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COVID19 - Public measures

As part of its effort to foster the resilience of the European microfinance sector, EMN is maintaining and updating a list of all relevant governmental measures, publications, good practices ans other resources, to guide and accompany practitioners in weathering the COVID-19 crisis and emerge stronger.

Country/Region Measures  
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  • In July 2020, the European Investment Fund (EIF) and the European Commission launched new support measures under the EaSI programme.
  • The new measures will support micro and social enterprises as well as individual micro-borrowers hit by the socio-economic consequences of the coronavirus pandemic. The objective is to further incentivise financial intermediaries to lend money to small businesses, mitigating the sudden increase in perceived risk triggered by the coronavirus pandemic, and alleviating working capital and liquidity constraints of final beneficiaries targeted by the EaSI programme. Key features of these new measures include higher risk coverage, broadening of certain parameters, such as an increase of the maximum exposure for micro and social enterprises, and more flexible terms.
  • The new features will be accessible to financial intermediaries, that can potentially serve thousands of companies benefitting from guarantees under the EaSI Guarantee Instrument.
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austria
  • On fiscal and monetary fields
    • Funds for self-employed and micro enterprises;
    • Credit guarantees for self-employed;
    • Subsidies for operating cost across elf-employed and micro firms;
    • Corporate tax deferral.
  • On social and employment fields
    • Income tax deferral;
    • Deferral of social security contributions;
    • One-off cash payment for self-employed plus monthly payments under certain requirements.
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belgium
  • On fiscal and monetary fields
    • Self-employment replacement income per month if activity stop;
    • COVID-19 tax shelter system for SMEs;
    • Increased investment deduction for investments;
    • Regional guarantees for firms and self-employment;
    • Fund to support liquidity of firms;
    • Guarantee scheme for new credit lines;
    • Regional premium for small firms and self-employed.
  • On social and employment fields
    • Postponement of social security contributions for self-employed;
    • Deferral of payment of mortgages/credits and premiums for fire insurance and outstanding balance for self-employed;
    • Flexibility in payment terms of taxes.
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france
  • On fiscal and monetary fields
    • To launch a solidarity fund with a lump-sum compensation to the loss of turnover over one year (up to 1500€) for small businesses, self-employed, entrepreneurs and liberal professions;
    • Postponement of taxes payments;
    • State guarantee in cash loans to companies;
    • State-guaranteed treasury loan for newly created companies;
    • Early repayments of corporate tax claims refundable in 2020;
    • Postponements water, gas or electricity bills for small firms.
  • On social and employment fields
    • Self-employed parents still have paid sick leave;
    • Extension of social rights;
    • Extension of unemployment benefits;
    • Postponement of social security contributions.
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ireland
  • On fiscal and monetary fields
    • Rescue and Restructuring Scheme for firms;
    • Money vouchers provided by local offices;
    • Microfinance Ireland COVID-19 Loan;
    • Restart grants for micro and small businesses;
    • State COVID-19 Credit guarantee Scheme to support lending to SMEs.
  • On social and employment fields
    • Package of sick pay and illness/supplementary benefits for self-employed and employees;
    • COVID-19 Pandemic Unemployment Payment;
    • Deferral to stamp duty.
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italy
  • On fiscal and monetary fields
    • One-off payment to self-employed and seasonal workers;
    • Allowance per month for self-employed workers during 3 months in specific municipalities;
    • Increase of the Fund providing fee-free guarantee for SMEs loans;
    • Suspension of 6 months of loan repayment by SMEs;
    • Suspension of payment of electricity, gas, water and waste bills;
    • Suspension of tax collection during certain months and postponement of tax deadlines;
    • Non-bank intermediaries could operate temporarily below level of Pillar 2 Guidance and possibility of delays on reporting.
  • On social and employment fields
    • Deferral of social security payments;
    • Money vouchers for self-employed with children aged under 12;
    • Extension of deadlines for applying for unemployment insurance.
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luxembourg
  • On fiscal and monetary fields
    • Recovery and Solidarity Fund for companies and independent professionals in certain sectors;
    • Aid scheme of payment to SMEs;
    • Tax-free grants for companies with less than 10 employees;
    • Tax-free grants for self-employed;
    • Extension of deadline for corporate tax filling;
    • Luxembourg banks moratorium on loan repayments for SEMs and self-employed;
    • State guarantee facility.
  • On social and employment fields
    • Extension of deadline for personal income tax filling;
    • Self-employed possibility to take family leave;
    • Extension of unemployment benefits.
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netherlands
  • On fiscal and monetary fields
    • Self-employment income support and loan scheme;
    • Temporary Emergency Scheme for Job Retention;
    • Tax-free allowance for SME entrepreneurs in certain sectors;
    • One-off allowance for firms that had to close;
    • Deferral of taxes;
    • Compensation for fixed charges for SMEs;
    • Small companies backing microcredits get benefits on interest and deferment of repayment;
    • Guarantee from State for SME loans;
    • Small Credits Corona Guarantee Scheme.
  • On social and employment fields
    • Social assistance benefits during 3 months for self-employed without staff.
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poland
  • On fiscal and monetary fields
    • Loans for micro-firms with special conditions;
    • Deferral for taxes;
    • Financing scheme for firms such as guarantees, operational leasing schemes and micro loans.
  • On social and employment fields
    • Postponement or exemption of social contributions;
    • One-off cash payment (subsidies) with specificities for self-employed.
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romania
  • Measures for microenterprises
    • State guarantee scheme to subsidised interest rates for small and microenterprises;
    • Bonus for the payment of corporate income tax for microenterprises;
    • Extension of the payment deadlines for electricity, gas, water for certain SMEs;
    • Tax deductions on corporate income tax.
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spain
  • On fiscal and monetary fields
    • ICO line of guarantee for self-employed and SMEs;
    • Companía Española de Reafianzamiento loan guarantee for SMEs and self-employed;
    • Grants and loans to small companies for digitalisation;
    • Special method for calculation of taxes for self-employed;
    • Interest free postponement of tax payments  for self-employed and SMEs;
    • 3-months moratorium on mortgage payments for self-employed.
  • On social and employment fields
    • Temporary employment adjustment schemes with a extraordinary benefit to self-employed;
    • Suspension of social security contributions for self-employed during 6 months.
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