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What European countries are doing to support startup founders: The coronavirus pandemic survival guide

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What European countries are doing to support startup founders: The coronavirus pandemic survival guide

As Europe has been massively hit because of the coronavirus pandemic, individuals are requested to remain at house to maintain themselves protected. The ‘keep protected’ message is being repeatedly shared throughout communities. Worsening the situation, the COVID-19 pandemic spreads throughout 80% of the worldwide nations killing a number of 1000’s of individuals.

While the virus outbreak has undoubtedly left an affect on a number of industries and large companies similar to Booking.com, Amazon, and so on., it has not spared the startups. Given that there’s a ‘State of Emergency’ in some nations, others throughout Europe predict the identical to be introduced. And, this has adversely impacted the startups with many entrepreneurs questioning find out how to go about with debt, money, and workers.

Already, we noticed that PE and VC fundraising of tech startups has been affected attributable to COVID-19. Besides fundraising, day-to-day prices in addition to cashflow are additionally turning into main issues for startup founders.

To resolve the challenges confronted by startups, the governments throughout Europe have unveiled measures that may handle the issues of small and medium-sized companies that aren’t having the ability to pay their debt, working out of money, and have idle employees. Here we’ve got a listing of government-supported sources for startups affected by coronavirus to manage up with their companies in varied European nations and the UK.

Stock photograph from Andrew Mayovskyy/Shutterstock

Netherlands

The Netherlands Chamber of Commerce has give you a set of FAQs for entrepreneurs and a roadmap that will likely be helpful for corporations. The cupboard goals to guard the earnings and jobs along with minimising the results of the COVID-19 confronted by self-employed professionals, massive corporations and SME entrepreneurs. It gives them with billions of euros that may assist them each month till they get better. With these measures, the federal government ensures that corporations can proceed paying their employees, permit for cash to stay in corporations all through relaxed tax regimes, compensation, extra credit score amenities, and bridge the hole for self-employed professionals.

Stock photograph from MarinaD_37/Shutterstock

France

The French authorities has introduced a number of measures for startups. It has pushed social expenses and tax funds that have been due in March in order that corporations can request to postpone these funds. If clients owe you cash, then you’ll be able to search a mediator to assist in recovering the funds. If the mortgage insurance coverage charges and debt funds can’t be made on time, then you’ll be able to ask for a state-backed credit score mediator to assist persuade your financial institution.

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Also, there are momentary unemployment measures that will likely be prolonged to all corporations letting them in the reduction of workers’ hours with out direct layoffs. In a current improvement, the French Ministry of State for Digital Affairs Cédric O and Bpifrance, a public funding financial institution introduced a complete assist plan of €four billion focused at startups. With this, the French authorities desires to bridge the hole between refinancing and liquidity measures briefly.

Stock photograph from canadastock/Shutterstock

Germany

The German authorities has pledged limitless liquidity help to corporations in want of money and the identical is organized as loans from KfW. Also, corporations can request to postpone tax funds. The nation voted in a regulation increasing its work scheme dubbed Kurzabeit. This lets corporations that implement diminished hours for workers get state assist and lets them take into consideration a substitute for layoffs. There are plans to change chapter guidelines or droop them for some months in order that corporations get extra tolerance in relation to submitting for chapter.

Stock pictures from AR Pictures/Shutterstock

United Kingdom

The UK authorities has taken measures in order that small corporations that can’t afford to pay their taxes can ask HM Revenue and Customs for an settlement that may droop debt assortment. Also, the curiosity of three.5% on deferred tax funds may even be waived for startups. Businesses which might be adversely affected by the COVID-19 pandemic will likely be let to underwrite loans and it will likely be delivered by the British Business Bank.

Small corporations can reclaim the price of 14 days of sick pay below £200 per worker, nevertheless it may take months for reimbursement as it’s but to arrange the mechanism for compensation. Small companies throughout the UK will be capable of search grants value £10,000. It additionally introduced loans to assist companies with an preliminary assure of £330 billion.

