A list of the latest schemes is provided below (last updated 29 May 2020 - 11:17 BST). If you wish to learn more about the schemes or how to make application please contact your TMF Group representative or click here.

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A

Jurisdiction Name of Scheme Scheme type
Argentina  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. 

 

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 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.

 

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.

  Guarantees to MSMEs
The fund "Fondo de Afectación Específica" will provide guarantees to micro, small and medium businesses (MiPyME).
 Fund
  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
 

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.

Australia Backing business incentive
The government is introducing a limited 15-month investment incentive. Eligible businesses with aggregated annual turnover below $500 million will be able to claim a 50% deduction for the cost of new assets that can be depreciated under Division 40 of the Income Tax Assessment Act 1997 (i.e. plant, equipment and specified intangible assets, such as patents).
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
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
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 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
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
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
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
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 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
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.
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 "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
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.
Tax
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.
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
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 
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

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

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.

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
  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
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
Tax deadline extended
The Finance Minister has extended the deadline for submitting the annual tax declaration from the end of April and the end of June to August 31, 2020. This applies to the tax returns for income tax, corporation tax, sales tax and the determination of income. Taxpayers can also request a reduction in income tax or corporation advance payments until October 31, 2020, if the expected income for the respective year is lower. The application must contain a justification in which the reduced profit expectations due to the changed economic situation ( eg breakdown of sales due to Covid-19) are set out. 
Tax
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.
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 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.
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 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.


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

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 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

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

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 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 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

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

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 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. 
Tax
  Extension of teleworking for courts
The Federal Supreme Court has extended the teleworking period of its employees until January 31, 2021. 
Teleworking support
  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.
 
  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). 

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
  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

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

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 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.
 
  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.
 

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

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

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
  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.
 
  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.
 

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

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 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.

 
 

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

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.   

Tax

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
Bulgaria Corporate tax filing extended
The deadline for filing corporate tax returns has been extended until 30 June 2020.
Tax
  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.
 
  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. 
 

Back to the top

C

Jurisdiction Name of Scheme Scheme type
Canada  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
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.
 
  Canada Emergency Commercial Rent Assistance
Canada Emergency Commercial Rent Assistance (CECRA) for small businesses will provide forgivable loans to qualifying commercial property owners, whether they have a mortgage on their property or not. The loans will cover 50 per cent of three monthly rent payments that are payable by eligible small business tenants who are experiencing financial hardship during April, May, and June. 
Loan 
  Canada Emergency Business Account for farmers
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. 
 
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

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

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
The Prime Minister announced expanded access to Canada Emergency Response Benefit and support for essential workers:

  • Allow people to earn up to $1,000 per month while collecting the CERB.
  • Extend the CERB to seasonal workers who have exhausted their EI regular benefits and are unable to undertake their usual seasonal work as a result of the COVID-19 outbreak.
  • Extend the CERB to workers who recently exhausted their EI regular benefits and are unable to find a job or return to work because of COVID-19.
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.
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.
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.
  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
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.

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.

Tax

GST/HST payments and remittances
Eligible Canadians who are presently receiving the Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit and/or the Canada child benefit (CCB) will continue to receive these payments until the end of September 2020. The tax filing deadline has been extended from April 30 to June 1, 2020.

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
Penalties and interest will not be charged if the deferred payment requirements are met by September 1, 2020. Due dates for self- employed and corporations have been extended to September 1, 2020.

Tax
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
  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
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.
Income payment 
  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).  
 
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.
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.
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
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.
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.
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.
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 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 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.

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 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.
  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.
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
  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. 
Tax 
  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.
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
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.
Tax
Cayman Islands Deadline extended for annual returns
The Registrar of Companies (ROC) and the Department for International Tax Cooperation (DITC) have extended the deadlines for entities to complete their annual returns and economic substance notification filings until 30 June.
Tax
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
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
  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.

Tax
China

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.

Tax

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
 

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

Digital help
  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.
  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. 

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

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.

Tax
  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 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 

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
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
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 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 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. 
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 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.
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.
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

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
Croatia 

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. 
Tax
 

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.

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 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
  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
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
  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.
  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.
 

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%.


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
  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.
  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.
  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.
  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.
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.

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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

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E

Jurisdiction Name of Scheme Scheme type
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. 
Tax

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F

Jurisdiction Name of Scheme Scheme type
Finland Business subsidies
Municipalities, ELY centers and Business Finland will grant direct business subsidies to companies. €100 million has been set aside for sole proprietors. €200 million is set aside for small business support.
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
 

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
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. 
Tax
France 

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. 
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.).
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
  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
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.
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.
Tax
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
 

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
  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.
 

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. For the most difficult situations (inability to settle receivables due within 30 days and refusal of cash loan), additional support of €2,000 to 5,000 is subject to conditions.

The Solidarity Fund is now endowed with €7 billion including €500 million contributed by the Regions.

The government also approved the reduction of the digital VAT from 21% to 4% for the subscription and download of digital books, magazines and newspapers.

Since 1 April, the Solidarity Fund has granted €1.32 billion of aid to 990,000 beneficiaries, in the form of tax-free aid and exempt from social charges of up to €1,500.

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.
Loans
  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 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

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

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

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

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.

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G

Jurisdiction Name of Scheme Scheme type
Germany

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

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

Tax

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

Tax

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 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
  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.

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

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 Programme 2020 has been launched, which supports companies that have temporarily run into financing difficulties. Small, medium-sized and large enterprises can submit applications through their main bank for aid.
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.
Tax
Loss allocation for SMEs
The federal government has decided that small and medium-sized companies may offset their tax advances against their current losses.
Tax

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

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 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
 

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.

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.

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.

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
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
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 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). 

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

Payroll
  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.

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H

Jurisdiction Name of Scheme Scheme type
Hong Kong  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. 
 

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
  Distance Business Programme
The programme will provide funding through fast-track processing for enterprises to adopt information technology solutions for developing distance business. The funding ceiling for each IT solution and relevant training expenses for employees is $100,000. Each enterprise may receive total funding of up to $300,000 to undertake a distance business project to be completed within six months. Private enterprises with a valid business registration certificate, ongoing business commenced before January 1 and substantive business operation in the industry related to the project are eligible. 
 

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
  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.
 
  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
  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.
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
 

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.

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.
Tax

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
  Subsidies for amusement establishments
A scheme that provides a $100,000 one-off subsidy to licensed billiard establishments, public bowling alleys opened for applications.
  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. 
  Subsidy for Club-house operators
The Financial Services and the Treasury Bureau (FSTB) announced that the Subsidy Scheme for the Securities Industry under the second round of the Anti-epidemic Fund will be launched and open for application on May 25 to support small and medium-sized intermediaries and licensed individuals in the securities industry. 
 
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.

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 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.

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 has announced an extension for filing of income tax returns for FY18-19, Adhaar-PAN linking, extension of Vivaad se Vishwaas scheme and few other deadlines under various statutory acts to 30th June 2020. For delayed payment of taxes, interest rates have been relaxed.

The last date for of filing of certain GST returns for the period of February-April 2020, is staggered in the last week of June 2020. Fees and penalties have been eliminated and reduced interest rates on delayed payments have been established.

The time limit for any compliance under the Customs Act & other allied laws and duration of Sabka Vishwaas scheme for indirect taxes has been extended to 30th June 2020 with waiver of interest on delayed payments. 

 

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.

  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. 
 
  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.
  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. 
 
  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.

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. 
Tax

GST return filing extended
Filing of GST Annual Return for FY 2018-19 shall be extended till 30th September 2020.
  Income tax refunds
All pending income tax, GST and customs refunds will be released to taxpayers and business entities. 
 
 

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.

 
 

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
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. 
Tax

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 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.

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.
Tax
Ireland

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

Tax
 

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
 

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).

 

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.

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. It was originally set at a rate of €203 but it was increased to €350 by government on 24 March.

Payroll
Italy  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.
 

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.

Tax

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
 

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
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
 

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 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

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.

Tax
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.
Tax
 

€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.

