ACADEMY PROGRAMS

COVID-19 Financial Aid

Split by country

Financial support by country

From finance to impact trends

Our academy support team have been working non-stop to compile the latest financial aid information avialble to the immersive industry. Please use the tool below to find your local region for specific advice.

Important notice: While every care has been taken to provide accurate and upto date information, it is not always possible for us to assure the accuracy of information provided. 

Please note: We are continuously updating the information on this page. Currently some countries will have more information than others, while we continue to verify information for our international community. If you need direct advice, please contact our free crisis support line.

United Kingdom

In Summary: 

  • “time to pay” agreements available which suspend debt collection with no interest
  • Underwriting loans to most affected companies
  • Small companies can reclaim 14 days sick pay
  • Grants worth £10,000
  • Tax breaks available

For Buisnesses:

Coronavirus Job Retention Scheme

  • Open to all UK employers for at least three months starting from 1 March 2020.
  • Employers can use a portal to claim for 80% of furloughed employees’ (employees on a leave of absence) usual monthly wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions on that wage.
  • Employers can use this scheme anytime during this period. The UK Gov has advised the online service for making a claim will be available from the end of April 2020. More about this here.

Covid Corporate Financing Facility: State-backed loans for all businesses through the banking system with the help of the Bank of England.

The Coronavirus Business Interruption Loan Scheme Offering loans of up to £5 million for SMEs through the British Business Bank.

Deferred VAT payments – If you’re a UK VAT registered business and have a VAT payment due between 20 March 2020 and 30 June 2020, you can defer your VAT payment till a later date

Deferred Income Tax payment – You are eligible if you are due to pay your second self-assessment payment on account on 31 July. You do not need to be self-employed to be eligible for the deferment.

An extension of business rates holiday to all firms in the retail, hospitality and leisure industries and funding grants of between £10,000 and £25,000 for small businesses. Speak to your local authority for these reliefs and grants.

Reclaim sick pay – Sick pay has been made available to employees from day one of their illness or self-isolation period. Employers with fewer than 250 employees will be able to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. The rebate scheme is being developed.

For the self employed:

You’ll be able to apply for a grant worth 80% of your average monthly profits over the last three years, of up to £2,500 a month.

This scheme will be available to those who earn on average under £50,000 a year based on up to 3 years of tax returns.

At least half your income will need to have come from self-employment, and you will need to have completed your 2018-19 tax return – if you missed the deadline, you have four weeks from now (27/03) to get it done and qualify.

Good news for those traveling to work in essential industries or working from home, unlike the employment scheme, the self-employed can continue to work as they receive support.

The money will not arrive directly into people’s bank accounts until June, but it will be backdated to March, so you will receive a lump sum.

The grants will be taxable, and will need to be declared on tax returns by January 2022.

Those who have not required a tax return until the 2019/20 Tax year, will unfortunately not qualify for this grant as HM Revenue & Customs will not know your income.

 

Offical Government website(s):

COVID-19: support for businesses

France

In Summary: 

  • Social charges and tax payments due in March will be pushed back automatically (can be requested further)
  • If customers have owed you money, you can ask for a mediator to help you recover the funds
  • Small and medium sized companies facing difficulties may stop paying rent, gas and water bills
  •  Cash injection available for startups

Full information:

  • Postponement, upon request and without penalty/interest, of the upcoming CIT, income tax, payroll taxes and local taxes instalments. A specific form to benefit from the measures is available on the tax authorities’ website.
  • Companies may request early repayment of corporate tax credits that are refundable.
  • For the self-employed, the rate and the down payments at source of income tax can be ajdusted at any time.It is also possible to defer the payment of the personal income tax down payments up to three months.
  • No deferral is granted for the payment of VAT but the government affirmed the objective of a rapid refund of excess input VAT to the companies.
  • The French government may grant tax rebates to certain companies facing extreme difficulties after an examination of the company’s situation.
  • In addition to the above measures, the government stated that SMEs in financial peril (any enterprise with less than 10 employees and with a turnover or balance sheet total not exceeding €2 million) may suspend the payment of their water, gas and electricity bills as well as the payment of their rent.
  • Support from the Banque de France to negotiate with banks a rescheduling of bank loans. The Government is implementing an exceptional guarantee scheme to support bank financing for businesses and facilitate the granting of cash loans.

