Overview about Corona measures in Finland

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On lockdown since the 16th of March, Finland has adopted the following measures to face COVID-19 crisis.

Financial help (loans etc…)

ELY centers help for companies of up to 5 employees. Aimed at companies trying to reform their operations. Requirement to have the preconditions of future profitable operations.

Funding of up to 100,000€ per applicant for 80% of the relevant project (developmental measures or situational assessment).

2000€ entrepreneur grant capped at 100 million € (supplementary budget proposal could see this increased to 250€).

Relief to accompany a slowdown or absence in business activity

10 billion in domestic financing, most of which Finnvera guarantees.

Grant authorizations from Business Finland for immediate business support measures increased by 150 million €.

Grant authorizations from ELY Centers for development projects increased by 50 million €.

Program  for corporate bond purchases announced by Bank of Finland for a 1 million € amount.

Companies can apply for payment terms of up to 3 months longer for employee pension payments with 2% interest.

The VER had to invest between 500,000 and 1 million into commercial papers to help with short-term liquidity problems. 

Tax Measures

Upon request:

  • Extended time to pay pension insurances.
  • Extended payment time for car taxes.
  • Extended payment time for excise duty.
  • Alleviations to filing dates of tax returns.
  • Possibility of relief for taxes relating to penalty payments.
  • Late filling penalties may not be collected in respect of VAT returns.
Specific Insolvency measures

7-day rule for insolvency filings temporarily suspended.

Finnish Bankruptcy Ombudsman has demanded that administrators evaluate insolvency proceedings on a case by case basis while consulting creditors, to potentially review a debtor’s obligations over a longer timescale if it seems the company will still have viable business.

This information was drafted by the European Insolvency Practitioners Association

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