 

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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

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

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
 

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
  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
 

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 raise the subsidies from what had been capped at just over 8,000 yen per day to 15,000 yen per day. Further, it is likely to establish a new scheme enabling those who are employed to apply directly and receive cash directly. It plans to support the business continuity of major corporations and SMEs as well as those in between by further strengthening liquidity 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 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.
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.

  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.
 
  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. 
 
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.
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: 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
Phase 2 of the Government Co-Funded Payroll Scheme will co-fund 80% of the wages of Jersey employees across a wide range of sectors, up to a maximum payment of £1,600 a month. The scheme is confirmed for April to June 2020.
Payroll

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K

Jurisdiction Name of Scheme Scheme type
Kazakhstan 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.
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
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.
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.
Tax
  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.
Tax
  Property tax changes
For the period from April 1, 2020 to October 1, 2020, the correction factor “0” to property tax rates has been established for aviation businesses and private practice individuals.
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.
Tax
  Suspension of tax audits
Tax audits are suspended for SMES except for taxpayers with a high degree of risk.
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. 

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L

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

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
  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 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
No penalty for late filing of VAT returns
No administrative penalties will be applied for late filing of VAT returns. 
VAT
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.
 

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
Special Anti-Crisis Financing of up to €400 million corresponding to a total leverage effect of nearly €700 million bank financing has been set up for SMEs and large Luxembourg companies. The financing is done indirectly through the customer's usual bank - SNCI finances up to 60% of the requirement, on the condition that the bank finances 40%. The amount of the FSAC (SNCI part) can vary between €12,500 and €10 million.
Financial support
  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
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.
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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M

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
 

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. 
 
  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.
 

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
  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
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. 
 
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.
Tax
Mauritius Tax return penalties and interest waived
Taxpayers unable to submit their returns or pay tax due because of the lockdown will not be charged a late penalty or incur any interest. 
Tax

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N

Jurisdiction Name of Scheme Scheme type
Netherlands

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
 

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
  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
  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.
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.
Tax
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 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.

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%.
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

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
 

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
  Payroll reporting
There are two new leave types available in the payroll software – COVID-19 and COVID-19 Unpaid. 
Payroll
  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
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
 

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 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

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P

Jurisdiction Name of Scheme Scheme type
Paraguay 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
 

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.

  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. 
Tax
Peru Flexibility in tax filing
For companies with less than 2300 UIT in revenue in 2019, there is flexibility with filing of monthly tax returns for February 2020 and the filing of Sales and Income Register and of Electronic Purchase. The filing dates of other types of accounting are postponed.
Tax
  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
  Tax obligation flexibility
The government will be flexible with delayed formal tax filings during the emergency period. 
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
  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

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Q

Jurisdiction Name of Scheme Scheme type
Qatar Financial incentive
Qatar will provide financial and economic incentives amounting to QR 75 billion for the private sector. Qatar Central Bank (QCB) will encourage banks to postpone loan installments and obligations and for six months. QCB will provide additional liquidity to banks operating in the country. 
Financial support

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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.

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. 

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

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
  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.
 

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.

  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. 

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.

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.

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  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. 
  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 

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. 

Singapore

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.

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.

Tax

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.

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.

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.

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.

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.

 

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.

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.  

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 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.

Tax

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.

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

Tax

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

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.

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.

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.

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.

Tax
 

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.

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
 

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.

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. 
  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.
  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 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.
 

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. 

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 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.
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
  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.

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.

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. 

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
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.
  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
  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.
  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
 

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 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.
  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
  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 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.

 

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 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
  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.
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.

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
 

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.
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.

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.

Sweden

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

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

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  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.

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

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.

Tax
  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.

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%.
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. 

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.

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

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.
Tax

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U

Grants
Jurisdiction Name of Scheme Scheme type
Ukraine  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.

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).
Tax
United Kingdom

£10,000 Small Business Support Grant Scheme - Northern Island
The government aims at providing a one-off grant of £10,000 to businesses that are currently in receipt of Small Business Rate Relief (SBRR). Businesses with a Total Net Annual Value of £15,000 and below, who currently benefit from Industrial Derating, are also eligible for the £10,000 grant.

£2 billion package for alternative travel
The government announced £2 billion package funding on alternative travel such as cycling and walking. Pop-up bike lanes with protected space for cycling, wider pavements, safer junctions, and cycle and bus-only corridors are likely to be created in England within weeks as part of a £250 million emergency active travel fund.

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

Grants

£25,000 business grant scheme
A £25,000 grant scheme for businesses in the retail, hospitality, tourism and leisure sectors will open to businesses that occupy rental properties as sole tenants.

  Additional discretionary fund for small business
Up to £617 million fund will be made available to small businesses with ongoing fixed property-related costs. There will be three levels of grant payments. The maximum will be £25,000. There will also be grants of £10,000. Local authorities will have discretion to make payments of any amount under £10,000. This is an additional 5% uplift to the £12.33 billion funding previously announced for the Small Business Grants Fund (SBGF) and the Retail, Hospitality and Leisure Grants Fund (RHLGF).
Grants
  Additional rates support for NI businesses
An additional £213 million rates support package to help Northern Ireland businesses. Also, there will be a four-month rates holiday for all business ratepayers, excluding public sector and utilities.
 
 

Additional support for Northern Ireland businesses
Businesses in the hospitality, retail and tourism sectors will be eligible to apply for grants of £25,000. Applications to the scheme will open on Monday 20 April and will take around 15 working days to process, subject to verification of eligibility.

The Small Business Support Grant Scheme, providing grants of £10,000, will be extended to include small industrial businesses that qualify for industrial de-rating. This expansion will cover around 2,500 additional businesses.

Grants
  Additional support for Scotland's agriculture sector
Around 7,000 specialist beef producers will benefit from payments worth around £40 million. 469 convergence payments worth £768,500 have been processed for new entrants to farming.
Grants
  Alterations to services - patents
For new patent applications and certain subsequently filed documents online systems should be used. Late surcharge fee can be waived off in case fee is not paid while filing PCT application All deadlines which fall within the current period of interruption will be extended to the first non-interrupted day.
Intellectual Property
  Alterations to services - trade marks and designs
Priority applications for trade marks and designs can be made within the 6 month priority window. For new trade mark examination reports a four month default period is allowed.
Intellectual Property
 

Alternative employment opportunities and SME support
There are opportunities for those seeking alternative employment and they need to register using the There is a support package for employers in Northern Ireland which helps small businesses and employers in those sectors most impacted.

Employment
Programmes
 

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

HR
 

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

Loans
 

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

Loans
 

Business rates
Businesses are expected to receive almost £10 billion in business rate relief as part of the government’s comprehensive package of support. Eligible shops, restaurants, cafes and pubs which are hardest hit are not likely to pay business rates in this financial year. Business rates revaluation has been postponed to 2022. 

Financial support
 

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

Financial support
 

Business recovery mentoring package for Causeway businesses
Causeway Coast and Glens Borough Council’s Alchemy programme is launching a Business Recovery Mentoring package to help businesses plan for recovery. The package will offer up to three days of free one-to-one recovery mentoring, providing support and guidance to help businesses with:

Emergency cash flow, liquidity and new supply chains; guidance and direction to government support, and help in applying, if relevant; planning for re-starting with new processes, eg social distancing measures; looking at new products and services; examining resource requirements and HR needs and contracts using technology to do business in new ways, eg online selling.


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

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

financial support
  Companies House support for businesses
Companies House will temporarily pause the strike-off process to prevent companies being dissolved. As part of the agreed measures, while companies will still have to apply for the three-month extension to be granted, those citing issues around COVID-19 will be automatically and immediately granted an extension. Companies will temporarily be extended greater flexibilities, including holding AGMs online or postponing the meetings.

Coronavirus (Scotland) Bill
People and some small businesses that are unable to repay debts will be able to apply for a six-month 'breathing space' period. This will allow them to seek money advice and find long-term solutions to repay debts. It also removes the limitation that means they can only apply for such a breathing space once in a 12-month period. These measures apply to individuals, partnerships, corporate and unincorporated bodies and trusts, though not to companies or LLPs.

Coronavirus (Scotland) (No.2) Bill
The Bill has measures to ensure that business and public services can continue to operate well.

