If you are wondering where your next penny is going to come from, the European government benefit scheme has heard you and has solutions. You can use their solutions to help you through this time of need that none of us thought we would live through.
It caught the world off-guard and started spreading like wildfire in all the countries. The contamination has pushed people into lock-down and brought a global economic crisis throughout. Europe has been hit hard but the countries are fighting back to help citizens.
So, in light of these events, the government has launched some major schemes. Delaying loan payments, providing loans as well as financial support takes the front seat for now. We’ve got details up next to how the European government can help you.
Hardship-fund For SMEs
The worst hit by this pandemic situation is people in the low to the middle-income group. So, the Austrian Government has set up a fund of 1 billion euros to support Small to Medium Enterprises (SMEs).
These companies can avail of this by applying online for emergency aid. And they can receive the payment immediately. The companies will receive EUR 500 and 1000 in the first phase. Phase two is applicable from the 14th of April.
This grants a maximum of EUR 6,000 in three months. The government calculates gives the fund by calculating 80% of lost income up to EUR 2000/ month. This fund is obviously non-repayable to support small companies in these harsh times.
European Government Benefit Debt Moratorium
Suspension of loan repayments is a strategy opted by many countries to shield and comfort borrowers. The Belgian financial sector has decided to grant a deferral of payment will be given. This scheme is to cushion all the viable non-financial enterprises.
The deferral will be till 30 September 2020 and would incur no additional cause. The advent of COVID 19 has led to shutdowns all over the world. This has led to an economic crunch and this scheme attempts to reduce fixed liabilities to reduce the burden.
More and more countries like Italy are opting this to take some monetary load off people. In Britain, the RBS group said that it will offer a three month break period from loan repayment for borrowers.
Partial Unemployment Scheme By France
Laying off employees is a common reaction of companies in this pandemic situation due to less cash flow. To prevent this, the French government will help companies who are placing employees in partial unemployment.
Companies will pay up to 70% of the salary of employees which will be reimbursed by the state. Employees who get a minimum wage or less will be fully compensated. The state will reimburse the companies for salaries up to 6,927 euros monthly.
This scheme is an excellent one to secure the livelihood of the employees and to relieve people of economic strain.
European Government Benefit ForTaxation Relaxation
The lock-down imposed in almost all countries has led to economic problems in households as well as companies. So, Germany has offered relief for taxpayers who may or may not be affected due to the pandemic.
Firstly, late payment charges in all taxes in arrears or up to the 31st of December, 2020 will be waived off. You can defer tax debts without incurring any interest. Also, advance tax payments will also be minimized.
Many other European countries have also followed suit in relieving the citizens of taxation for a specific amount of time. France has also opted for full deferrals of tax, including corporate income tax for the smooth sailing of the citizens.
These deferrals are usually granted for three months which gives people ample time to get things in order. The French Ministry of Finance has issued specific forms as per the type of taxes that are available on their official website.
Best European Government Benefit Schemes Conclusion
The governments are focusing more on the economic sector apart from investing in emergency health kits to fight the virus.
With this kind of measures, European Governments are doing their best to save their people and economy from becoming collateral damage of this outbreak.