Overview about Corona measures in Sweden

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Sweden is one of the few countries who has not imposed a lockdown as other European countries to control the COVID-19 crisis. Regarding economy, these are the measures proposed by the Government:

Financial help (loans etc.)

Loans secured by the state of up to 70% of the loan amount that banks can offer to small and medium sized businesses.

increased the resources presented to government fund Almi Corporate to give out more unsecured loans to affected companies.

Increased borrowing limits for Swedish Export Credit.

Increased credit guarantees for the Export Credit Committee (making it easier for small and medium sized companies to finance themselves).

Relief to accompany a slowdown or absence in business activity

A bill announcing public subsidies for employers’ salary costs of ¾ of employees’ salaries in the case of an unforeseen financial distress caused by an external event (proposed)

The state taking over the sick pay responsibility for two months (proposed).

Tax Measures

Temporary reduction in general payroll taxes

Deferred the payment of taxes in order to strengthen companies’ liquidity (companies’ extension of payment include taxes for 3 months and up to 12 months. Postponed taxes include: Preliminary tax payment on salaries, VAT. This requires an application to the Swedish Tax Agency.

Specific Insolvency measures

As of now there has been no statement as to how bankruptcy and insolvency legislation should be changed.

Other

In addition, the Swedish government has proposed that airlines be able to receive credit guarantees in 2020 of a maximum amount of SEK 5 billion, of which SEK 1.5 billion is directed to SAS. The SAS measures are part of an agreement with Denmark that has, in turn, taken similar measures.

Temporary rebates for rental costs in exposed industries (with the state being able to compensate for up to 50% of the amount of the reduced rent to the landlord).

This information was drafted by the European Insolvency Practitioners Association

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