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14-06-2023 Dr.Yaşam Ayavefe

 There were partial unemployment measures that made it possible to regulate the payrolls of countries during the crisis while maintaining employment. In addition, companies benefited from many cash flow measures that made it possible to protect the means of production and prevent the escalation of bankruptcies. In many countries, governments have proposed a moratorium on loans and mortgages, as well as postponing tax and social security claims.


In Italy, the government has released 19.4 billion euros for businesses. The sectors most affected by the crisis were especially hotels, restaurants or organizations. Benefits were made through tax reductions corresponding to 60% of rents and the abolition of some local taxes.


In addition, special assistance has been planned to mitigate losses for companies with a turnover of less than 5 million euros.


Added to this is the postponement of requests for companies with a turnover of less than 2 million euros. In addition, a six-month moratorium on outstanding loans of up to 220 billion euros has been added. Finally, it was decided to defer tax receivables in order to relieve the pressure on the cash flows of the companies.


Similarly, the German federal government has proposed postponing tax payment deadlines or reducing advance payments for companies facing liquidity problems. New possibilities were created for postponing tax payments and reducing advance payments. In addition, all enforcement measures (account liens) and delay penalties were postponed until the end of the year, as the debtor was directly affected by the consequences of the coronavirus.


The support measures taken in the United Kingdom amount to 60 billion liras. Added to this is about 15 billion property tax cancellations, 15 billion subsidies for small businesses, 22 billion loan opportunities over the course of a year. The government also increased the amount of loans available to large companies, which rose from 50 billion to 200 billion.


In France, two main systems have been implemented for company cash flow. First, if we include early repayment of certain tax credits, companies can take advantage of a 6-month deferral for tax and social fees of approximately 55 billion dollars.

Secondly, the government has implemented an exceptional guarantee system of up to 300 billion euros to support the bank financing of businesses.


In France, according to the measures taken by the Ministry of Labour, partial activity is aimed at employees who are subject to reductions of working hours applied at the workplace below the legal working time. The employee is compensated by the company up to 84% of his net salary within the 4.5 hour minimum wage limit.

The initial appropriation, estimated at 8.5 billion for the two months, has been revised according to various financial laws passed since the outbreak of the epidemic. The state partially withdrew, only paying companies compensation up to 60% of gross salary versus 70% earlier. (the reduction in support does not apply to the sectors most affected by the administrative shutdowns).


The state guarantee covers 90% of the loan for companies with less than 5,000 employees and a turnover of less than 1.5 billion. (80% for the above companies, 70% for those with a turnover of more than 5 billion). By mid-June, the amount of state-guaranteed loans had exceeded 100 billion euros. In addition, a €20 billion relief fund has been created to respond to companies in distress through temporary capitalization.


This allocation falls under the special allocation account of the “financial subsidiaries of the State”. Unless this assistance is fully realized, it cannot be considered a budgetary driver.



In Spain, the plans seem less generous as they represent less than 2% of GDP. They offer SMEs and self-employed workers the opportunity to defer their tax payments for up to six months and benefit from interest subsidies on unpaid payments to the administration. The deadlines for tax returns are extended to better account for activities.


The plan, passed by the American Congress, provides approximately 380 billion aids to SMEs. This amount later increased to 321 billion. This assistance is in the form of a 1% loan with a maturity of 2 years to enable companies to cover their expenses and especially salary costs.


As a matter of fact, the repayment of the loan is canceled if the company effectively employs all its employees for 8 weeks. Congress has also voted in aid for industries that are in great difficulty, particularly including the aviation and airlines industry.


Companies also benefit from tax credit measures that allow them to carry forward tax losses for several years. All the measures in favor of American companies amounted to $ 925 billion at that time. However, the driving force should be higher for the following years. To this aid we must add measures that delay the payment of employer’s social security contributions.



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Yaşam Ayavefe

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