20-03-2020

Corona Crisis: As An Entrepreneur, What Regulations Can You Make Use Of?

Coronavirus

Have you been affected as an entrepreneur by the Corona Crisis? The specialists at KroeseWevers are happy to determine, together with you, which government regulations you can use as an entrepreneur. We can offer you an overview of which specialists at KroeseWevers you can refer your queries to, concerning the regulations that have been announced by the cabinet on 17th March.

1. Compensation wage costs (emergency funding)

As an employer, have you suffered loss and are you looking for financial support in order to pay your permanent employees’ wages? Instead of the short-time working scheme hours you can now choose the Employment Bridging Emergency Funds (NOW) as was stipulated on 17th March. The short-time working scheme hours have been replaced by the NOW. The compensation as stipulated in the NOW makes it possible for your employees to be paid, whether they have a permanent or a flexible contract. You may request this compensation for loss of turnover from 1st March 2020. The employers’ desk at KroeseWevers can provide support to you as an employer when requesting financial support at the Employment Insurance Agency Netherlands (UWV). Presently the UWV is still in the preparation phase to ensure that your request is processed quickly and timely. We will monitor the situation to ensure that your request is submitted on time.
For all your requests concerning the emergency funding or help, please contact Thessa van Zoeren via thessa.vanzoeren@kroesewevers.nl or +31 6 10 95 89 29. She will be of further assistance.

2. Mitigating taxmeasures

As an entrepreneur, if you have been affected by this crisis, you may request payment extension from the Dutch Tax Administration. The tax advisers at KroeseWevers can help you with this. The Dutch Tax Administration will put a hold on any measures in place to collect payment immediately. This is also the case for income, corporate, wage or turnover taxes (VAT). You will be exempted from any default penalty payments. If you need information whether these announced tax measures could offer relief to your business, you can contact our colleagues at Tax Advice.

3. SME Credit Guarantee scheme (BMKB) and broadening of the measures of the Business Loan Guarantee scheme (GO)

If you are having difficulty obtaining a loan or bank guarantee for your business, the Business Loan Guarantee Scheme (GO) has been extended to assist businesses. By use of the GO-measure, it is possible to obtain 50% of government guarantee on loans from banks and bank guarantees (minimum 1,5 million maximum 150 million per business). If you have or foresee liquidity problems, a temporary broadening of your current account credit or a bridge financing can possibly help. The BMKB is a guarantee scheme provided by the government which enables you to obtain financial capacity. Concerning questions about financing and application of the GO-regulation or the BMKB, our specialists at KroeseWevers will assist you further.
If you have any questions, please contact Rob Koops from KroeseWevers Corporate Finance via rob.koops@kroesewevers.nl or +31 6 10 03 06 78. He will be of further assistance.

4. Extra support for self-employed professionals

A provision, available for at least 3 months, will provide self-employed professionals with additional income and livelihood support. This will be an additional income and will supplement your income to a social minimum. Support, according to this temporary measure, is also possible in the form of a business capital loan against a reduced interest rate. Everything is arranged to enable you to continue your business. This provision is available at your local municipality.

5. Other provisions and measures

The government has announced various other provisions and measures which will ensure that we are able to continue doing business and maintain job retention. Also, many municipalities have taken specific measures, for example, in relation to payment extension for taxes but this varies per municipality. The specialists at KroeseWevers are here to help you determine how these provisions can be applied in the best possible way in your business. There are many possibilities with which we can advise you.

Corona Crisis: As An Entrepreneur, What Regulations Can You Make Use Of?
Would you like more information? Please feel free to contact us.
908 A3050 bewerkt
mr. Hans Eppink
Director of Tax Advice
Send an email +31 (0)5 70 21 93 46
More information? +31 (0)53 850 49 00
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