Covid business support dries up after 2 years, some €31 billion
2 years, 8 months ago

Covid business support dries up after 2 years, some €31 billion

NL Times  

After over two years and over 31 billion euros spent, the government's coronavirus support packages for companies end today. While the government support measures helped keep businesses afloat and unemployment low, criticism of the generic nature of the measures grew the longer the support lasted. In April last year, Pieter Hasekamp of the central planning office CPB warned that the support threatened to freeze parts of the economy. According to the regulator, it placed a heavy burden on public finances and would eventually disrupt healthy economic dynamics as it kept struggling businesses alive that would have died if there had been no pandemic and no support.

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History of this topic

Coronavirus support for industry reduces incentives to adapt: central bank
2 years, 8 months ago

Coronavirus support for industry reduces incentives to adapt: central bank

Dutch News  

While government support measures were effective in supporting hard-hit industries in the first year of the coronavirus crisis, they also reduced the incentive for businesses to adapt to change, the Dutch central bank says in a new report. The support measures, the bank says, turned out to be very successful, keeping bankruptcy and unemployment rates low, and allowing the economy …

Coronavirus support for industry reduces incentives to adapt: central bank
2 years, 8 months ago

Coronavirus support for industry reduces incentives to adapt: central bank

Dutch News  

While government support measures were effective in supporting hard-hit industries in the first year of the coronavirus crisis, they also reduced the incentive for businesses to adapt to change, the Dutch central bank says in a new report. The support measures, the bank says, turned out to be very successful, keeping bankruptcy and unemployment rates low, and allowing the economy …

Gov't Covid support saved at least 65,000 jobs: Planning Office
3 years, 2 months ago

Gov't Covid support saved at least 65,000 jobs: Planning Office

NL Times  

The Dutch government's coronavirus support package saved between 65 thousand and 180 thousand jobs, central planning office CPB calculated. The support package was therefore effective in 2020 - many people kept their income, unemployment did not skyrocket, and few companies went bankrupt, the CPB said, NOS reports. The CPB looked at the NOW scheme for wage support, the TVL scheme …

Half of companies that received covid support must repay advance
3 years, 5 months ago

Half of companies that received covid support must repay advance

NL Times  

Around half of the 32 thousand companies who received compensation of their fixed costs as part of the special coronavirus subsidy scheme TVL achieved a higher turnover between June and September 2020 than expected. As a result, 16 percent of the companies must fully repay the advance, and 34 percent must reimburse it partially, Statistics Netherlands reported. Companies were able …

Over 80% of businesses must pay back some Covid wage support
3 years, 5 months ago

Over 80% of businesses must pay back some Covid wage support

NL Times  

More than 80 percent of businesses who made use of the Dutch government's NOW regulation for wage support during the coronavirus pandemic, will have to pay at least some of that money back, NOS reports based on a publication by three Ministry of Finance officials. Based on these estimates, the government paid out a total of 12.2 billion euros in …

13,000 businesses toppled despite getting corona support
3 years, 5 months ago

13,000 businesses toppled despite getting corona support

NL Times  

Over 13 thousand companies that received coronavirus support from the government between April 2020 and March 2021 ended up closing down. That amounts to just over 2 percent of the 586 thousand companies that made use of one of the Dutch government's multiple coronavirus support measures, Statistics Netherlands reported on Friday. That is nearly 7 thousand companies, more than half …

Government spent €17.6 billion on Covid support in 2020
3 years, 8 months ago

Government spent €17.6 billion on Covid support in 2020

NL Times  

In total, companies received 17.6 billion euros in Covid relief, Statistics Netherlands reports. Roughly 15 billion euros of the Covid financial support went to continue paying payroll wages as part of the NOW scheme. The remaining 2.6 billion euros went towards the compensation of fixed costs in the TOGS/TVL scheme. The trade sector received three billion euros in governmental support …

Cafes, restaurants and hotels make half of requests for coronavirus support
4 years ago

Cafes, restaurants and hotels make half of requests for coronavirus support

Dutch News  

Almost half the requests for help with paying wages by companies hit by coronavirus have come from the hospitality sector, payment agency UWV has said. Payroll Meanwhile, according to the Volkskrant, payroll companies have been able to claim millions of euros in government coronavirus support, despite new regulations which are supposed to make payrolling less attractive. Although there are no …

Ministers agree more help for companies, theatres hit by coronavirus
4 years, 1 month ago

Ministers agree more help for companies, theatres hit by coronavirus

Dutch News  

Ministers have agreed to extend financial help for companies facing difficulty meeting their fixed costs because of coronavirus to support industries, including suppliers and transport firms. Event organisers will also be able to claim an additional payment averaging around €14,000 and €40m has been set aside to help theatres which do not get subsidies but have been hit by show …

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