Extra Financial Support for Corona Damages

The Dutch cabinet announces extra financial support for businesses suffering damages due to the corona crisis. 

TVL Support temporarily extended to all industry sectors

The compensation measures for fixed expenses (TVL - Tegemoetkoming Vaste Lasten) will be made available to all industry sectors.  The minimum fixed expenses threshold has been lowered to €3,000. 

If you fixed business expenses (such as rent, lease, insurances, periodic subscriptions, maintenance, etc) are minimal €3,000 over the period 1 October to 31 December 2020 and your loss of sales due to the corona crises is over 30 percent you may be eligible for the TVL support, irrespective of the industry you operate in.  The compensation ceiling has been raised from €50,000 to €90,000 over the three month period. 

Your company should have been registered with the Dutch Chamber of Commerce (KvK) before 15 March 2020.  

Applications starting mid November

Additional Compensation for Expired corporate stock and re-adjustment expenses

For businesses in the hospitality industry (hotel, lodging, restaurants, bars) extra financial support will be given for expired corporate stock and readjustments expenses due to corona. If your corporate stock expired due to mandatory business closure for corona or investments in corona-proof measures (such as terrace extensions) an additional compensation of around 2.75 percent of loss in sales (on average €2,500) will be available. 

Applications starting mid November

Additional Compensation for the Event Industry

The event industry (converts, events, fairs) can apply for additional compensation for loss in sales. This one-time compensation will be based upon the TVL compensation companies in the event industry received last summer. A minimal of 30 percent loss in sales is not prerequisite. The compensation per company is estimate to be on average €14,000. 

Time-out Arrangement

The Dutch cabinet prepares for a Chapter 11-like arrangement, which provides protection against a creditors. This arrangement would allow for a time-out period to help company bridge the period until it can restart it's business activities.

Various other support measures

The Dutch cabinet prepares a number of additional financial support measures for companies hit hard by the corona crises. These measures are:

  • Unsubsidized Theaters
  • Sport specific businesses
  • Governmental backed loan programs extended
  • Coordinates actions for the retail industry such as diversified opening times