Summary: State relief for companies affected by the coronavirus situation

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The disruption has a negative impact on the companies' business and the state has reacted to the situation by offering various financing models, facilitations and opportunities to agree on payment schedules.

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The updated list summarizes the relief offered by various parties to the plight caused by the coronavirus.

The list is summarized in outline, you can find more detailed information on the sources' own pages.

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Listing updated on March 31, 2020

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Tax administration

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  • You can apply for additional time for the tax return, the acceptable reason is, for example, illness

  • Late fees may not be collected for a justified reason (eg in VAT returns)

  • There is no late fee for delays in income register declarations

  • A company in difficulty can apply for a tax payment arrangement on simplified terms 25.3. from

    • 25.3. taxes related to pending payment claims are not sent for execution and the company's tax debt is not published in the tax debt register or on the protest list

    • The changes will be followed in the payment arrangements applied for on March 25. and by the end of August at the latest

    • The first installment is only three months after the approval of the payment arrangement, instead of the current one month.

    • The tax administration will automatically add new tax liabilities incurred after the payment arrangement to the payment arrangement until 31 May 2020.

    • The payment arrangement can only be accessed if there are no taxes in the foreclosure and all tax returns as well as payroll returns to the income register and separate employer returns have been submitted

  • You can appeal against the withholding tax in OmaVero if the result appears to be lower than estimated. This is enough for your own announcement.

  • The advance tax installment months can be appealed

  • The processing of VAT refunds will be streamlined

  • Deferred payment can be applied for car tax and excise duty

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Business Finland

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  • Business Finland funding can be applied for and granted normally

  • Changes in project times and loan periods for ongoing projects are welcomed

  • If necessary, the reporting interval for project content and costs can be shortened, so that paid project costs can be obtained more quickly.

  • Loans can be repaid free of installments

  • Additional time is flexibly granted for funding conditions (changes can also be applied for retrospectively until the project's final reporting date approaches)

  • Business Finland's added disaster relief authority is EUR 700 million

  • Business development financing in the event of disruptions - financial services for SMEs and midcap companies (6-250 employees) whose business suffers from a coronavirus situation. The amount of the grant is 80% of the total cost of the project.

    • Preliminary study funding for business disruptions: funding up to € 10,000 (project then € 12,500 from the total budget). The company can identify and plan new businesses, replacement subcontracting chains, and organize production in the event of a corona disruption and beyond.

    • Development funding for business disruptions: funding up to € 100,000 (project then € 125,000 from the total budget). The company may implement those development measures that it has identified in the feasibility study or otherwise as its own activities that will improve the company’s capabilities in the event of a corona disruption and thereafter. The aim of the measures must be to provide the company with new solutions related to products or production.

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Finnvera

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  • Funding needs are flexibly addressed

  • You should contact the bank as early as possible and agree on payment arrangements

  • Finnvera enables working capital granted by the bank with a guarantee

  • Banks are allowed to grant installment-free loans on bank loans guaranteed by Finnvera

  • Finnvera's loans can be applied for directly for 6 months in installments with an electronic application

    • During the installment leave, only interest & expenses are paid

    • Finnvera does not increase the guarantee fee for guarantees for bank loans up to EUR 300,000. Finnvera's loans and credit account guarantees do not increase the margin or guarantee commission if the total liabilities do not exceed EUR 300,000.

  • Finnvera's initial guarantee and SME guarantee are suitable for the working capital needs caused by the coronavirus: Finnvera secures the processing of the initial guarantee and SME guarantee as well as the Finnvera guarantee and centralises the issuance

  • Direct loan applications are not currently processed

  • The Finnvera guarantee can also be used to guarantee the increased working capital needs of SMEs due to the coronavirus, if Finnvera's initial guarantee or SME guarantee is not suitable for the company's situation. The guarantee usually accounts for 50-80% of the loan or other financial commitment.

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ELY Center

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  • The business services of ELY centers, ie business development support, business environment development support, regional transport support and business development services, can be applied for normally. Grant and payment of grants and subsidies also take place in a normal way.

    • If necessary, companies can apply for a business development grant on a faster schedule and in more installments. For any changes, first contact the ELY Center to agree on the procedure.

  • Changes in the timing and content of ongoing development grant-funded projects are welcomed

  • The level of support for ELY's development services (analysis and consulting services) has been exceptionally increased. The company's contribution to the services is now € 30 + VAT / consultation day.

  • The ELY Centers' business development grant supports the development needs of SMEs, incl. investments. When economic or market conditions change, SMEs can be supported, for example, in business development or renewal, as well as in development measures required for the reorientation of production.

  • The ELY centers have received an additional support resource of EUR 300 million for business financing. Funding will be directed in particular to managing the impact of the service sectors, but also, where necessary, of all sectors. In addition, the payment of subsidies will be accelerated.

  • On Tuesday, March 31, 2020, a new form of grant was opened for companies that employ 1-5 people. Read more here.

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Bank of Finland

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  • The Bank of Finland has started purchasing commercial papers, EUR 500 million for the entire first phase of the program.

    • The aim is to get banks and other credit institutions more money that they can lend on to businesses

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Learn more:

Tax administration

Business Finland

Finnvera

ELY Center

Bank of Finland

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