Evolution of the Solidarity Fund as of December 1st, 2020
As of December 1, the Solidarity Fund mechanism will evolve to support the sectors most exposed to the crisis, by including mid-sized companies.
Below we share with you the first developments and information communicated by the Ministry of the Economy, Finance and Recovery. We will provide you with more details on these new measures in the coming days, as we are currently awaiting additional legislation.
1. For administratively closed companies
For companies in closed areas, restaurants, bars, nightclubs, sports halls, etc., the solidarity fund will be open regardless of their size.
These companies will benefit from a right of option between :
- Aid of up to €10,000
- A compensation of 20% of the monthly turnover achieved in the same period of the previous year.
2. For companies in the tourism, sports, events and culture sector
For all companies in the tourism, sports, events and culture sector that are not closed but are suffering the full impact of the sanitary crisis, the absence of tourists, the absence of events, the solidarity fund will be accessible to them as soon as they lose 50% of their turnover.
These companies will be able to benefit :
- Aid of up to €10,000
- Or a compensation of 15% of the monthly turnover achieved in the same period of the previous year. For companies experiencing more difficulties and losing more than 70% of their turnover, the compensation will be increased to 20% of the monthly turnover realized during the same period of the previous year.
3. For suppliers of the companies in the tourism sector
Companies in these sectors will continue to benefit in December from the same aid as in November, i.e. aid of up to €10,000 up to a limit of 80% of their loss for all companies with less than 50 employees losing 50% of their turnover.
This concerns wholesale trade, laundry, etc., which are indirectly affected by the crisis.
4. For all other companies
For all companies with less than 50 employees that do not belong to the sectors mentioned above and that justify a loss of 50% of their turnover: the solidarity fund will be extended for the month of December. These companies will continue to receive aid of up to €1500.
Our experts are constantly monitoring regulatory changes providing support to businesses. Our articles are updated by midday on the basis of press releases and the publication of decrees by official bodies, which are deciphered by our experts. There may sometimes be a couple of hours delay between the official texts and our publication, the purpose of which is to provide you with preliminary answers to your questions.