In the case of debtors seeking bankruptcy, there will be no costs and some savings to individuals and businesses. Creditors will face no increase in direct cost, but for a limited period will be unable to seek to make their debtors bankrupt for debts of less than £10,000.

The Scottish Ministers introduced further non-domestic rates relief through subordinate legislation in the year 2020-21 for all or part of the year with the ability to backdate relief, which will provide an additional mechanism through which businesses may potentially be supported.

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

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

Loans

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

Financial support

Coronavirus Large Business Interruption Loan Scheme
Coronavirus Large Business Interruption Loan Scheme (CLBILS) will provide a government guarantee of 80% to enable banks to make loans of up to £25 million to firms with an annual turnover of between £45 million and £500 million. The scheme is likely to support businesses to access finance products including short term loans, overdrafts, invoice finance and asset finance. The government will provide lenders with an 80% guarantee on individual loans for businesses that would be otherwise unable to access the finance they need.

Loans
 

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

Loans
 

Creative Support Fund - Northern Ireland
A £1.5 million package has been created to support creative projects it includes the Artists Emergency Fund, for grants of up to £5,000. Under the Organisations Emergency Programme, small and medium sized organisations will be able to apply for maximum funding of £25,000 to help them develop new projects or programmes.

 

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

Grants

Deferred water and sewerage bills in Northern Ireland
Water and sewerage bills for business and non-domestic customers are postponed until July 2020.

Payment relief

Deferring VAT and income tax payments
Valued Added Tax (VAT) payments due between 20 March and 30 June 2020 can be deferred until 31 March 2021.

For self-employed, Income Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021.

Tax

Digital Support Programme
Businesses in the Fermanagh & Omagh District Council area can apply for support to develop their digital skills to reach new customers and boost sales. The Digital Support Programme is designed to give businesses valuable advice and support from experts in the industry, between one-to-one mentoring and workshops, where they can then develop their digital skills within their industry.

Also, Belfast City Council is taking a digital approach to providing free advice, mentoring and signposting for the city’s small businesses and entrepreneurs.The support includes business support videos, virtual mentoring and workshops delivered as webinars.

Digital help
 

Economic Resilience Fund
The Welsh Government released an additional £100 million for business support. The fund aims to complement and fill the gaps left by UK government schemes, with grants of up to £10,000 for micro-enterprises and up to £100,000 for SMEs. As of 7 May 2020, almost £65m of applications have now been processed from the Welsh Government’s Economic Resilience Fund.

Grants
 

Emergency loan fund for SME housebuilders
SMEs with liquidity issues due to the temporary closure of the housebuilding sector will be able to apply to a £100 million Scottish Government emergency loan fund which aims to: safeguard jobs and protect suppliers, support economic recovery and the continued supply of homes, and retain diversity of the housebuilding sector.

 

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

Delay in rate bills

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

Rates holiday for businessesx

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

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

Emergency Volunteering Leave
A new, temporary, statutory right is available for eligible workers to take Emergency Volunteering Leave to help the Health and Social Care system in response to the outbreak.

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

Volunteering
  Enterprise Relief Fund for young entrepreneurs
A £5 million fund will help young entrepreneurs across the UK and offer grants to 18 to 30-year olds across the UK who are self-employed and/or running their own business.  
 
  Expansion of Loan Scheme
A government-backed loan scheme for large businesses affected by coronavirus has been expanded to cover all viable firms, Firms with a turnover of more than £45 million will now be able to apply for up to £25 million of finance, and up to £50 million for firms with a turnover of more than £250 million. Business with turnovers of more than £500 million are also eligible for this scheme.
Loans
 

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

Deadline Extension
 

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

Deadline Extension
 

Extension of furlough scheme
The Coronavirus Job Retention Scheme or furlough scheme will continue until 31 October 2020 with workers continuing to receive 80% of their salary up to £2,500 a month.

 

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

Payment relief
 

Financial support for fishing businesses
More than 1,000 fishing and aquaculture businesses in England are likely to receive direct cash grants through a £10 million fisheries support scheme fund.          

The government’s new £9m Fisheries Response Fund (FRF) will contribute towards the fixed business costs of over 1000 businesses in the catching and aquaculture sectors. Also, its new £1m Domestic Seafood Supply Scheme (DSSS) will fund projects that will help seafood businesses in England increase the supply of local seafood to domestic markets.

Financial support
 

Funding package for Transport for London
The government has agreed a £1.6 billion funding and financing package for Transport for London to protect key services. The support fund comprises £1,095 billion of new grant and a further loan facility of £505 million, runs until October 2020.

 

Future Fund for innovative businesses
The Future Fund scheme will issue loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors.

These convertible loans may be a suitable option for businesses that rely on equity investment and are unable to access the Coronavirus Business Interruption Loan Scheme.

Loans
  Government backed loan scheme for small business
Small businesses are likely to benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lender, being interest free for first 12 months. Businesses will be able to borrow between £2,000 and £50,000 and access the cash within days. The scheme has been designed to ensure that small firms who need vital cash injections to keep operating can get finance in a matter of days.
Loans
  Grant for Wales fisheries business
The grant will be calculated by vessel size, with a maximum payment of £10,000 to ensure synergies with the Economic Resilience Fund. The grant will be open to all active seafood businesses with Welsh-licenced vessels and recorded sales of £10,000 or more in 2019, and all eligible fishers will be provided with a one off payment.Commercial tenants who cannot pay their rent because of coronavirus. No business will be forced out of their premises if they miss a payment in the next 3 months. will be protected from eviction. 
Grants
  Grant schemes for Northern Ireland businesses
Small business grants of £10,000 to be issued immediately with a cost of £267 million providing support to 27,000 businesses in Northern Ireland. This is for all businesses with a NAV up to £15,000. Also, for hospitality, tourism and retail there is a Sectors Grant Scheme. This is an immediate grant of £25,000 to be provided to companies in these sectors in Northern Ireland with a rateable value up to £51,000.
Grants
  Grid to help financial firms’ planning
The Financial Services Regulatory Initiatives Forum launches Grid to help financial firms’ prepare for upcoming regulatory work - the Regulatory Initiatives Grid. The grid lays out the planned timetable for major initiatives - including the transition from LIBOR and the introduction of financial services legislation to prepare for the end of the EU withdrawal transition period.
  Hardship Fund for microbusinesses - Northern Ireland
£40 million is to be made available for a new Hardship Fund aimed at microbusinesses. It is estimated around 8,000 businesses across Northern Ireland will be eligible.
  HMRC’s Time To Pay service
Businesses and self-employed people in financial distress, and with outstanding tax liabilities, are eligible to receive tax support through HMRC’s Time To Pay service.
Financial support
  Insurance claims
The UK government announced that businesses that were forced to close by the government will be able to make insurance claims as long as all other terms and conditions are met.
Financial support
  Increase of Coronavirus Large Business Loan Scheme
The maximum loan size available through the Coronavirus Large Business Interruption Loan Scheme has increased from £50 million to £200 million. The expanded loans, which have been introduced following discussions with lenders and business groups, will be available from 26 May. 
 
  Job retention scheme
All UK employers will be able to obtain a contribution towards furloughed staffs wages for three months starting on 1 March 2020 and covers 80% their wages of up to £2,500 a month plus Employers National Insurance and the minimum pension contributions. The online service to claim under the Self-Employed Income Support Scheme will be available on 13 May 2020. It will be available for 3 months but may be extended. If other employment as a director or employee which is paid through PAYE, employer may be able to get support using the Job Retention Scheme.
Financial support
  Job support
A Job matching service for the Edinburgh and South East Scotland City Region has been launched.
Financial support
  Mentor Growth Programme
Lisburn & Castlereagh City Council has been inviting local businesses to apply for the Mentor Growth Programme. The programme can help with financial support, HR support, and diversification.
Financial support
  Mentoring support programme for Newry, Mourne and Down businesses
The Newry, Mourne and Down District Council launched NMD Business Growth Programme to support small and medium-sized businesses. Through the programme, free and impartial one-to-one mentoring support is offered across a range of areas, including: finance support; HR support; diversification of revenue and product streams; business continuity planning; and strategic business planning. 
  New grant scheme to support seafood businesses in England
The government launched £1 million grant scheme to increase supply of local seafood. Seafood businesses can bid for funds for assets and infrastructure to sell seafood. The scheme is a part of a £10 million fund for England’s fishing and aquaculture sectors.
Grants
  New measures to protect business tenants - Scotland
The notice period before a commercial lease can be terminated for non-payment of rent has been extended from 14 days to 14 weeks. It applies to all commercial property leases, including those where a warning notice has already been issued and has not already expired.A Job matching service for the Edinburgh and South East Scotland City Region has been launched. 
Payment relief
 

New timelines for tax policy consultations
The government announced extension of deadlines to ten consultations and calls for evidence currently by three months and also a short delay to the publication of other documents.

