Financial support for entrepreneurs
Many sectors are heavily affected by the lockdown. According to Business Insider over more than a third of the globe’s population is under some form of restrictions. The tourism industry, hotels, restaurants are on the front line, but they are not the only one touched. A lot of businesses had to close or limit their activities. Globally customers are buying less and many companies face reduced demand or supply issues.
In this article you will find financial allowances available in Belgium for entrepreneurs.
On the regional level
The Regions have organized support for businesses and self-employed:
Wallonia : The government of Wallonia has raised funds to compensate companies and self-employed up to 5000€. Eligible companies will have 60 days from the end of their activity to submit their request for compensation. Conditions here.
Flemish Region: more information here.
On the federal level
During the Council of Ministers on Friday, March 20, a series of additional measures were adopted to cushion the socio-economic effects of the Covid-19.
For the month of March and April, a monthly allowance of between 1,291.69€ and 1,614.10€ may be granted to self-employed who would be unable to continue all or part of their activity due to the coronavirus. This right is automatic for these sectors (link here), for the rest, a condition of stopping the activity for 7 consecutive days must be filled.
Moreover, a series of payment deferrals are planned in terms of taxation and social security contributions. And local authorities have been asked to contribute to the effort and freeze certain taxes at the municipal level.
The payment deferrals are applicable as well.
Adjustments have been made for the following sectors (more details here):
Agricultural and horticultural sector
Federal scientific establishments