The Netherlands COVID-19 Resources

The Netherlands COVID-19 Resources

  1. General SME grants in the Netherlands:
    • In addition to the BMKB-C loans, GO scheme and Qredits mentioned on the call, the Dutch government also made available €100M in bridge loans for start- and scale-ups.
    • These loans will be distributed via the Regional Development Funds (ROMs).
    • The loans vary between the €50K and €2M.
    • Businesses can apply via ROMs from 29 April.
    • Here below is a list of ROMs in each province:
  2. Support for companies that are looking to export to the Netherlands;
    • We advise them to contact the Netherlands Foreign Investment Agency (NFIA). NFIA has three representatives in India (Nova Delhi, Bombaim, Bangalore).
    • They can also get in touch with the commercial attaché at the Dutch embassy/consulates in their country.
  3. Services are covered by the export credit insurance scheme (through Atradius).

 

Previous Information

  • Extension of credit and guarantee facilities:
    • As of 16 March, the Dutch government anunciado that it will open up the SME government-guaranteed loan scheme (BMKB-C) for SMEs affected by the outbreak. The amount of the guarantee loan in the existing BMKB is increased from 50% to 75%. The government guarantees 90% of this guarantee loan. BMKB-B is intended for SMEs with a maximum of 250 employees. According to the government, this will provide €300 million extra credit for SMEs.
    • Enlargement of the Entrepreneur Finance Guarantee Scheme (GO) for SMEs and larger firms, by raising the guarantee ceiling from 400M€ to 1.5B€. GO provides a 50% guarantee on bank loan and bank guarantees (minimum 1.5M€, maximum raised to 150M€);
    • Small firms are offered a six month delay in repayments of micro loans through Qredits, with an automatic interest rate reduction to 2%. The government will support Qredits with a maximum of 6M€ to accommodate this measure;
    • BMKB guarantee instrument will be temporarily opened for agricultural and horticultural companies.
    • Employers who expect a loss of turnover of at least 20% (counting from 1 March 2020) can apply to the Employee Insurance Agency (UWV) for a compensation for labor costs for their employees for a three-month period. This goes for both permanent and flexible contract employees;
    • The amount of the compensation depends on the loss of turnover, up to a maximum of 90% of the payroll total. The UWV will initially provide an advance payment of 80% of the requested compensation. This will enable companies to continue to pay their staff;
    • This Temporary Emergency Measure Bridging for the Preservation of Work (NOW) will be opened up as soon as possible and will replace the current scheme for reduction of working hours.
  • Easier deferral of tax payments and lowering of penalties:
    • Companies having payment difficulties may request the Tax Administration in writing for special deferral of wage tax, VAT, income tax and corporate income tax debts. The deferral request can be sent to the following address: Belastingdienst, Postbus 100, 6400 AC Heerlen. The request must indicate that the COVID-19 outbreak has caused payment problems. As soon as the request for deferral has been received by the Tax Administration, they will halt the collection of the above-mentioned tax debts and payment will automatically be deferred for three months.
  • An emergency provision will be opened up to provide entrepreneurs with a physical enterprise outside their own home with a one-off contribution of 4K€ in the form of a gift. The scheme is intended for entrepreneurs who have been directly affected by government measures to combat the spread of the coronavirus and have (largely) lost their turnover (e.g. restaurants, bars, hairdressers). This scheme is going to be opened soon.
  • Additional measures to support the self-employed, who can get non-reimbursable income support for three months through a fast track procedure, or apply for a low interest loan for working capital;
  • The Dutch Central Bank (DNB) anunciado that it will relax requirements of capital buffers for commercial banks, to support 200B€ in extra credits. Similarly, the payment of pension contributions has been relaxed as well.
  • The Netherlands Banking Association (NVB) anunciado that SMEs with loans worth less than 2.5M€ will be granted a six month standstill period in loan repayments.
  • Also, the Dutch Chamber of Commerce (KVK) offers an up-to-date overview of measures.
  • Regional measures include:
  • Overijssel province (more rapid payments, better information-sharing with entrepreneurs),
  • Brabant province (5M€ to be made available to support businesses, better information-sharing with entrepreneurs).
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