New round of business cost support for companies in tourism, restaurant and event sectors
On 28 October 2021, the Government proposed amendments to the Act on Support for Business Costs. The new round of business cost support will be allocated to tourism, restaurant and event companies in particular. The support will be granted by the State Treasury. Applications would be accepted from December 2021.
Companies in other sectors would also be eligible for the support, if a restriction under public law to stop the spread of a pandemic has affected their customer base to a significant degree. A recommendation issued by an authority alone is not considered a restriction.
The objective of the Act is to support the operational continuity of companies particularly affected by the coronavirus pandemic and related restrictions during the difficult situation and to reduce the number of companies filing for bankruptcy by providing them with additional time to adapt their operations and costs after the prolonged coronavirus crisis.
The proposal is related to the fourth supplementary budget proposal for 2021 and is intended to be considered in conjunction with it. A separate government proposal will be issued on extending the validity of the Act after 31 December 2021.
Mikko Huuskonen, Senior Ministerial Adviser, Ministry of Economic Affairs and Employment, tel. +358 29 506 3732
Tuomo Yliluoma, Service Manager, State Treasury, tel. +358 29 550 3349