The extension will give all stakeholders more time to submit their views and allow them to fully engage with these documents and contribute to the tax policy making process.

Deadline Extension
  Non-domestic rates (business rates) in Scotland
The Scottish Government has made changes to non-domestic rates (business rates) for 2020-21 starting April 2020 The Small Business Bonus Scheme is restricted to properties in active use; Large Business Supplement replaced by Intermediate Property Rate, and Higher Property Rate; introduction of a new 100% relief for Reverse Vending Machines (RVMs) and Enterprise Areas relief will continue to 31 March 2022.
Tax
 

Northern Ireland business support grant
The NI Executive is providing a one-off grant of £10,000 to businesses that are currently in receipt of Small Business Rate Relief, subject to some exclusions.

Small businesses that occupy a rental property can apply for the £10,000 Small Business Support Grant Scheme,

Grants
  Northern Ireland measures for businesses
Northern Ireland 2020-21 budget contains key measurements to help businesses. All business ratepayers will benefit from a three-month business rate holiday. A 25% discount will be on the annual rate bill for business ratepayers. The Small Business Rate Relief scheme will be continued in 2020-21 and rates bills for businesses will be delayed until the last possible moment, with the first bills to be issued in June. The closing date for scheme registrations is 20 May 2020.
Payment relief
  Northern Ireland Micro-business Hardship Fund
Businesses with fewer than 10 employees that are not eligible for other grant schemes in North Ireland may be able to apply for emergency funding for immediate cash-flow difficulties.
  Pivotal Enterprise Resilience Fund
Pivotal Enterprise Resilience Fund to provide grants for SMEs is expected to be doubled from £45m to £90m.
  Protection against non-payment for UK exporters
UK Export Finance will help companies export with confidence, by offering insurance that can cover up to 95% of the value of an export contract. The insurance will protect against the risk of non-payment should UK exporters’ customers become insolvent or their government actions make fulfilling the contract impossible.
Financial support
  Protection from eviction for commercial tenants
Commercial tenants who cannot pay their rent because of COVID-19 will be protected from eviction. No business will automatically forfeit their lease and be forced out of their premises if they miss a payment up until 30 June 2020. There is the option for the government to extend this period if needed. All commercial tenants will still be liable for the rent. 
Financial support
  Rate relief in Scotland
The Scottish Government has made changes to non-domestic rates (business rates) for 2020-21 starting April 2020 The Small Business Bonus Scheme is restricted to properties in active use; Large Business Supplement replaced by Intermediate Property Rate, and Higher Property Rate; introduction of a new 100% relief for Reverse Vending Machines (RVMs) and Enterprise Areas relief will continue to 31 March 2022. As per government, the retail, hospitality and leisure sectors along with aviation industries will be aided by 100% rates relief.
Payment relieff
  Reduced bank rates
The Bank of England reduced bank rates by 15 basis points to 0.1%. The Bank of England will also enlarge the Term Funding Scheme with additional incentives for SMEs (TFSME).
Measures relief
  Reduction in UK countercyclical capital
The Financial Policy Committee (FPC) reduced the UK countercyclical capital buffer rate to 0% of banks’ exposures to UK borrowers.  This supports the ability of banks to supply the credit needed by households and businesses.
Measures relief
 

Scottish Government support for businesses
The Scottish Government is likely to support businesses through a package of measures worth £2.2 billion from 1 April 2020: a full year’s 100% non-domestic rates relief for retail, hospitality and tourism; £10,000 grants for small businesses in receipt of the Small Business Bonus Scheme or Rural Relief; £25,000 grants for hospitality, leisure and retail properties with a rateable value between £18,000 and £51,000; 1.6% relief for all properties, effectively freezing the poundage rate next year.

Retail, leisure and hospitality businesses will get one-year business rates relief in 2020 to 2021, and they will not have to pay any business rates during this time.

VAT
  Second phase of funding for businesses in Scotland
New measures include £120 million to extend the Small Business Grant scheme to ensure that, in addition to a 100% grant on the first property, small business rate payers will be eligible to a 75% grant on all subsequent properties. Support for the newly self-employed and firms suffering hardship to be paid in early May. A £100 million fund is also being made available to protect self-employed people and viable micro and SME businesses- segregted as £34 million Newly Self-Employed Hardship Fund, £20 million Creative, Tourism & Hospitality Enterprises Hardship Fund, and £45 million Pivotal Enterprise Resilience Fund.
Grants
  Self-assessment Payments Deferred
Self-Assessment payments for businesses likely to be paid by 31 July 2020 can be deferred till January 2021.
Payment relief
  Self-employment Income Support Scheme
The Self-employment Income Support Scheme (SEISS) will support self-employed individuals (including members of partnerships) who have lost income. This scheme will allow individuals to claim a taxable grant worth 80% of individual trading profits up to a maximum of £2,500 per month for the next 3 months.
VAT
  Skill Focus Programme
Skills Focus Programme will be fully funded until 31 March 2021 to help local employers upskill their staff.
  Small Business Rate Relief (SBBR)
The government will provide additional Small Business Grant Scheme funding for local authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBBR), rural rate relief (RRR) and tapered relief. This will provide a one-off grant of £10,000 to eligible businesses to help meet their ongoing business costs.
Payment relief
  Small Business Support Grant Scheme in Northern Ireland
The UK government has distributed £12.3 billion to SMEs by every local authority in England as part of the two grant schemes launched.
Grants
 

Statutory family-related payments for furloughed workers
Furloughed workers entitled to Statutory Maternity Pay, Statutory Paternity Pay, Statutory Adoption Pay and Statutory Shared Parental Pay will not be disadvantaged. Workers are entitled to a minimum of 5.6 weeks of annual leave. The additional annual leave carry over arrangements introduced by the Working Time (Coronavirus) (Amendment) Regulations (Northern Ireland) 2020. All workers are subject to the Working Time Regulations (Northern Ireland) 2016 unless they are subject to a different set of regulations.

Receiving reduced pay due to being furloughed by their employer during the test period for Statutory Maternity Pay (SMP) or Maternity Allowance (MA) will reduce the amount women receive in SMP or MA payments.

Financial support
  Statutory Sick Pay Rebate scheme
The government is likely to launch a new online service for SME employers to recover Statutory Sick Pay (SSP) payments they have made to their employees. Employers are eligible if they have a PAYE payroll scheme that was created and started before 28 February 2020 and they had fewer than 250 employees before the same date.
Financial support
  'Support finder’ tool
The UK government launched a new ‘support finder’ tool to help businesses and self-employed people across the UK to quickly and easily access the financial support they are eligible for.
Digital help
 

Support for aquaculture business
Shellfish growers and trout farmers share £3 million. Hardship payments of up to £27,000 are being made available for around 100 businesses which make a full time living from shellfish growing and trout farming.

Grant payments will cover two months and be equivalent to 50% of the average monthly gross revenue from sales of aquaculture products in 2019 of each business.