Offical Government website(s):

Coronavirus guide

France Digitale’s rescue kit

Government FAQ

Italy

In Summary: 

  • Requests to suspend tax payments
  • Those earning under €2m revenue do not have to pay taxes
  • €5 million for small and medium sized businesses

Full Information:

Cash Decree-Law:

– improvement of the Guarantee Fund (Fondo di Garanzia) for SMEs and guarantee intervention of SACE S.p.A. (publicly controlled companies) to cover bank loans granted to large companies
– Further deferral of tax and social security payments scheduled for the months of April and May 2020.
– Postponement of other tax compliance and tax litigation procedures​.
– Maintaining the business “going-concern” for the purposes of corporate governance and financial statements.​

Support website(s):

StartUPs SOS

World Health Organization

OECD

Government

Civil protection

Ministry of Health

Ministry of Finance

Ministry of Foreign Affairs

INPS

Internal Revenue Service

Government – FAQ on “Rest at Home” Decree

MEF – FAQ on the Cura Decree

Collection Agency – FAQ on the Cura Decree

Revenue Agency FAQ on the Cura Decree

ODCEC Group Work area

Germany

In Summary: 

  • Loans available provided by KfW
    Requests to defer tax payments
    Expanded short term work scheme
    Plans to change bankruptcy rules

Full information:

  • Easier tax deferrals if the payment of taxes has a significant impact for the company.
  • Reduced prepayments for Corporate Tax, Solidarity Surcharge and Trade Tax if it is foreseeable that the tax burden of the company will potentially be lower in 2020 based on the crisis.
  • Will not pursue outstanding tax amounts until 31 December 2020 where the crisis has a direct impact on the company.
  • The customs administration and German Federal Tax Office will also act for energy tax, insurance tax, etc. accordingly.
  • The Reconstruction Loan Corporation (KfW Bank) also offers loans and risk assumptions for companies. The local banks will support in this regard.
  • The requirements for short-time compensation (Kurzarbeitergeld) are lowered.

Offical Government website(s):

Deutsche Startups Best Practices

Spain

In Summary: 

  • Potentially deferring tax payments for small/medium sized business and self employed
  • Loan payments can be postponed
  • Extra loans available

Full information:

 

Offical Government website(s):

Tech City on COVID-19

Portugal

In Summary: 

  • Extension of tax payment deadlines
  • Support for maintaining employment contracts
  • A special budget for training

Full information:

Taxpayers can request a postponement of tax debts for six months with no interest accruing on such amounts within the first three months. This measure affects debts related to declarations/settlements and self-assessments for which the deadline for submission and payments.

During a state of emergency, the periods of limitation and expiration of any actions and rights are suspended and, where appropriate, any extensions adopted.

Support website(s):

COVID-19: support for businesses

Sweden

In Summary: 

  • Central government will pay out sick pay for two months
  • Companies can defer payment on tax
  • Support for maintaining staff

Full information:

Coming soon

Offical Government website(s):

Government Economic Measures

Norway

Coming soon

The Netherlands

Coming soon

Denmark

In Summary: 

  • Temporary wage compensations
  • Support package for Danish businesses
  • Extended deadlines for tax payments

Full information:

Coming soon

Support website(s):

Copenhagen Capacity

United States

In Summary: 

  • $2tn stimulus package
  • Small business loans available (if businesses can retain staff, they will not have to pay back)

All information

With the exception of partnerships, and solely for taxable years beginning in 2019 and 2020, taxpayers may deduct business interest expense up to 50% of their adjusted taxable income (ATI), an increase from 30% of ATI under the Tax Cuts and Jobs Act.

Elective five-year carryback of net operating losses (NOLs) generated in taxable years beginning after December 31, 2017, and before January 1, 2021.

Defers the effective date regarding the limitation of excess business losses.

Small Business Administration (SBA) Loan program to keep small businesses alive and their workforce in place by helping businesses pay certain expenses and keeping employees on the payroll.

Eligible employers provided with a refundable credit against payroll tax liabilities and postpones the due date for depositing certain employer payroll taxes during 2020.

Eligible individuals may receive arefund check equal to $1,200 ($2,400 for joint filers) plus $500 per qualifying child. The refund begins to phase out if the individual’s adjusted gross income (AGI) exceeds certain thresholds.

Temporarily increase in the amount of and expands eligibility for unemployment benefits, and it provides relief for workers who are self-employed.

Relief to taxpayers for both federal income tax returns, and federal income tax payments which would be due April 15, 2020, are postponed until July 15, 2020.

The Families First Coronavirus Response Act (H.R. 6201), guarantees free testing for the novel coronavirus (COVID-19), establishes emergency paid sick leave, expands family and medical leave, enhances unemployment insurance, expands food security initiatives, and increases federal Medicaid funding.

