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1 | Top of the class 🥇 | ||||||||||||||||||||
2 | Strong measures | ||||||||||||||||||||
3 | Mild measures | ||||||||||||||||||||
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5 | Country | Loans 🏦 | Tax 💸 | Vis-à-vis employees 🧳 | Vis-à-vis self-employed professional & gig workers 👨💼 | Last modification on the map | |||||||||||||||
6 | Austria 🇦🇹 | Loans do not work for many startups because the criteria disqualify quite a few : - Bridge loans - Loan guarantees for SMEs : Worth EUR 10 million up to 80% of the loan amount or EUR 2,5 million for 5 years. - Crisis management fund : EUR 4 billion in funding. On 18 March, a further EUR 38 billion support fund was announced (EUR 9 billion in guarantees and warranties, 15 billion in emergency aid; 10 billion in tax deferral) | Reduction of upfront tax payments, the suspension of interest on back taxes owed, delayed payment of taxes or payment in instalments and reduction of overdue fees, Suspension of Tax Audits | - Short-time work : Companies can now register employees for short-time work with up to 90% loss of working hours within 48 hours - Parental leave : Granting of 3 weeks of exceptional leave and coverage of one third of the related costs for any employee faced with the care of a child under 14 years of age; | Two billion fund to cover living costs of self employed & gig workers and mini-companies | 07/04/2020 | |||||||||||||||
7 | Belgium 🇧🇪 | - The Flemish, Wallon & Brussels governments offers guarantees for loans to companies. | - Extension of the deadline for income taxes and VAT. - Support regarding tax debts : a payment plan; an exemption from late payment interest; a waiver of fines for non-payment. | - Temporary unemployment as a result of “force majeure”. This possibility can be widely applied as from 13 March 2020 Employees will benefit from a temporary increase of their allowance in the event of temporary unemployment. – Extension for the deadline to pay social security contributions | – The self-employed can benefit from support regarding their social security contributions in the form of a reduction, delay or exemption of payment. Possibility to apply for a replacement income. | ||||||||||||||||
8 | Bulgaria 🇧🇬 | 250 million capital increase of the Bulgarian Bank for Development which will guarantee up to €1.25 billion in bank loans to companies. | - Extension of the deadline for the payment of local taxes - Terms under pending court and administrative procedures will be suspended for the duration of the emergency state. - Suspension of Tax Audits | 60% coverage of employees salary for the first month | |||||||||||||||||
9 | Croatia 🇭🇷 | - The approval of loans for cash flow in order to pay wages, suppliers and to reschedule other liabilities. - Increasing of the allocation for the "ESIF micro loans" for working capital for micro and small enterprises - A new financial instrument "COVID-19 loans" for working capital for SMEs. | Defer public contributions for taxpayers who are in difficulty, such as income and profit tax and contributions for pension and health insurance | 07/04/2020 | |||||||||||||||||
10 | Cyprus 🇨🇾 | - All performing business and public loans (capital and interest) will be frozen for nine months - A state guarantee of €2billion for businesses and self-employed : Any losses from these loans will be covered to 70% by the government and to 30% by the banks | - Reduction of electricity prices by 10% for two months | Small Business Support Scheme provides for a subsidy of 70% of employee salaries. | |||||||||||||||||
11 | Czech Republic 🇨🇿 | - Interest-free financing for self-employed and SMEs : loans in amount 500k up to 15M CZK, maturity up to 2years, and postponement of instalments up to 12 months. | - Liberation tax package – Businesses and the self-employed will not need to make the June income-tax prepayment; losses this year will be deductible from previous years’ profits; late filings of property-transfer tax will be allowed without penalty | - The state will pay 30-80% of wage, depending on the case. - Caregiver allowances will be paid by the state to one parent who must take care of children under 13 years | - The state will pay 30-80% of wage, depending on the case. | 07/04/2020 | |||||||||||||||
12 | Denmark 🇩🇰 | - Reduced loan restrictions - Loan guarantees by Ministry of Finance :The government provides a loan guarantee on 70 % of new corporate loans that are issued to cover losses directly relating to COVID-19. | Extension of payment deadline for VAT and labor market contributions | - Compensation of salary up to 75 % (not more than DKK 23,000 per month per employee) - Emergency measures in relation to paid holidays - Extended right to a refund for employees’ sick leave from day one (instead of after 30 days), if the given employee is on sick leave due to Covid-19. | Compensation for self-employed person’s and freelancers' reduced turnover | ||||||||||||||||