Grants
  Support for coastal businesses - Scotland
Coastal businesses and third sector organisations can now benefit from a £7.2 million Scottish Crown Estate fund which is devolved to councils. The fund, from Scottish Crown Estate net revenues, is normally used for projects delivering coastal community benefit.
Grants
  Support for exporters
The Department for International Trade outlines support available to 160,000 exporters and international investors. The Department for International Trade’s 170 International Trade Advisers are already reaching out to businesses across the country to provide advice on keeping trade flowing.
tax
  Support for furloughed workers in Northern Ireland
Workers who are entitled to Statutory Maternity Pay, Statutory Paternity Pay, Statutory Adoption Pay and Statutory Shared Parental Pay will not be disadvantaged if they are furloughed. The Department for the Economy has partnered with the Open University to offer a range of free training courses to help people across Northern Ireland for furloughed workers and others. The OU courses cover digital skills, employability and essential skills.
HR
  Support for legal advice sector
£5.4 million has been allocated to support legal advice sector thus helping organisations to continuously provide vital legal advice throughout the pandemic, increase capacity, and deliver services remotely.
legal
 

Support for Mid and East Antrim businesses
Mid and East Antrim Borough Council is supporting existing small and medium-sized businesses through the Amplify Business Escalator Programme. The programme can provide one-to-one mentoring support in the following areas such as Finance support, HR support, Business Continuity, Diversification, etc.

finance
  Support for seafood fishing industry in Scotland
The seafood sector is to receive an initial package of more than £5 million in financial support to assist businesses.
payment support
  Support for tourism organisations
A £1.3 million fund has been created to support Destination Management Organisations. Funding will provide immediate financial support to DMOs who are at severe risk of closure.
fund
  Support for Welsh creative, culture and sport sectors
Funding is being made available by the Welsh Government, the Arts Council for Wales and Sport Wales. It includes: £7m Arts Resilience Fund led by the Arts Council of Wales; £8m Sport Resilience Fund; £1m Creative Wales fund ; £1m Cultural Resilience Fund for museums, collections, conservation services, archives and community and public libraries; £750k Emergency Relief Fund to support the smallest and most vulnerable independent sector sport, museum and heritage organisations with cash flow and other critical issues; £250k Digital Library Resources, which will enable public libraries to provide additional digital resources.
fund
  Support for Welsh dairy farmers
Dairy farmers who have lost more than 25% of their income in April and subsequently May will be entitled to up to £10,000, to cover 70% of their lost income. This will help ensure they can continue to operate without impacting animal welfare and the environment.
  Support package for innovative firms
A £1.25 billion government support package has been announced to protect firms driving innovation in UK. The package includes a £500 million investment fund for high-growth companies impacted by the crisis, made up of funding from government and the private sector. SMEs focusing on research and development will also benefit from £750 million of grants and loans.
investment fund
  Support to Renfrewshire businesses
Local businesses in Renfrewshire have received more than £3.3 million in the first phase of financial support. This grant funding is part of a number of measures available to support businesses, employees and the self-employed, and include the Job Retention Scheme, VAT and Income Tax Deferral, Business Rates Relief and Self-Employment Income Support Scheme.
Grant fund
  Temporary measures for high street shops
The government introduced temporary new measures to safeguard the UK high street against aggressive debt recovery actions. Statutory demands and winding up petitions issued to commercial tenants to be temporarily voided and changes to be made to the use of Commercial Rent Arrears Recovery. Landlords and investors asked to work collaboratively with high street businesses who are unable to pay their bill.
leasing
  Tender for claiming Windrush Compensation Scheme
A tender for a contract to provide assistance to people claiming compensation through the Windrush Compensation Scheme has been launched. This includes payment for loss of employment, benefits and other forms of hardship. The first payments were made within four months of the scheme opening. The Home Office are likely to shortly launch a separate £500k fund for grassroots organisations to promote the Windrush Schemes and provide advice services. 
Grants
  Term Funding Scheme
Bank of England announced a Term Funding Scheme with additional incentives for small and medium-sized enterprises that is likely to open for drawings on 15 April 2020. The scheme is designed to incentivise eligible participants to provide credit to businesses and households to bridge through the current period of economic disruption. The scheme includes additional incentives to provide credit to SMEs.
fund
 

Term Funding Scheme for SMEs
The Bank of England announced changes to the Term Funding Scheme with additional incentives for SMEs (TFSME) and the UK leverage ratio, to support HM Treasury’s Bounce Back Loans Scheme (BBLS).

It allows eligible banks and building societies to access four-year funding at rates very close to Bank Rate. The scheme is designed to incentivise eligible participants to provide credit to businesses and households.The scheme includes additional incentives to provide credit to SMEs.

fund
 

Trade Credit Insurance guarantee
Businesses with supply chains which rely on Trade Credit Insurance are likely to get support from the government. The government will work with businesses and the industry on the full details of the scheme to ensure firms are supported and risk is appropriately shared between the government and insurers. The guarantees will cover trading by domestic firms and exporting firms and the intent is for agreements to be in place with insurers by end of this month. The guarantee will be temporary and will provisionally last until the end of the year.

  Wage increase for low paid workers
The National Living Wage announced an increase of wages on 1 April to £8.72.
Payroll
  Wales Business Loan Scheme
The Welsh Government and the Development Bank of Wales have announced the £100m Covid-19 Wales Business Loan Scheme to support businesses who are experiencing cash flow difficulties. Key features include: Loans between £5,000 to £250,000, maximum loan levels apply; 12-month capital and interest repayment holiday. 585 businesses across Wales have been awarded funding totalling £36 million by the Development Bank of Wales since March 30.
Loans
  Welsh capital repayment holiday
The  Development Bank of Wales is offering all its business customers a three-month capital repayment holiday.
Grants
 

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

The Welsh Government has decided to make one adjustment to the Non-Domestic Rates (NDR) Relief for the hospitality, retail and leisure sector announced last week: to not extend the 100% relief to the small proportion of properties with a rateable value of £500,000 and above.

Retail, leisure and hospitality businesses with a rateable value of £500,000 or less will get one year business rates relief in the financial year 2020 to 2021.

Grants
  Welsh government grants
Retail, leisure and hospitality businesses with a rateable value of £12,001 and £51,000 will get a grant of £25,000. Around 8,500 shops, restaurants, cafes, bars, pubs, cinemas, live music venues, hotels, guest and boarding houses and self-catering accommodation will receive funding. Businesses with a rateable value of £12,000 or less are eligible for Small Business Rates Relief and will get a grant of £10,000. Around 63,500 businesses in Wales, which are eligible for small business rates relief. As of 28th April, more than £500 million of relief grants has reached 41,000 small businesses in Wales.
Grants
  Welsh government support for Business Improvement Districts
The Welsh Government will support Business Improvement Districts (BIDs) in Wales with their running costs for up to three months. This support is in addition to £1.7 billion already announced by the Welsh Government to support businesses in Wales.
 

Welsh government support for SMEs
The Welsh Government will support Business Improvement Districts (BIDs) in Wales with their running costs for up to three months. This support is in addition to £1.7 billion already announced by the Welsh Government to support businesses in Wales.

Grants
 

Working Tax Credit
The Working Tax Credit has been increased by £1,045 to £3,040 from 6 April 2020 until 5 April 2021. The amount a claimant or household will benefit from will depend on their circumstances, including their level of household income. But the increase could mean up to an extra £20 each week.

The government is also uprating Child Benefit, other tax credits rates and thresholds, and Guardian’s Allowance by 1.7% with effect from 6 April 2020.

Tax
  Workplace safety forum
A workplace safety engagement forum has been established with a broad range of stakeholders including local businesses, PHA, HSE, trade unions, councils and government. The aim is to urge companies across Northern Ireland to prioritise the safety of their staff.
HR
United States of America

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

Grants

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

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

Loans
  CARES Act programs for aviation and national security industries
The Treasury has disbursed an additional $9.5 billion in initial payments to approved applicants, including an additional 8 major airlines and 29 smaller passenger air carriers. It also determined that cargo air carriers that receive $50 million or less of payroll support and contractors that receive $37.5 million or less of payroll support will not be required to provide financial instruments as appropriate compensation for the financial assistance.
Payroll

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

fund

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

Grants

COVID 3.5
The US Senate approved a nearly $500 billion interim coronavirus relief package, known as ‘COVID 3.5. The legislation provides additional funding for the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan program (EIDL) to help small businesses. Also, it provides a major boost for hospitals and health care providers, as well as focuses on injecting needed funds for more COVID-19 testing capacity.

