The sixth stimulus package enters into force

To mitigate the impact of the coronavirus on the economy, the sixth package has been designed by the government valued at around EUR 1 billion. The legislation extends several existing measures, while a major novelty is help with fixed expenses.

Photo: Unsplash/Lena Balk

The package extends once again the furlough subsidy scheme, measures to improve liquidity and introduces help with the coverage of fixed expenses, among other things.

The furlough scheme will be extended into January 2021, with the amount of the subsidies being raised to the average wage in the country.

In what is a key novelty that will apply for the last three months of 2020, companies with a revenue decline of over 70% will be eligible for compensation equalling 1.2% of their annual income per month; those whose revenue declined by between 30% and 70% will get 0.6% per month.