13 | Estonia 🇪🇪 | - Loan collateral amounting to EUR 1 Billion for bank loans already issued in order to allow for repayment schedule adjustments (maximum EUR 600 Million for the surety collection) through the KredEx Foundation. | – Tax deferral for 18 months – Tax incentives – Suspension of payments into the pension system | Compensation of salary up to 70% of the average wages of the employee, but in the gross amount of no more than EUR 1,000 per one calendar month. | |||||||||||||||||
14 | Finland 🇫🇮 | - Loan collateral amounting to EUR 1 Billion for bank loans already issued in order to allow for repayment schedule adjustment - Guarantees for bank financing up to 80% | Tax and pension contribution paymets postponed. | Entrepreneurs, including sole traders and free lancers, will be eligible for unemployment benefits. | |||||||||||||||||
15 | France 🇫🇷 | - Pret Atout (Asset loan) : specific loan for company that needs money from 50K to 5M€ for SMEs and up to 30M€ for ETI ; - Special state-guaranteed loans for startups (2 billion), it can be up to 25% of startups’ annual turnover. It is aimed at all economic activities and has a guarantee of up to 90%. Direct Subsidies - Solidarity Fund €2bn for small businesses (turnover < €1m) and for self-employed professionals having lost 50% of their turnover between March 2019 and March 2020: €1500 in rapid assistance. - €80M in bridge funding for startups in between rounds | Speed up the reimbursement of tax credits due to startups : CIR / CII | - Partial unenployment indemnity paid by the company corresponding to 70% of the gross salary. If the company provides training, the compensation is 100% of the net remuneration. - Emergency measures in relation to paid holidays, hours of work and rest days - €2000 Additional flat-rate aid | - Self-employed professionals whose taxable profit for the last financial year is less than €40k can receive up to €1500 in rapid assistance (per month). - Additional aid paid by the region: they will be eligible for an additional flat-rate aid of €2000 if they employ at least one employee, are unable to pay their debts within 30 days and have been refused a cash loan by their bank. | 07/04/2020 | |||||||||||||||
16 | Germany 🇩🇪 | - KfW Entrepreneur Loan Assumption of risk (liability waivers) of up to 90% for the on-lending financing partners (usually the regular banks) for working capital loans with a volume of lending of up to EUR 200 million. - Economic security fund with 600bn volume (100bn equity, 400bn loans, 100bn hybrid-tools) for all companies and startups with an post mones valuation above 50m in a financing round since January 2017 Direct subsidies - SMEs get small subsidies up to EUR 15k for operating expenses - Equity/VC tools" : 2bn matching fund, matching VC-investments with a 70:30 key (70 state, 30 private) as equity or convertible loans - 600bn security fund (contains an equity component) | Refund and deferment of taxes and Social Security payments | - Facilitate access to short-time working compensation : State pays for 60% (no kids) or 67% (with kids) of the percentage of work the employee is not working. - Relieve companies from social security contributions | Enable temporary workers to access short-time working compensation | 07/04/2020 | |||||||||||||||
17 | Greece 🇬🇷 | Deferral of value-added tax (VAT) payments and social security payments | - Employees and the self-employed receiving the 800-euro handout will be given a three-month suspension of debt payments. - Companies are allowed to transfer staff from parts of the business that had to shut down to other parts, as well as put employees on part-time work. | ||||||||||||||||||
18 | Hungary | – Loan repayments are suspended until the end of 2020 for all private individuals and businesses who took loans out before 18 March. – Short-term business loans are prolonged until 30 July. – The annual percentage rate (APR) of new consumer loans has been maximized at the central bank prime rate plus 5 per cent. | Exemptions from paying the employers' social security contribution, tax lump payments, state tax/contribution on tourism development and social security contributions (depending on conditions and sectors). | ||||||||||||||||||
19 | Ireland 🇮🇪 | - The Credit Guarantee Scheme loans of up to €1 million (up to 7 years). The scheme provides an 80% guarantee to participating banks which are AIB, Bank of Ireland and Ulster Bank. - Loans for microenterprises from MicroFinance Ireland. - Strategic Banking Corporation of Ireland is giving out loans of up to €1.5m through its €200m working capital scheme. - Rescue and restructuring scheme packages through Enterprise Ireland for vulnerable but viable firms that need to transform their business. - Enterprise Ireland is working closely with startups on a case by case basis to support them to access bridging financing through existing mechanisms e.g. Competitive Start Fund or Innovative High Potential Startup Fund (where they will match private capital with government investment) | - Deferral of Business Rates - Taxation Measures to alleviate short-term