Credit for Sick and Family Leave
An employee who is unable to work (including telework) because of coronavirus quarantine or self-quarantine or has coronavirus symptoms and is seeking a medical diagnosis, is entitled to paid sick leave for up to ten days (up to 80 hours) at the employee’s regular rate of pay, or, if higher, the Federal minimum wage or any applicable State or local minimum wage, up to $511 per day, but no more than $5,110 in total.   Eligible employers are entitled to receive a credit in the full amount of the required sick leave and family leave, plus related health plan expenses and the employer’s share of Medicare tax on the leave, for the period of April 1, 2020, through December 31, 2020.  

The employer can also receive the credit for employees who are unable to work due to caring for someone with Coronavirus or caring for a child because the child's school or place of care is closed, or the paid childcare provider is unavailable due to the Coronavirus. Those employees are entitled to paid sick leave for up to two weeks (up to 80 hours) at 2/3 the employee's regular rate of pay or, up to $200 per day and $2,000 in total.
Employees are also entitled to paid family and medical leave equal to 2/3 of the employee's regular pay, up to $200 per day and $10,000 in total. Up to 10 weeks of qualifying leave can be counted towards the family leave credit.

HRP
  Deadline extended for relief measures for US exporters and financial institutions
The Export-Import Bank of the United States (EXIM) recently extended relief measures for US exporters and financial institutions affected by the COVID-19 pandemic through May 31, 2020. Initial relief measures, which included waivers, deadline extensions, streamlined processing, and flexibility, were announced on March 12 for an initial period of 30 days.
Grants
  Deferment of duties and fees for importers
A 90-day deferment period on the payment of duties, taxes, and fees have been provided to certain importers to help businesses.
tax

Delay in federal tax date
Although the tax filing deadline has been extended to July 15, 2020, from April 15, the IRS continues to process electronic tax returns, issue direct deposit refunds and accept electronic payments.

Tax

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

Digital help
  Direct assistance to farmers
$16 billion will be provided as direct payments to deliver relief to America’s farmers and ranchers. 
 

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

Loans
  Economic Injury Disaster Loan and EIDL Advance programs for agriculture
The Small Business Administration announced that agricultural businesses are now eligible for SBA’s Economic Injury Disaster Loan (EIDL) and EIDL Advance programs. SBA’s EIDL portal will reopen as a result of funding authorized by Congress through the Paycheck Protection Program and Healthcare Enhancement Act. The legislation provided additional funding for farmers and ranchers and certain other agricultural businesses.
Loans

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

fund

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

Credit

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

fund

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

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

Loans

Expanded Lending Programs
A Main Street Business Lending Program and a Municipal Liquidity Facility will support the flow of credit to American workers, businesses, States, counties, and cities impacted. Treasury will make a $75 billion equity investment in a special purpose vehicle to implement the Main Street Business Lending Program. This investment will enable up to $600 billion in new financing for businesses with up to 10,000 employees or $2.5 billion in 2019 annual revenues. 

Additionally, $35 billion equity investment is expected to be implemented in the Municipal Liquidity Facility (MLF), to offer $500 billion in direct financing to states, counties, and cities.

Loans

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

fund

Federal Unemployment Benefits
The FPUC program will provide an additional $600 per week to individuals who are collecting regular Unemployment Compensation (UC), Pandemic Emergency Unemployment Compensation (PEUC), Pandemic Unemployment Assistance (PUA), Extended Benefits (EB), Trade Readjustment Act (TRA), and Disaster Unemployment Assistance (DA). The Department has already begun implementing the FPUC program for regular UC claimants. The $600 will be added to all eligible weeks of benefits retroactive to March 29, 2020 and continuing until July 31, 2020.

HR
  Grants for renewable fuels
The US Department of Agriculture intends to make available up to $100 million in competitive grants for activities designed to expand the availability and sale of renewable fuels.
Grants

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

  Increase in US Exporter Access to Capital and Supply Chain Financing
The Export-Import Bank of the United States (EXIM) raised its Supply Chain Finance Program (SCF) and Working Capital Guarantee Program (WCGP) guarantee coverage option to 95%, up from the standard 90% guarantee. This increase is effective through April 30, 2021.
Grants

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

Loans
 

Marketable borrowings estimates by theTreasury
During the April – June 2020 quarter, the Treasury expects to borrow $2,999 billion in privately-held net marketable debt, assuming an end-of-June cash balance of $800 billion.

The increase in privately-held net marketable borrowing is driven by the impact of the COVID-19 outbreak, including expenditures from new legislation to assist individuals and businesses, changes to tax receipts including the deferral of individual and business taxes from April – June until July.

During the July – September 2020 quarter, the Treasury expects to borrow $677 billion in privately-held net marketable debt.

Loans

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

Tax

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

TAX

Paycheck Protection Program Loan Forgiveness application
The Paycheck Protection Program (PPP) Loan Forgiveness application is available along with regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.

Payroll Support Program for the Aviation Industry
Since announcing the Payroll Support Program, Treasury has approved over $25 billion in assistance to 352 applicants, supporting hundreds of thousands of American jobs. Approved applicants include all of the major passenger air carriers, more than 260 smaller passenger air carriers, and a significant number of cargo air carriers and contractors.

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

Loans

Reduction in fee structure for small businesses
The Export-Import Bank of the United States (EXIM) has announced changes to the fee structure of its Delegated Authority (DA) loans and Fast Track Loans. This change will lower the fee rate by an average of 10 basis points.  The planned change will phase in over the month of April, fully taking effect on May 1. The change is applicable to all DA and Fast Track Loans whose effective date is April 1, 2020, and thereafter. All DA and Fast Track Loans (including multi-year and extensions) whose effective dates precede April 1, 2020, will remain under the old fee structure.

Grants

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

Grants

Rural Business Cooperative Service
USDA Business and Industry Loan Guarantees (B&I) and Rural Energy for America Program (REAP) guaranteed lenders may assist borrowers experiencing temporary cash flow issues by deferring payments for a period no longer than 120 days. 

SBA Paycheck Protection Program
The government launched the Paycheck Protection Program, a $349 billion emergency loan program created to provided forgivable loans up to $10 million to small businesses left financially distressed.

HRP

Secondary Market Corporate Credit Facility Purchases
The Federal Reserve Bank of New York announced to purchase shares of eligible US listed exchange-traded funds in the secondary market through the SMCCF (Secondary Market Corporate Credit Facilities), and eligible corporate bonds. Once operational, the PMCCF (Primary Market Corporate Credit Facilities) will provide loan and bond financing to US companies with investment grade debt ratings as of March 22, 2020. The SMCCF and PMCCF are supported by a $75 billion equity investment using funds appropriated to the Department of the Treasury under the CARES Act, $37.5 billion of which was transmitted to the special purpose vehicle established in connection with the SMCCF and PMCCF. Together, they will provide up to $750 billion in liquidity and help ensure large employers have access to the credit.

  Strengthening American Competitiveness initiative
The Strengthening American Competitiveness initiative aims to help set the foundation for EXIM’s new Program on China and Transformational Exports by focusing on a variety of key US industries. It aims at reserving not less than 20% of EXIM’s total financing authority, equal to $27 billion, for U.S. exports that compete with China.
Grants
  Support for Arizona Small Businesses
The government has been offering relief measures to Arizona exporters to help them protect foreign sales, improve liquidity, and support Arizona jobs. EXIM has supported $2.4 billion in Arizona exports, including $428 million in support to 106 Arizona small businesses.

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

Tax
California  Assistance to California workers
$10 million has been awarded to 42 local workforce development areas. The additional assistance funds will provide up to $800 per person for basic needs such as childcare, housing and utility assistance, and transportation costs. In addition, funding assistance for equipment needed for teleworking along with digital services for Wi-Fi access maybe available for workers in some areas.
Fund

Business licensing fee deferral in San Francisco
San Francisco will provide further tax relief for small businesses by delaying the collection of the unified license bill, which includes but is not limited to, charges to restaurants and food businesses, bars, convenience stores, many small retailers, hotels, and tour operators, from city departments that include: Department of Public Health, Entertainment Commission, Fire Department, and Police Department. The due date for license fees otherwise due on March 31, 2020, is extended to September 30, 2020.

Tax

Business tax deferral for small businesses in San Francisco
Businesses are generally required to pre-pay their first quarter business taxes for current tax year by April 30th. Businesses can defer payment due to February 2021. No interest payments, fees, or fines will accrue as a result of the deferral. This benefit will be offered to businesses with up to $10 million in gross receipts, benefiting approximately 8,050 businesses with an average $5,400 tax payment deferral each.