READ MORE:  Dutch startup that works to make coding simple for kids secures €100K in crowdfunding

Stock photograph from karnavalfoto/Shutterstock

Spain

The Spanish authorities has deferred tax funds for each SMEs and self-employed however to avail this facility, corporations ought to comply with the directions mandated by the Spanish Tax Agency. Payments in the direction of loans granted by the General Secretariat for Industry could be postponed, and Instituto de Credito Official, a state-backed lender has given extra means handy out loans to freelancers and corporations within the adversely affected industries similar to transport and tourism.

Stock photograph from Madrugada Verde/Shutterstock

Ireland

In Ireland, Revenue Commissioners are open for discussions to postpone tax funds for companies affected by coronavirus. There are diminished work hours for workers and the federal government is planning to refund employers that pay not less than partial salaries throughout this era. Some startups can get assist for loans as much as €1 million and there are restructuring and rescue scheme packages for susceptible and viable companies that need to rework their enterprise. Self-employed professionals who’ve misplaced enterprise attributable to this virus outbreak can get a flat charge pay of €203 per week for a interval of six weeks.

Stock photograph from prochasson frederic/Shutterstock

Italy

Italy is without doubt one of the worst hit nations by coronavirus. Companies have been requested to droop tax funds whereas these incomes below €2 million needn’t pay taxes in any respect. There is liquidity help for small and medium-sized corporations by Cassa Depositi e Prestiti SpA, a state lender and a state assure of as much as €5 million.

The Italian authorities has introduced mortgage suspension measures which might be in step with banks and self-employed employees can request to increase or droop mortgage funds and long-term loans. The authorities has assured to take extra measures together with assist for funding and a part of the stimulus package deal is supposed for layoffs and retaining some earnings for people who find themselves out of labor.

Stock photograph from Yasonya/Shutterstock

Portugal

In Portugal, the federal government has introduced measures such because the extension of tax cost deadlines, €60 million for micro-enterprises working within the tourism trade, €200 million credit score line to assist the treasure wants of corporations, assist to keep up employment contracts by taking advantage of the price of an worker’s wage even when the particular person is inactive in order that employers can control budgets, a particular price range to let people who find themselves out of a job to avail coaching, and postponed funds from self-employed folks.

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Stock photograph from Oleksiy Mark/Shutterstock

Sweden

The Swedish authorities gives sick pay duty for 2 months. Also, it lets corporations postpone cost of social safety contributions, value-added tax forx, and preliminary tax on salaries for as much as 12 months. Those corporations which have paid tax for 2020 can get again the quantity they paid from the Swedish Tax Agency. Depending on the case, the Swedish authorities will cowl three quarters of prices because the working hours of employees have been diminished and they’re out of labor briefly. Companies can rise up to SEK 500 billion through banks to safeguard credit score provide.

Stock photograph from emperorcosar/Shutterstock

Austria

The Austrian authorities has deferred tax funds, allotted particular loans for corporations within the tourism sector, direct loans for corporations which might be impacted attributable to COVID-19, and extra.

Stock photograph from Andrew Mayovskyy/Shutterstock

Iceland

The Icelandic authorities has introduced that it’ll tackle as much as 75% of salaries, deferred tax funds, monetary assist for corporations within the tourism sector, refund of VAT for building initiatives, and extra.

Stock photograph from Solar Studio/Shutterstock

Denmark

The Denmark authorities has introduced that employers will get reimbursements for wages and illness advantages availed by sick workers. Companies can cut back the work hours of workers briefly and avail compensation for part of their pay in order that they will keep away from firings. Furthermore, workers can avail supplementary unemployment advantages as properly. There is a particular price range for corporations coping with potential large-scale firings.

Stock photograph from Daniel Jedzura/Shutterstock

Stay tuned to Silicon Canals for extra European know-how information.

The put up What European nations are doing to assist startup founders: The coronavirus pandemic survival information appeared first on Silicon Canals .

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