Finland Declares New Aid for Hard To Adjust Costs During COVID Crisis

On 26 June 2020, the Finnish parliament approved new general aid laws to help cover hard to adjust costs because of the Pandemic. 

Because of the new laws that passed, companies will now get new industry-independent support. 

The law has a qualification metric where it seeks companies that have experienced a turnover decrease of 30% or less due to the Coronavirus outbreak.

Also, if your company operates in an industry that has suffered a decrease of 10% or less. Now if the companies meet the criteria, the companies can be compensated from anywhere between € 2,000 – € 500,000. 

The State Treasury is funding the entire cost adjustment support aid. The hope with it is that the government hopes to help out the industries and companies that are most affected by the crisis. 

Registration for the aid started in July, and you can find more information on the website. 

The general aid has a clear cut goal, and that is to compensate for costs that are difficult to adjust, especially during this crisis. 

So the precondition for general aid is a decline in turnover. The ELY Centers and Business Finland did a study to determine all the companies, operations, and production and their planning to see who needs the cost support aid. 

To qualify for the aid, companies need to submit VAT returns to the Tax Administration along with the sales data for April 2020 and the turnover data from that quarter. 

Now the State Treasury of the Tax Administration also allows companies to use May’s turnover data instead of April to become eligible for the cost adjustment aid. 

However, if a company isn’t wholly or is partly a non-VAT sales company, then they would have to provide the sales information for April, May, and any other month that the application specifies. 

The State Treasury has announced that a total of EUR 300 million has been set aside for this purpose alone. 

Any company that wants to get the general aid for cost adjustments need to file the applications. The application is in the following link:

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