministry of Finance will jointly establish a 400-billion Baht fund to preserve bond market liquidity. The Bank of Thailand is authorized to provide loans, through financial institutions, for the total amount not exceeding 500 billion Baht, to SMEs and entrepreneurs. 
Financial support

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. 

Accounting and Tax
 

Extension of deadline for corporate income tax filing
An application can be made to extend the filing deadline for the corporate income tax (CIT) for non-listed companies, to 31 August 2020 of. This applies to returns/payments due between 1 April and 30 August 2020.

Accounting and Tax
  Extension of deadline for holding the Annual General Meeting of Shareholders
If a company is not able the Annual General Meeting of Shareholders within the time specified by law, the company may give the Department of Business Development a clarification letter stating the reason. A fine will not be imposed.
Deadline Extension
  Extension of deadline for submission of financial statements
Once the Annual General Meeting of Shareholders occurs and the financial statements are approved, the company should file the statements and the shareholder’s list via the e-filing system only.
Deadline Extension
  Fee waiver for e-channel tax payment
From 1 July 2020 onwards, the revenue department will partner with 20 leading banks to waive fees for tax payment on a taxpayer who files a tax return via electronic channel (e-channel) until 31st December 2020.
Accounting and Tax

Reduction of contributions to the Social Security Fund
Contributions to the SSO by employers and employees will be reduced from 5% of wages to 4% for employer and 1% for employee. As a result, the monthly maximum contribution of THB 750 will be reduced to THB 600 for employers and THB 150 for employees.

Payment relief
  Reduction of withholding tax rate
The withholding tax rate of 3% will be reduced to 1.5% on payments of assessable income from 1 April to 30 September 2020 and to 2% from 1 October 2020 to 31 December 2021. However, the 2% rate will apply only to payments made via the e-withholding tax system.
Accounting and Tax
  Tax incentive to support SMEs
The revenue department has offered support to SMEs that maintain employment of their employees by allowing SMEs to deduct wage expenses from April to July 2020 up to 3 times, with an aim to promote stability of SMEs.
Accounting and Tax

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U

Jurisdiction Name of Scheme Scheme type
Ukraine   COVID-19 Response Fund
The government adopted decisions (including protocol decisions) on the allocation of UAH 36.1 billion from the COVID-19 Response Fund for; financial assistance to citizens, in particular, the elderly; a transfer to the Pension Fund of Ukraine; financial assistance to the Social Insurance Fund and the Compulsory State Social Insurance Fund in case of unemployment.
Measures 

Exemption from land payment
There are no payments due for the month of March for land payment, including land tax and rent for state and communal property. The land payment for April 2020 will be due by 30 June 2020 with no penalties charged.
Payment relief
  Exemption from lease payment
Tenants are relieved from lease payments for the time during which the property could not be used from the start of quarantine until its end.
Payment relief
 

Exemption from tax on real estate
There are no payments due for the month of March for land payment, including land tax and rent for state and communal property. The land payment for April 2020 will be due by 30 June 2020 with no penalties charged.

There are no tax payments due for the month of March for real estate. The tax on real estate payment for April 2020 will be due by 30 June 2020 with no penalties charged.

Accounting and Tax
  Extension of annual property and income declaration
The annual property and income declaration by individuals pursuing independent professional activity for 2019, must be submitted until 1 July 2020.
Accounting and Tax
  Release from liability for violation of tax law
No penalties shall apply for violation of tax law committed during the period from 1 March to 31 May 2020 (except for penalties for violation of accrual, declaration and payment of value added tax, excise tax, rent).
Accounting and Tax
United Kingdom