The Dutch government has implemented many legislative changes, grants, incentives, and extensions to ease the strain on business. The following are the current benefits offered.
Temporary Emergency Bridging Measure (NOW)
Employers can claim substantial compensation for 3 months wages, providing they retain their employees and expect at least a 20% loss of turnover.
The minimum compensation for 25% turnover loss is 22.5% of wages. Maximum compensation for a 100% turnover loss is 90% of wages. The scheme covers the period March to May 2020 and applications can be made from 6 April until 31 May 2020 here.
Temporary Benefit for Self-Employed Professionals (TOZO)
This measure provides up to a €1,500 grant over three months and/or a business loan of up to €10,157. The loan offers a lower interest rate and the possibility of delayed payments. Individuals should apply through their municipality.
Reimbursement for Entrepreneurs in Affected Sectors (TOGS)
The government offers a €4,000 reimbursement to SMEs, with or without staff, who suffer loss because of closure, restriction of meetings and/or curtailment of travel. Sectors such as hospitality, itinerant trade, suppliers, healthcare providers, and agricultural leisure activities must meet additional requirements. The government offers a eligibility verification tool here.
SME Credit Guarantee Scheme (BMKB)
SMEs may be eligible for a 75% guaranteed loan to increase their overdraft limit. Interest is caculated at 2% for a maximum period of 8 quarters and 3% for a period of 9 to 16 quarters. Companies can apply through a participating bank or funder listed here.
Innovative companies and startups may qualify for additional assistance.
Tax Payment Deferrals
Companies can apply for a three month tax extension on income tax, corporate tax, payroll tax, and turnover tax (VAT) through a single form here.
Businesses can also apply to specific agencies for deferral of other tax payments such as excise duty, tourist tax, regional water authority tax, landlord levy, environmental taxes, insurance premium tax and betting and lottery tax. Penalties have been waived for late payments and the interest rate on outstanding balances has been decreased to almost 0% temporarily.
While this information is correct at the date of publishing, we recommend you contact us for assistance. Our in-country-experts are tapped into the regulatory and governmental pipeline and your company may qualify for additional regional measures. We are here to help you navigate these new various legislative changes, grants, and incentives and their impact on your business.