Wednesday 9/29/21
BUSINESS COST SUPPORT

Companies and entrepreneurs hit by Covid-19 can apply for state aid

The support amounts to at least 2,000 euros if the conditions are met
Entrepreneur-woman-by-Pixabay
Photo: Pixabay.

The fourth application round for business cost support to Finnish companies hardest hit by the effects of the coronavirus pandemic began on 17 August.

According to the Ministry of Economic Affairs and Employment, the aim of the support is to help companies cope with the difficult economic situation caused by the coronavirus.

Companies in all sectors, whose turnover has decreased by more than 30% due to the Covid-19 pandemic, can submit an application for the March-May period and receive business cost support.

A company’s turnover in March-May 2021 will be compared to the corresponding period in 2019. The support is intended to cover the company’s fixed costs and payroll costs.

Sole entrepreneurs can still apply for business cost support. The support amounts to at least 2,000 euros if the conditions are met. The maximum amount of aid will remain 1 million euros, as before.

Without further justification

On 12 August, the Government issued a decree on the sectors that can apply for business cost support without providing further justification. These are sectors where turnover has decreased by at least 10%.

"The number of sectors meeting this criterion has fallen from 368 in the first application round in 2020 to 221 sectors now, which signals a general economic recovery," the Ministry of Economy and Employment says in a statement.

The list of sectors is based on Tax Administration’s data on value added tax.

If a company does not operate in one of the sectors defined in the decree, it must justify the need for support and provide an account of the loss of turnover due to Covid-19.

Companies can submit applications for the fourth round of business cost support at the State Treasury’s online service. Applications are accepted from 17 August to 30 September 2021.

Comments