{"id":30510,"date":"2020-04-20T10:18:00","date_gmt":"2020-04-20T08:18:00","guid":{"rendered":"https:\/\/finsa.ee\/a-closer-look-at-the-crisis-relief-measures\/"},"modified":"2021-08-04T17:02:50","modified_gmt":"2021-08-04T17:02:50","slug":"a-closer-look-at-the-crisis-relief-measures","status":"publish","type":"post","link":"https:\/\/finsa.ee\/en\/a-closer-look-at-the-crisis-relief-measures\/","title":{"rendered":"A closer look at crisis relief measures"},"content":{"rendered":"\n<p>Over the past few weeks, the Finsa team has communicated with dozens of companies and helped them to explain the government\u2019s crisis <!--more-->relief measures, to\u00a0<a href=\"https:\/\/finsa.ee\/en\/kredex-helps\/\">assemble financial plans and to analyse creditworthiness.<\/a>\u00a0We have also taken a critical look at reports from 2019, and we are communicating with accountants to correct various recordings. Furthermore, we are helping the leaders of enterprises to formulate the plans in their head as veritable business plans and financial projections.<\/p>\n\n<p>These observations have revealed, that even though there is a lot of information out there, the situation remains unclear for many entrepreneurs and private individuals. Subsequently, I will lay out some key points of reference with regard to the business opportunities that the crisis relief measures offer at this point.<\/p>\n\n<h4 class=\"wp-block-heading\"><h4><b>Measures directed at private individuals<\/b><\/h4><\/h4>\n\n<ul class=\"wp-block-list\"><li>The measures directed to private individuals are managed through the Estonian Unemployment Insurance Fund (T\u00f6\u00f6tukassa), and appeals are possible through the employer. This is suitable in instances when: a company\u2019s turnover has significantly dropped, there is no work to offer to employees, there have been salary reductions (at least two out of three conditions must be met). Assistance given during max 2 months. This measure is meant uniquely to support employees working under an employment contract.<\/li><\/ul>\n\n<h4 class=\"wp-block-heading\"><h4><b>Corporate bank loan guarantees through KredEx and the Rural Development Foundation (MES)<\/b><\/h4><\/h4>\n\n<ul class=\"wp-block-list\"><li>Loan amount maximum 2 x 2019 salary expenses including taxes (in case of a justified exception up to 25% of the previous year\u2019s turnover or 18 months of liquidity needs);<\/li><li>As of 31.12.2019, the company\u2019s equity may not be less than 50% of the company\u2019s share capital;<\/li><li>As of 31.12.2019, there must be no tax debts;<\/li><\/ul>\n\n<h4 class=\"wp-block-heading\">Direct corporate loans through KredEx<\/h4>\n\n<ul class=\"wp-block-list\"><li>Loan amount maximum 2 x 2019 salary expenses including taxes (in case of a justified exception up to 25% of the previous year\u2019s turnover or 18 months of liquidity needs);<\/li><li>As of 31.12.2019, the company\u2019s equity may not be less than 50% of the company\u2019s share capital;<\/li><li>As of 31.12.2019, there must be no tax debts;<\/li><li>Certain sectors (agriculture, rural economy, financial and insurance activities, etc.) and certain activities (eg car acquisition, real estate development, etc.) are excluded.<\/li><\/ul>\n\n<h4 class=\"wp-block-heading\">Direct corporate loans through the Rural Development Foundation<\/h4>\n\n<ul class=\"wp-block-list\"><li>Aimed at agricultural, rural and fishing enterprises;<\/li><li>As of 31.12.2019, the company\u2019s equity may not be less than 50% of the company\u2019s share capital;<\/li><li>For a COVID-19 loan, the maximum amount is a maximum of 2 x 2019 salary costs including taxes (up to 25% of the previous year\u2019s turnover in case of a justified exception or other exceptions if the loan term is <\/li><\/ul>\n\n<p>In summary, the current crisis measures are primarily targeted at those companies that officially paid wages in 2019 and did not have a deficit in equity at the end of the year. In addition, the negative impact of the current crisis on the company\u2019s economic activities and an adequate exit plan must be clear. The current measures do not support start-ups and pending business plans.<\/p>\n\n<p>If you have any questions regarding these measures or would like Finsa\u2019s assistance in compiling financial plans and analyzing creditworthiness, or in\u00a0<a href=\"https:\/\/finsa.ee\/en\/contact\/\">communicating with banks or KredEx, please feel free to contact us.<\/a>\u00a0We are inspired by being able to help and support<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Over the past few weeks, the Finsa team has communicated with dozens of companies and helped them to explain the government\u2019s crisis<\/p>\n","protected":false},"author":2,"featured_media":31011,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-30510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - 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