1. Apply for the trade lease loan
- If you have a trade lease running and need to close your physical facility due to corona measures, consider the trade lease loan.
- Get an agreement with the landlord whereby the landlord waives one or two months' rent. In return, the government provides a loan for the payment of two additional months (maximum €35,000 at 2% per year).
- You can apply for the trade lease loan until March 1, 2021.
2. Try to renegotiate and communicate with your suppliers
Give yourself some breathing room by requesting payment extensions from your suppliers and/or possibly renegotiating your payment terms. Communication is key.
- If you are having financial difficulties due to the corona crisis, know that you cannot currently be declared bankrupt. There is an automatic suspension until January 31, 2021.
- You are also not required to file for bankruptcy.
- Current contracts also cannot be terminated by default and no attachment can be made.
3. Talk to your bank
Request payment deferral from banks for your current credits
- If the bank wishes to grant you a credit but you do not have sufficient guarantees, consider the 'Coronacrisis Guarantee of PMV'. For a maximum fee of 0.50%/year on the guarantee amount, the Flemish government grants you a state guarantee.
- Is your company in need of additional cash?
- Ask for an additional credit from your bank
- Apply for credit at PMV
- Three-year subordinated loan (not for companies in difficulty)
- Start-up Loan+, Co-financing, Co-financing+....
- Do your friends, family or acquaintances wish to support your business through a loan or a capital increase? Then check out the modalities of Friends' Share and the Winwin Loan (tax benefit 2.5% per year).
4. Take a close look at your cost structure
What costs, if any, can be temporarily postponed, reduced, or stopped?
- Also, look at what direct debits, if any, can be stopped from charges that are not necessary.
5. Postpone or make sure you can reduce the payment of taxes
The FPS Finance allows repayment plans, waivers of certain fines and interest if the cause is attributable to Covid
- The December advance on VAT is not mandatory this year
- See whether or not the reconstruction reserve can be applied
- Check whether the one-time investment deduction of 25% can be applied. The possibility is extended to 31/12/2022
6. Apply for corona support
If you are based in Flanders, agree with your client manager whether or not you qualify for the new Flemish Protection Mechanism : premium of 10 % of turnover in period 01/10/2019 - 15/11/2019
- If you are located in Wallonia, know that grants from Fonds Wallon Covid-19 can be awarded to companies with > 60% revenue loss and for hospitality, sports and amusement parks
- If you are based in Brussels and active in the hospitality and/or events sector, know that covid 19 premiums are awarded.
- Find out if you qualify for bridging rights due to mandatory closure.
- If not, perhaps you qualify for the reliance benefit?
- Do you possibly need to be quarantined? Then you can apply for a classic bridging right
- For the summer months, you can apply for corona parental leave if you did not enjoy bridging rights at the time
- If you have problems paying your social security contributions, you can request a postponement or even an exemption. Please contact your customer manager or social secretariat.
7. Are you an employer?
If you invoked at least one full continuous month of TW in the spring, you may be eligible for a partial withholding tax exemption for the summer months of 2020.
- You can take advantage of the relaxed temporary unemployment because of corona until the end of March.
- If you belong to a mandatory closed sector you may be eligible for a refund of the NSSO employer contributions for the third quarter.
- You can obtain instalment plans with exemption from sanctions for the BV and the NSSO.
- Think especially about: what after corona? Will all employees still be employable in the same way and, if not, can any training make them employable elsewhere in your company?