difficulties - Expedited payment of any 2020 instalments of excess R&D tax credits | - Temporary wage subsidy of 70% of take home pay up to a maximum weekly tax free amount of €410 per week to help affected companies keep paying their employees. This is the equivalent of €500 per week before tax; this scheme can apply to "pre-revenue" startups. - Enhanced emergency Covid-19 Pandemic Unemployment Payment of €350 per week (an increase from €203); - Short Time Work Support for employees who are put on a shorter working week or have had their hours cut due to the COVID-19 pandemic, - COVID-19 illness benefit of €350 per week | The COVID-19 Pandemic Unemployment Payment of €350 per week is available to the self-employed who have lost their job due to the COVID-19 (Coronavirus) pandemic. | 07/04/2020 | |||||||||||||||
20 | Italy 🇮🇹 | State guarantee of up to €5m for small and medium-sized businesses. The State, through the Central Guarantee Fund for SMEs, provides a guarantee, free of charge, for a single enterprise, up to 5 million euros, aimed at financing operations. | - Companies can ask to suspend tax payments. - Payroll tax – withholding taxes suspended for March 2020 and April 2020. - VAT payments for March 2020 to be suspended. - Corporate tax – tax controls, field audits, coercive collection, litigation and tax compliance obligations suspended until June 2020. | - Employees will be entitled to a monthly amount of 80% of their salary (subject to caps: EUR 939.89 where salary is EUR 2,159.48 or below, and EUR 1,199.72 where salary is in excess of EUR 2,159.49); - Specific leave for parents with children under the age of 12 | - Suspension or extension of mortgage payments and other long-term loans for self-employed workers - A fund for last resort income support (appropriation of 300m€ for 2020) is established for employees and self-employed workers who ceased, reduced or suspended their employment relationship or business due to the pandemic. - Allowance for March of EUR 600 to autonomous workers, seasonal workers (tourism, agriculture). | 07/04/2020 | |||||||||||||||
21 | Latvia 🇱🇻 | - Loan guarantees and loans for crisis - Solutions to businesses Interest rates on loans for businesses will be cut by 50% for small and medium enterprises | – A postponement of tax overdue – Simplification and speeding-up of tax refunds for entrepreneurs and foregoing personal income tax advances in 2020. | Coverage of 75% of the costs of outbreak-induced sick leaves or workers’ downtime, or up to EUR 700 per month. | |||||||||||||||||
22 | Lithuania 🇱🇹 | Government increases loan guarantees to businesses by EUR 500 million. It also softens the conditions attached to these guaranteees | - Deferred tax payments | Government foresees subisides totalling EUR 500 million to ensure laid-off workers or workers with reduced working time (+salaries) still receive the minimum wage | Also includes un the EUR 500 millions for workers a fixed payments to the self-employed who have previously contributed to the social security system. | ||||||||||||||||
23 | Luxembourg 🇱🇺 | - A major liquidity initiative of 2.5€bn in guarantees. State backed guarantee scheme for new bank loans for up to 6 years. New credit facilities will be guaranteed at 85% by the State and 15% by the Participating Banks. Each loan will be capped to an amount of 25% of the turnover of the concerned company in 2019. - SNCI supports businesses in difficulties with a loan package of 600 million euros. - Repayable government loans : the government will grant financial aid up to EUR 500,000 in the form of a repayable advance to cover documented loss of income. - Non– refundable and tax-exempt direct aid of an amount of EUR 5,000 will be available for very small enterprises. This amount does not have to be paid back and is not subject to tax. The aid will take the form of a capital subsidy. | - Extension of the deadline to file both corporate and individual (personal) income tax - Extension of the deadlines for submission of VAT returns and payment extensions. VAT credits below EUR10,000 should be reimbursed in priority. | The State pay 80% of salaries as compensation in partial unemployment schemes and also providing for a fast-track procedure allowing the payment of advances | Up to 5000€ are available as direct support for self-employed and micro-enterprises (up to 9 employees). | 07/04/2020 | |||||||||||||||
24 | Malta 🇲🇹 | - State guarantees on bank loans; Enable loans to businesses at subsidized interest rates; €750 million to be made available to businesses in the form of soft loans. 3-month moratorium can be requested from banks in relation to both personal and business loans | Deferral of payments of Income tax, Value Added Tax, Maternity Fund and National Insurance Contributions of up to €700 million. Tax deferrals have now been extended to all employers and self-employed irrespective of industry. | - Government will cover one day’s salary per week, including self-employed, which suffered at least 25% reduction in operations. Self-employed persons who suffer such a reduction and who employ people will get coverage for an additional day. – Temporary benefit of €800 per month for those who lost their job. | |||||||||||||||||
