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.
- 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