Funding for companies battered by Covid-19
As early as March 13, 2020, the federal government promised extensive liquidity aids to keep them stable in times of Corona pandemic. Shortly thereafter, the government of the Kreditanstalt für reconstruction ("KfW") made € 20 billion available, and the approval of another half a trillion euro is also in prospect.
Also elsewhere, the funding will be increased to a considerable extent at short notice.
Companies can apply for a variety of other economic aids initiated by the federal and state governments.
Promotion by the Credit Anate for Reconstruction
The KfW supports companies primarily by adjusting existing funding programs.
The prerequisites for the "KfW entrepreneur loan" and the "ERP start-up loan" for young companies are relaxed, as well as the takeover of the credit risk to up to 90%. The same applies to the "KfW Credit for Growth" funding program. From then on, the KfW of 70 % . In addition, a takeover of 90 % of the credit risk is planned for operating agent loans from small and medium -sized companies. The risk transfer in the form of liability exemption will in future be carried out up to € 200 million and up to € 25 million for investments.
Basically, the programs are opened for a broader mass of companies due to the current situation. The binding sales borders are postponed in favor of the companies. Furthermore, the restriction to the promotion of projects in the area of "innovation/digitization" will be overridden for the time being.
In addition, a "special program Corona" was launched by the KfW, especially for companies that have come into serious financing difficulties. Both small and medium -sized, but also larger companies can benefit from these support programs. Liability of up to 80% in the case of equipment loans and 90% of investment loans are planned for this.
You can find more information here .
Promotion by the guarantee banks
From now on, the respective guarantee banks of the federal states are guaranteed for a twice as high credit as before (up to € 2.5 million). In addition, default guarantees to the house banks are awarded for securing the loans granted to the companies. 90 % of the loan volume should be covered in this way.
Furthermore, the banks are authorized to make up to € 250,000 independently, if possible within three days.
In addition to increasing the consequences of the Corona virus, the Bürgschaftsbank Sachsen Applications should be granted within a week. In addition, "express guarantees" were set up to secure liquidity financing, the allocation of the guarantee committees within a bank work day. Their maximum guarantee height is € 500,000 if IDR is taken over, 90%.
"Grand Business Program" of the federal government
The so -called "major guarantee program" has so far been reserved for companies in structurally weak regions. Due to the Corona crisis, it is now open to all companies. It includes securing equipment financing and investments from a guarantee requirement of € 50 million and with a guarantee rate of up to 80%.
"Saxony helps immediately" program of the Saxon buildings
The state funding institutes also contribute significantly to support the local economy in these difficult times. immediate help package "Saxony immediately" for "sole proprietors, freelancers and small companies in Saxony, which are economically affected by the outbreak of Coronavirus . It is an interest -free loan of a maximum of € 100,000.
Economic stabilization funds
An additional central rescue instrument are the funds from the "economic stabilization fund".
This includes the following instruments:
- A framework for loan guarantees of € 400 billion, which is intended to help companies continue to get capital to bridge liquidity bottlenecks.
- Funds over 100 billion € for the capital strengthening of companies in the form of direct state participation
- A further credit authorization over € 100 billion to refinance the KfW special programs.
Commercial companies that meet at least two of the following criteria are addressed:
- a total asset of more than € 43 million
- more than € 50 million sales revenues as well
- More than 249 employees on average.
Support for small businesses and the self -employed
Small companies and start -up founders are funded by the "micromezzanine fund Germany". This makes it easier to grant credit for other banks, since neither the integration of the house bank nor other collateral are necessary. In this way, companies receive fresh equity without the investor being able to influence daily business or get voting rights in the company. Especially in such uncertain times, this can turn out to be particularly advantageous.
The Federal Government also developed unique instant aid for companies with up to ten employees, which include financial aid of up to € 15,000 of three months. Companies and self -employed with up to five employees can receive a one -off payment of € 9000. These instant aid are direct grants that do not have to be repaid. The corresponding applications are approved by the respective countries or municipalities.
Finally, it should be possible for small business owners to assert performance rights with regard to ongoing operating costs. Access to social benefits should also be expanded under certain conditions.
Tax relief
In a letter from the Federal Ministry of Finance on March 19, 2020, as well as the same country -sir on the same day, the tax reliefs, which were initiated.
The financial authorities should be facilitated. Of sufficient affected companies from Covid-19 should receive the possibility of deferrals of tax debts in billions in billions. In addition, the authorities waive the collection of deferral interest.
Against the background of the Corona crisis, taxable companies should also be able to submit applications for reducing certain tax advance payments by the end of 2020. This refers in particular to advance payments for income, corporate and commercial taxes. It should be noted that the application must be accompanied by a comprehensible and sufficiently documented presentation of the individual economic effects of pandemic.
Similar reliefs should also be obtained for sales tax. There is already the possibility of relying on the sales tax on VAT and paying payments made.
Furthermore, enforcement measures will be suspended by December 31, 2020 due to backward taxes if companies are directly affected by the Coronavirus. Default surcharges will be issued equally from March 19, 2020.
In the case of taxes that managed the customs administration or the Federal Central Office for Taxes, taxpayers will also be accommodated in the near future.