25 | Netherlands 🇳🇱 | - The Business loan guarantee scheme Capital providers receive a 50% guarantee from the government (max 8 years). Implementation of temporary bigger loan under the GO-scheme. Per business you can now take out a loan of €150 million maximum. - The SME credit guarantee scheme has been extended - Businesses can use the BMKB scheme for a bridge loan, or to increase the overdraft limit on their current account. The guarantee runs to 75% of the credit given by the financing party. | - Deferral for paying taxes i - Temporarily reduce the “collection interest” for all tax debts - Tax rate reduction | NOW Scheme - Temporary measure for compensation of wage costs for companies. Companies expecting a drop in value added (minimum 20%) can ask for a compensation of 90% of costs, 80% can be given as an advance; | - Self-employed professionals (zzp-ers) who run a viable business can claim an extra, temporary financial support : income support, maximum of €1,500 (net). - Accelerated procedure for self-employed professionals | 07/04/2020 | |||||||||||||||
26 | Poland 🇵🇱 | Supporting business during hard times – Retroactive settlement of tax loss – Postponed deadlines (VAT and SAF) - Social security contributions: entrepreneurs in “a difficult situation” may submit a simplified application for three-month deferment of the payment of social security - Postponed deadline for filing individual income tax returns; - Acilitations related to split-payment mechanism; - Accelerated VAT refunds; - Possible recognition of expenses as tax deductible costs, due to cancellations of tours by entities operating in the tourism sector; - Relief from prolongation feeSupporting business during hard times. | - Employers who find themselves in a difficult situation related to the spread of coronavirus will receive support from the Guaranteed Employee Benefits Fund. The financing will apply to companies whose turnover will drop by at least 15%. - Possibility to reduce the working time of employees by 20%, but not more than 50% of full-time employment. This means that each employee can have his working time reduced by up to 20% of his/her working hours. If this causes a reduction in excess of 50% of full-time employment for the already engaded part-time employees, then the employer has to ensure 50% of full-time employment. | - 3-month exemption from social security contributions for self-employed and micro-entrepreneurs whose revenues in March dropped by more 50% | 07/04/2020 | ||||||||||||||||
27 | Portugal 🇵🇹 | - EUR 400 million in loans to support SMEs. - Launch of a credit line to support treasury, in the initial amount of EUR 80 million. Including measures to support liquidity and temporary layoff. - Businesses will be able to withhold interest and capital payments on bank loans for 6 months. - State grants mutual guarantee of 90% | Postponed of tax obligations VAT, SS & IT : – First instalment of the special payment on account – Filing the corporate income tax return (“Modelo 22”) for the 2019 tax period – First instalment of the payment on account and the first instalment of the additional payment on account by companies | - Specific health guidance - Special budget to allow people who are out of a job to get training. - Layoff scheme 2/3 of the wadeges are supported by the government for companies affected for max of 3 month. | - Deferred payments on all contributions and tax by self-employed people - Paid sick leave - Paid support for reduced economic activity - Deferred Bank loans payment | 07/04/2020 | |||||||||||||||
28 | Romania 🇷🇴 | Raising the ceiling for credit guarantees for SMEs affected by the coronavirus crisis by LEI 5 billion, which depending on the financing needs of SMEs, can be increased even further to LEI 15 billion. Interest is 100% subsidised. The guarantee will cover 90% of loan amounts of up to LEI 1 million lei and 50% for credits of over LEI 1 million. | All tax obligations which have their due date after 21 March 2020 and which are unpaid do not qualify as overdue, and therefore they are not subject to late payment interest and penalties. All tax related foreclosure procedures involving garnishments are suspended by law. | Covering 75% of the salary of employees sent into technical unemployment by companies affected by the coronavirus crisis | |||||||||||||||||
