Tax-free Support Fund without Reimbursement

by | Mar 21, 2020

This small article of interest appeared in the Saturday Kleine Zeitung: translation provided below

*Because this is an unofficial translation, provided purely to help people, please understand that the translation is not perfect.

Original article in German by Manfred Neuper
Kleine Zeitung on Saturday, 21 March 2020

1 billion euros: Fund for one-person and micro-enterprises will be set up next week

1. When will the support fund for one-person and micro-enterprises start paying out money?

Answer: The final decisions are now being made in Austrian Parliament. The fund is planned to start next week, and the government has promised that the first tranche of payments will be made in March. The fund will be endowed with one billion euros, which the Austrian Chambers of Labour (Wirtschaftkammern) have earmarked for self-employed persons and non-profit organizations. The aid is intended to provide support for those for whom tax deferrals, guarantees and reduced work hours (Kurzarbeit) do not provide sufficient support, emphasised Minister of Economics Margarete Schramböck.

2 When must the money received be repaid?

Answer: Not at all. Schramböck already outlined a few days ago that a direct subsidy, i.e. cash in hand, should be provided for those affected, which does not have to be paid back. The Austrian government is taking this step to ensure the survival of those whose businesses have completely disappeared or been heavily impacted. The support should help them continue to be able to pay running costs. The subsidy will be exempt from taxes and duties.

3. Where can applications be submitted?

Answer: It should be possible to submit applications from next week and on. A central IT solution is currently being developed at the WKO, so that applications can be submitted and processed quickly. Current information is available at: wko.at/corona
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