80 hours of emergency paid sick leave for workers who are unable to work while they are sick or complying with COVID-19 restrictions or caring for school age children due to the closure of schools or child care facilities, as well as paid family and medical leave that employees will be able to use to care for family members (not for personal illness) for up to 12 weeks.

The first 10 days of emergency family and medical leave may be unpaid, unless employees opt to use accrued paid time off for those days. The mandatory paid leave provisions apply to employers with fewer than 500 employees and government employers, with exceptions for health care providers and emergency responders.

Employers can subtract the cost of the new mandated paid leave (plus the cost of keeping affected employees’ health care coverage in place during that leave) from any payroll taxes that are otherwise due to the IRS.

Offical Government website(s):

US Government Response

Financial help for freelancers

Canada

In Summary: 

  • Emergency wage subsidy
  • More time to pay taxes
  • Increased access to credit
  • $82 billion economic stimulus package announced

All information

Emergency Care Benefit

  • $900 every two weeks for up to 15 weeks for orkers, including self-employed individuals, who are either quarantined or sick with COVID-19; are taking care of a family member who is sick with COVID-19 s or Parents with children who require care due to school closures and are unable to earn employment income.

Economic Stimulus Measures

  • Interest rates cut to  0.75%
  • Buisness Develoment Bank of Canda have $10 Billion credit facility program launched
  • One week waiting period for EI waived
  • Enhancements to work-sharing program for tohse that demonstrate a recent decrease in business of 10%; Demonstrate that the work shortage is temporary and beyond your control; and submit and implement a recovery plan

Federal Level Taxes

  • The tax filing deadline for individuals will now be June 1, extended from April 30.
  • The filing deadline for trusts will be May 1, extended from March 30.
  • The tax filing deadlines for corporations have not been modified.
  • The partnership filing deadline was not addressed nor confirmed yet with the Federal government.
  • For individuals, the payment of any tax balance owing for 2019 that would have been due on April 30 has been extended until after August 31.
  • For trusts (other than specified investment ow-through entities), the balance owing for 2019 that would have been due on March 30 has been extended until after August 31.
  • The June 15 individual instalment payment for 2020 will now not be due until after August 31.
  • For corporations, all tax payments that become due on or after March 18 (whether it is a balance due or an instalment payment), will not be due until after August 31.

Québec Taxes

  • For individuals, the payment of any tax balance owing for 2019 that would have been due on April 30 has been extended until after August 31.
  • For trusts (other than specified investment ow-through entities), the balance owing for 2019 that would have been due on March 30 has been extended until after August 31.
  • The June 15 individual instalment payment for 2020 will now not be due until after August 31.
  • For corporations, all tax payments that become due on or after March 17 (whether it is a balance due or an instalment payment), will not be due until after August 31.
  • The tax filing deadline for individuals will now be June 1, extended from April 30.
  • The filing deadline for trusts will be May 1, extended from March 30.
  • The tax filing deadlines for corporations have not been modified.
  • The partnership filing deadline was not addressed in writing, however we have been informed it will be extended to May 1.
  • The filing deadline for specified investment ow-through trusts remains March 30 and the deadline for specified investment flow-through partnerships remains March 31.
  • These measures do not apply to GST/HST or QST return ling or tax payment deadlines.

Offical Government website(s):

US Government Response

Financial help for freelancers

India

In Summary: 

  • Eased statutory and regulatory compliances
  • Workers taking leave as a precaution are treated as ‘on duty’ without deducted salary

Full information:

Coming soon

Offical Government website(s):

Invest India

CBI

Saudi Arabia

Full information:

Coming soon

More countries coming soon

We’re working to find and verify information from all across the world. As you can imagine this is a mamouth task, and we’d like to ensure we only provide acurate and up to date information.

If you need urgent information on your countries measures, please get in touch directly with the team.

COVID-19 Resource Hub

We have been working with our industry leading Academy Steering Board to build out a comprehensive resource hub for navigating COVID-19. Whether you are looking for advice on working from home, communicating with clients, implementing best hygiene practices,or something else entirely, we can help.

Crisis Support Helpline.

Can’t find what you need? Give us a call and we will provide real-time advice for your situation. Whether you’re unsure about government funding, or looking for the latest health and safety guidelines for your event, we can point you to the right place. 

Call us directly on

  • US TOLL FREE: +1 (628) 239 0018
  • UK TOLL FREE: +44 1206598016

*Local charges may apply

Alternatively, arrange a call back using the following link.

 

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