29 | Slovakia 🇸🇰 | - Granting of short-term interest-free loans for companies (mainly SMEs) via EXIMBANKA (Export-Import Bank) and the Slovak Guarantee and Development Bank (SZRB) to overcome the period of the state of emergency. - Negotiations with bank and finance sectors on possible postponement of loan instalments, mortgages and leasing without negative records in register for the debtor. Negotiations on possible bank product that would help companies to overcome the adverse financial situation – for that purpose, banks would be proportionally exempted the bank levy payments. Negotiations on the possibility that insurance companies would not have to pay the levies. | - Postponement of taxes ; Extension of deadline for tax inspections and local investigation - Remit of interest on late tax income prepayments - Extension of deadline for customs debt payment" | - Allowance to employers for keeping a job (financed by ESF and the state budget) - employers have to maintain the work position beyond quarantine (cost estimated from €254 million to €299 million) - Absolute exemption from social and health payments for employees, income taxes for those employers, who are unable to assign work to their employees for the reason of adhering to orders putting down the operation as a result of preventive quarantine measures. | 07/04/2020 | ||||||||||||||||
30 | Slovenia 🇸🇮 | - Roughly EUR 600 million (with maximal flexibility regarding the repayment of loan and moratorium and now e.g. also possible to finance 100% of the project) coming from the state-owned export and development bank SID Banka, plus additional EUR 200 million from SID Bank for new financial measures (loans, credit lines) implemented directly or via banks to provide liquidity. - The Slovenian Enterprise Fund with EUR 115 million available for SMEs, while the Slovenian Regional Development Fund offering a scheme under which companies can roll over debt. | - Prolonged deadlines for tax documentation filings for businesses until summer. - Companies can ask for a tax deferral of up to 2 years or for paying tax in up to 24 instalments within 2 years: a deferral has already been possible previously, but conditions were softened and simplified. | - The state shall pay the employers' pension and invalidity insurance contributions for employees. - Most employees shall get monthly supplement of EUR 200. - Temporarily laid-off workers getting 80% of their wage, with the state paying all of this sum and the related social contributions (with some conditions). | Self-employed and one-person companies significantly affected by the crisis getting 3-monthly basic income and social contributions paid by the state. | 07/04/2020 | |||||||||||||||
31 | Spain 🇪🇸 | - Payments can be postponed on loans granted by the General Secretariat for Industry - The state will guarantee around 80% of unpaid loans to self-employed workers and small and medium-sized companies | Possibility of deferring tax payments for small and medium businesses and the self-employed. | - ERTE, has been expanded to cover businesses affected by the virus. Up to 70 % of salaries will be paid, with a maximum of €1,412 per month. - Some social security payments will be suspended and there will be €600m to help vulnerable people and those depending on social services. | Aid from the Madrid region (max. €3 200) for self-employed persons without employees | 07/04/2020 | |||||||||||||||
32 | Sweden 🇸🇪 | - The Riksbank will enable loans in US dollars against collateral - Lending up to SEK 500 billion (about EUR 46 billion) to companies via the banks | Deferral of payment of employer's social security contributions, preliminary taxes on salary and VAT that is reported on a monthly or quarterly basis. | - Temporary lay-offs : reduced work hours but still receive more than 90 percent of the salary, with a cap up to SEK 44,000 per month. The Government will take on 75 percent of the cost for the employees ́ reduced work hours. - Central government to assume sick pay responsibility for two months | Self-employed persons can receive standardised sick pay for days 1–14.
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33 | UK 🇬🇧 | UK has loans but venture backed startups can't get them - Support for businesses through the Coronavirus Business Interruption Loan Scheme supports SMEs with access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to 6 years. - Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will benefit from no upfront costs and lower initial repayments. - Lenders with a guarantee of 80% on each loan (subject to pre-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs. | - Deferring VAT payments - “Time to pay” agreement which would suspend debt collection for SMEs. During the coronavirus outbreak the usual 3.5% annual interest on deferred tax payments will be waived. | - Job Retention Scheme : Employers can claim for 80% of furloughed employees’ usual monthly wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions on that wage. - Support for businesses who are paying sick pay to employees : allow SMEs and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19 | - Support for self-employed (through the SEISS) who have lost income due to coronavirus (COVID-19).This scheme will allow to claim a taxable grant worth 80% of trading profits up to a maximum of £2,500 per month for the next 3 months. Self-employed profits last year must be less than £50k and more than half of total income. | 07/04/2020 | |||||||||||||||
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