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The Federal Ministry for Economic Affairs and Energy has taken far-reaching measures (the so-called protective shield for employees and companies) to protect against the economic impact of the coronavirus. In particular, it is about securing liquidity, preserving jobs and protecting many entrepreneurs and companies from the threat of a wave of insolvency applications.

Protective shield for employees and companies

The Federal Government’s protective shield for employees and companies includes the following measures in particular:

  1. The short-time working allowance is becoming more flexible. In future, companies will be able to obtain it under simplified conditions. You can find more detailed information in our article “New regulation of short-time working allowance”.
  2. The liquidity of companies is improved by tax measures. To this end, the deferral of tax payments is facilitated and advance payments can be reduced more easily. Enforcements and late payment penalties are waived in connection with the effects of the coronavirus. You can find more details in our article “Tax policy measures to overcome the crisis”.
  3. The liquidity of companies is protected by new, unlimited measures. To this end, the existing programs for liquidity assistance are being expanded and made available to more companies, such as the KfW and ERP loans. You can find information on this topic in our article “Documents for taking out a loan”.
  4. The German government is also advocating coordinated and decisive action at European level and welcomes, among other things, the European Commission’s idea for a “Corona Response Initiative” with a volume of 25 billion euros.

You can find the entire communication from the Federal Ministry for Economic Affairs and Energy at the following link: https://www.bmwi.de/Redaktion/DE/Dossier/coronavirus.html

The individual funding instruments are discussed in detail. Depending on the size of your company and/or federal state, you will find the appropriate funding offer there.

The following NRW-Bank funding programs apply to NRW

NRW.BANK.Universalkredit (for start-ups and SMEs regardless of the age of the company):

https://www.nrwbank.de/de/foerderlotse-produkte/NRWBANKUniversalkredit/15260/nrwbankproduktdetail.html

NRW.BANK.start-up loan (for SMEs up to five years after start-up):

https://www.nrwbank.de/de/foerderlotse-produkte/NRWBANKGruendungskredit/15195/nrwbankproduktdetail.html

NRW.BANK.Mittelstandskredit (for SMEs from five years after foundation):

https://www.nrwbank.de/de/foerderlotse-produkte/NRWBANKMittelstandskredit/15207/nrwbankproduktdetail.html

Support from our law firm

Due to the special situation, the conditions for the allocation of subsidies are currently being relaxed. As tax advisors, we assist our clients in checking these requirements and support them in the application process. Do not hesitate to contact us if you need support.

Update 22.03.2020

The Federal Ministry of Justice and Consumer Protection introduces a bill that suspends the obligation to file for insolvency until September 30, 2020. If you are threatened with insolvency and have an obligation to file for insolvency, we recommend that you contact your lawyer immediately.

Further information can be found here:

https://www.bmjv.de/DE/Themen/FokusThemen/Corona/Insolvenzantrag/Corona_Insolvenzantrag_node.html;jsessionid=6537A02D333A48B55546084313B7BB2C.1_cid297

Update 24.03.2020

The Federal Ministry of Justice and Consumer Protection has created a legislative package that prohibits landlords from evicting tenants who fall into arrears due to the crisis. The protection against dismissal for tenants initially applies until June 30, 2020.

There is also a statutory deferral of payment for certain ongoing obligations, such as those for electricity and telecommunications services.

Consumers receive a payment deferral of at least three months for loan agreements.

The press release of the Federal Ministry can be found here:

https://www.bmjv.de/DE/Themen/FokusThemen/Corona/Miete/Corona_Miete_node.html

Update 25.03.2020

The electronic application procedure for emergency aid was announced for Friday 27.03.2020, at least for NRW:

https://www.wirtschaft.nrw/nrw-soforthilfe-2020

Update 26.03.2020

The National Association of Statutory Health Insurance Funds has announced that it is possible to defer social insurance contributions:

https://www.gkv-spitzenverband.de/gkv_spitzenverband/presse/pressemitteilungen_und_statements/pressemitteilung_1003392.jsp

The deferral of contributions should only be granted once entrepreneurs have exhausted all other forms of assistance.

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