January 28, 2021

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New help for badly affected businesses could save up to 2 million …

New help for badly affected businesses could save up to 2 million ...

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Photo: Peter Hilz

The Flemish government is introducing a new support measure for companies hard hit by the corona crisis. In particular, the event sector is taken into account. Large companies can receive up to 2 million euros.

The existing Flemish protection mechanism applied for the last three months of the year. Companies with a revenue loss of more than 60 percent could receive 10 percent of their revenue from the same period last year as support. There was an upper limit of 60,000 euros per month and a half.

A measure is now being taken for the last nine months of the year for the particularly hard hit companies. Companies that have suffered a loss of 70 percent can achieve 10 percent of their sales from the previous year, with an upper limit of up to 1 million euros, depending on the number of employees. With a loss of sales of 90 percent, this increases to 2 million euros. The premiums already paid will be deducted from this.

“I am thinking in particular of the event sector,” said the Flemish Minister for Economic Affairs, Hilde Crevits, on Saturday after the Council of Ministers. “There is an enormous amount of human capital there. It is crucial that we keep these people in the industry. “

The regular Flemish protection mechanism will be extended by two months until the end of February. To prevent misuse of the rewards, the supervisory authority is reinforced by ten people.