TAX

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

fund

Deferral of small business taxes
The next round of quarterly businesses taxes for small businesses has been deferred to February 2021 . No interest payments, fees, or fines will accrue.  

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

Insurance
  Extension of business registration fee and unified license fees
San Francisco has extended the deadline for businesses to pay their Business Registration Fee by four months and further extends the deferral of Unified License Fees for businesses until September 30, 2020.  
Deadline extension
  Funding to support employment recovery efforts
A $23 million funding support is expected to be provided through two National Dislocated Worker Grants. The two grants will provide temporary jobs to 600 unemployed workers and employment and job-training services to 2,590 workers.
  Give2SF COVID-19 Response and Recovery Fund
The fund has been allocated to support vulnerable San Franciscans and small businesses during the pandemic. A total of $2.1 million from Give2SF has been allocated to provide financial assistance to small businesses and workers. $1.35 million has been allocated to the Office of Economic and Workforce Development’s Small Business Resiliency Fund and to the San Francisco Hardship Emergency Loan Program. 
Fund
  Mini-grants to independently-owned and women-owned small businesses
Around $1 million in new funding for mini-grants to independently-owned and women-owned small businesses has been granted in underserved commercial corridors including the Bayview, Central Market Tenderloin, Excelsior, Japantown, Fillmore, Mission, and the Outer Mission Ingleside neighborhoods. The Neighborhood Mini-Grants will provide financial support to family run businesses, owner operated businesses, entrepreneurs of color, women-owned businesses and other enterprises in historically underserved communities who may not have employees on payroll or have access to traditional capital.
Grants

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

Sick leave
  Pandemic Unemployment Assistance program
The government launched the Pandemic Unemployment Assistance program to provide financial support to Californians who are out of business or whose ability to offer services has been significantly reduced. This applies to business owners, self-employed, and independent workers and contractors.
HR

Property tax deadline extended
The new deadline for property tax payments will be May 15, 2020.

Tax

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

HR

San Francisco Hardship Emergency Loan Program
San Francisco Hardship Emergency Loan Program (SF HELP) will deploy loans up to $50,000 at 0% interest. Funds can be used to pay payroll, rent, utilities, inventory and more. The loan will have a flexible repayment schedule.

Loans

SBA Payment Protection Program
This is a federal program that provides small businesses with loans up to $10M at 1% interest. Funds can be used to pay payroll costs (including benefits), interest on mortgages, rent, and utilities. The loan will be fully forgiven as long as it is used to cover mainly payroll costs over an eight week period after the loan is made.

Grants

Small Business Relief Fund
A $10 Million Small Business Relief Fund has been announced to support small businesses. $9 million of the fund will go towards zero interest loans with a flexible repayment schedule.

fund

Unemployment insurance
Workers who are laid off or had work hours reduced, can file an Unemployment Insurance claim with the California Employment Development Division. The benefits can range from $40 to $450 per week and from 13 to 26 weeks.

HR
Illinois

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

Loan
Maryland

Deferment of taxes
Maryland business and individual income taxpayers will be given a 90-day extension for tax payments. No interest or penalty for late payments will be imposed if 2019 tax payments are made by July 15, 2020. The Maryland Department of Assessments and Taxation (SDAT) automatically extended the 2020 deadline to submit Annual Reports and Personal Property Tax Returns to July 1.

Tax
  Local programs for businesses
Baltimore County has announced $10 million in new grant funding for small businesses, as well as $100,000 for impacted artists, musicians, and performers. The City of Brunswick has created a micro-grant program with a one-time award of $1,000 with no repayment due. Carroll County announced expanding its Small Business COVID-19 Emergency Relief Grant Fund by $250,000 to include those who are sole proprietors and home-based businesses. Charles County has created the COVID-19 Business Relief Fund to help local businesses. Montgomery County Public Health Emergency Grant Program will provide grant funding up to $75,000 to small businesses and nonprofits. The county will also provide microgrants up to $2,500 to cover costs associated with purchasing teleworking equipment. Prince George’s County is providing $15 million for the COVID-19 Business Relief Fund.
Grant

Maryland financial assistance programs
Maryland COVID-19 Emergency Relief Manufacturing Fund is a $5 million incentive program to help Maryland manufacturers to produce personal protective equipment. 

Maryland Agricultural Resource-Based Industry Development Corporation has launched the Pandemic Adjustment Loan Fund Program to help Maryland's food and fiber producers, harvesters, and primary processors adjust to business disruptions.

Grant
Massachusetts  Manufacturing emergency response team
A Manufacturing Emergency Response Team (M-ERT) has been established to assist in the response to the COVID-19 pandemic. It aims to mobilize, organize, and operationalize critical path work streams necessary for Massachusetts manufacturers to pivot their operations to produce needed materials.
Fund

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

HR
  WorkShare program and Rapid Response Program
The WorkShare program is a tool to help employers avoid layoffs during a downturn The Rapid Response program, works closely with companies to avert layoffs and keep a skilled workforce engaged in the existing regional economy or industry.
Grants
Nebraska  Business task force
The government announced the formation of a business task force to restore growth to Nebraska’s economy and to bolster cooperation among Nebraska businesses. Its task force has already engaged advisors in various industry associations, such as cosmetology, restaurants, and retail. It is also working closely with Chambers of Commerce, who are intimately acquainted with the concerns of our business community.
Grants

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

Grants
 

Employee retention credit
The credit is available to employers fully or partially shut down by government order. It is available to businesses that have seen a 50% drop, year-over-year, in quarterly gross receipts.
The program is a refundable tax credit of 50% of the qualifying wages—including health plan expenses—paid by the employer up to $10,000 per teammate.

HRP
 

Short-Time Compensation (STC)
This program is to help prevent layoffs by allowing employers to uniformly reduce affected employees’ hours by 10 to 60% while permitting the employees to receive a prorated unemployment benefit.

Insurance
New Jersey

CDFI Emergency Assistance Grant Program
A $1.25 million program that will provide grants of up to $250,000 to CDFIs to scale operations or reduce interest rates for the duration of the outbreak. Only NJ-based CDFIs are eligible for these programs.

Grants

Community Development Finance Institution (CDFI) Emergency Loan Loss Reserve Fund
A $10 million capital reserve fund to take a first loss position on CDFI loans that provide low interest working capital to micro businesses. This will allow CDFIs to withstand loan defaults due to the outbreak, which will allow them to provide more loans at lower interest rates to microbusinesses affected by the outbreak. Only NJ-based CDFIs are eligible for these programs.

fund
 

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

Loans

Emergency Technical Assistance Program
A $150,000 program that will support technical assistance to New Jersey-based companies applying for State and US Small Business Administration programs. The organizations contracted will be paid based on SBA application submissions supported by the technical assistance they provide.

Grants
 

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

Grants
 

NJ Entrepreneur Support Program
A $5 million program will encourage private sector investors to provide additional working capital loans to NJ- based entrepreneurial businesses where the investor is already an equity holder. The program provides a guarantee of an investor loan advanced for working capital to an entrepreneurial company that has been impacted.

Grants
 

Small Business Emergency Assistance Grant Program
A $5 million program that will provide grants up to $5,000 to small businesses in retail, arts, entertainment, recreation, accommodation, food service, and other services – such as repair, maintenance, personal, and laundry services – to stabilize their operations and reduce the need for layoffs or furloughs.

Grants
 

Small Business Emergency Assistance Guarantee Program
A $10 million program that will provide 50% guarantees on working capital loans and waive fees on loans made through institutions participating in the NJEDA’s existing Premier Lender or Premier CDFI programs.

Loans
 

Small Business Emergency Assistance Loan Program
A $10 million program that will provide working capital loans of up to $100,000 to businesses with less than $5 million in revenues. Loans made through the program will have ten-year terms with zero percent for the first five years, then resetting to the EDA’s prevailing floor rate (capped at 3.00%) for the remaining five years.

Loans
New York

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

HR

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

Loans

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

HR
Ohio

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

Tax
 

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

Director's order

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

HR
Rhode Island Additional funds to Community Development Block Grant (CDBG) Program
The government announced an additional $4.6 Million in CDBG Funds. The latest round of funding raises RI’s allocation to $14.5 million, with a third round of CDBG disbursements to come. This additional CDBG funding may be used to support programs such as small-business grants and loans, job creation and retention, emergency rental assistance, homelessness prevention, and nutrition assistance.
Tennessee Extension of Business Tax Filings
The filing deadline for business tax returns originally due April 15, 2020, has been extended to June 15, 2020.
Extension of professional privilege tax
The due date for filing and paying the professional privilege tax has been extended from June 1, 2020 to July 1, 2020.
Extension of tax filing and payment for franchise and excise tax
The due date for filing and paying franchise and excise tax has been extended from April 15, 2020 to July 15, 2020.
Virginia  Deferment of annual fees for licenses and permits for restaurants and distilleries
The Virginia Alcoholic Beverage Control Authority will defer annual fees for licenses and permits for restaurants and distilleries that would be up for renewal through June.
Payment relief

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

Loans
 

Extension of tax deadlines
The Virginia Department of Taxation is extending the due date of payment of Virginia individuals and corporate income taxes. While filing deadlines remain the same, the due date for individual and corporate income tax will now be June 1, 2020.

Tax
 

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

HR
 

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

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

HR
Washington

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

Tax
 

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

Estates filing a Washington Estate Tax Return and a federal Estate Tax Return can request an extension for the return and/or payment until July 15, 2020.

Tax
  Moratorium extension for residential, nonprofit, and small Business
The moratorium on residential, nonprofit, and small business evictions in the City of Seattle has been extended until June 4, 2020.
Grants

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

fund
 

Support for Small Businesses
Federal Small Business Administration (SBA) Economic Injury Disaster Loans (EIDLs)

Small business owners are also eligible to apply for an EIDL Emergency Advance of up to $10,000. Funds will be made available within three days of submitting application, and this loan advance will not have to be repaid.

  • SBA's Paycheck Protection Program (PPP) offers up to $10 million in forgivable loans to small businesses to pay their employees
  • SBA's Debt Relief Program pays the principal, interest, and fees of current and new 7(a), 504, and microloan
  • SBA's Express Bridge Loans enables small businesses who currently have a business relationship with an SBA Express Lender to access $25,000 quickly

HomeSight Small Business Support Grant

HomeSight is offering grants of up to $5,000 for businesses in Southeast Seattle cover basic business needs to get through this COVID-19 pandemic
Keep Workers Healthy & Safe Fund

The Seattle Metropolitan Chamber of Commerce has set up this fund "to provide immediate cash relief so small businesses can help keep workers healthy & safe during the COVID-19 pandemic

Washington State Benefits for Employers

The Washington State Employment Security Department has programs designed to help individuals and employers impacted by the COVID-19 outbreak.
Seattle Public Utilities and Seattle City Light will keep utility services on during the COVID-19 Civil Emergency in Seattle. Customers who have been financially impacted by COVID-19, regardless of background or immigration status, can request a deferred payment plan.

Grants
 

Support for small businesses in Seattle
Evictions of small business and nonprofit tenants in the City of Seattle for non-payment of rent have been temporarily halted.

The Capitol Hill Housing Resilience Fund will be used to support the residents and small businesses.

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

The South Lake Union Chamber of Commerce launched a fund to help support South Lake Union's small businesses & nonprofits.

Loans
 

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

Capitol Hill Housing Resilience Fund

The Capitol Hill Housing Resilience Fund will be used to support the residents and small businesses impacted by the COVID-19 pandemic and work of the nonprofit community development corporation Capitol Hill Housing to support the community.

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

SLU Chamber Small Business & Nonprofit Relief Fund

The South Lake Union Chamber of Commerce launched this fund "intended to help support South Lake Union's small businesses & nonprofits impacted by COVID-19.

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

fund
 

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

Both Seattle's Paid Sick and Safe Time Ordinance and Washington Initiative 1433 establish local and statewide paid sick leave for hourly employees working in Washington state. In Seattle, the law requires employers to provide all employees with paid sick and safe time. This includes full-time, part-time, temporary, exempt, and non-exempt employees.

The Seattle Sounders FC Relief Fund is aimed primarily at supporting individuals (shift workers and service providers), nonprofits, and small businesses in the neighborhoods surrounding CenturyLink Field.

The national One Fair Wage campaign has launched this emergency fund for service workers. The Plate Fund provides immediate, one-time payments of $500 to the most impacted restaurant-industry workers.

Fund

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

Grants
Uruguay

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

Employee benefits
  Extension of special unemployment benefit scheme
The special coronavirus unemployment insurance will be extended until May 31, which allows workers to enter this condition for monthly or partial workers. A special subsidy was also approved so that the salary will be not less than 75% of the average of the last six months.
 
  Government grants liquidity to sole proprietorships
The government announced all sole proprietorships will be able to access a loan without interest of 12,000 pesos this month and 12,000 pesos next month. The guarantee fund of the National Development Agency will be strengthened. No interest rate will be charged and it can be paid in 24 equal and consecutive installments.
Grants
  Measures to support the tourism sector
Measures include postponing and deferring the payment of due dates of public rates, like the UTE and OSE, in tourism development projects that are currently severely affected and that are with a zero cash in the development of its activities and extending unemployment insurance for workers.
Grants
  Special partial unemployment benefit
Monthly workers can get  the subsidy for partial suspension of activity on any day of the month and can receive it if they do not work a fraction of the month (minimum reduction of 6 days per month) or less (minimum reduction of 50% of their hours).
 
  Temporary unemployment insurance
The scheme includes a flexible, special and provisional unemployment insurance system for monthly workers with between 3 and 5 months of contributions (in the last 12), with a lower benefit than for those who have contributed 6 months or more (25% of the income of the last 3 months.
 

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V

Jurisdiction Name of Scheme Scheme type
Vietnam

Contribution changes to retirement and survivorship fund for enterprises
Vietnam Social Insurance has put on hold contributions to retirement and survivorship funds for enterprises. Companies which are conducting layoffs from 50% of their current headcounts or suffering loss of over 50% of their total asset value can put on hold contributions to retirement and survivorship funds from approved date till end of June 2020.

fund
  Contribution of trade union fees
Vietnam General Confederation of Labour allows for the delay of payment of trade union fees during the first six months of 2020 until 30 June 2020. This delay is only applied to companies which have at least 50% of the total number of employees who are subject to social insurance contribution but must have temporarily have suspended work. If the pandemic continues, the delay will extend to 31 December 2020. 
Payment relief
 

Deferral of tax and land rental payment for entities 

Enterprises, organisations, household business and other individual businesses can benefit from solutions from the State Bank of Vietnam. Tax changes, include:

  • Extension of VAT payment for five months since the deadline of filing for enterprises filling monthly VAT or for enterprises filling quarterly VAT.
  • Extension of corporate income tax payment for five months since the deadline of filling.
  • VAT and Personal Income Tax of business household and individuals is extended and must be paid by no later than 31 December 2020.
  • Extension of payment for five months for land rent from the first payment of 2020. The latest deadline for land rental payment is 31 October 2020.
  • According to Decree 41, the deadline for sending a written request for extension of tax payment and land rental is until July 30, 2020.
 

Measures for businesses
The Ministry of Finance has implemented measures for business such as, reducing the time needed to process loan applications; improving accessibility of capital; promptly providing reductions or exemptions of loan interest; retention of loan categories; fee reductions; deferral of tax and land rental payments, etc.

There will be a delay in collection of social insurance from entities until the end of June or December 2020 without charging late payment interest. There are adjustments of deadlines for payment of union contributions.

Grants
 

Salary changes
The Ministry of Labour, Invalids and Social Affairs has issued measures for salaries. Employees who have stopped working, including expat employees who cannot come back to work as required by local authorities; employees who are under quarantine; or employees whose business cannot resume operations, can negotiate their salaries for no less than regional-based minimum wage stipulated by the government.

Enterprises facing sourcing and market difficulties can temporarily transfer employees to other positions; suspend their labour contract; or terminate their labour contract.

Payroll

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