Austria Increases Turnover Loss Bonus
Companies, which are experiencing significant revenue shortfall due to the ongoing Covid-19 crisis, can now submit their applications for the Austrian turnover loss bonus for the months of March and April. The total amount available for companies has been increased to EUR 80,000 per month.
Austria's Finance Minister Gernot Blümel is delighted about the numerous financial measures the Austrian government is offering to companies that were particularly hard-hit by the Covid-19 crisis. / Picture: © Bundeskanzleramt (BKA) / Andy Wenzel
Austria has increased the turnover loss bonus for the months of March and April. Applications can be submitted as of today, April 16.
"For a year now, we have been fighting the effects of the crisis with all our power. In total, we have currently committed or paid out more than EUR 34.6 billion in aid. In 2020 and 2021 together, Austria has committed over 10 percent of GDP to deficit-absorbing Covid-19 aid measures, putting us in first place in the EU. The EU average is 5.5 percent of GDP. This aid directly benefits employees. Of the measures disbursed, 38% alone relate to short-time work," said Austria's Finance Minister Gernot Blümel.
With the turnover loss bonus, a very effective and broad-based aid program was launched in February. The advantage is that it is not differentiated by industry and does not target the closure of businesses, but rather the economic impact.
Preconditions
Any company experiencing more than a 40 percent revenue shortfall can apply for a bonus of up to EUR 80,000 per month through FinanzOnline.
In order to provide companies with quick liquidity in March and April, the turnover loss bonus for this period will be increased:
- Instead of a 15% default bonus, 30% can be applied for. Together with the 15% advance on the fixed cost allowance, 45% of the sales shortfall can thus be applied for.
- In addition, the upper limit for the bonus portion of the default bonus for the two months is increased from EUR 30,000 to EUR 50,000.
This means that a total of up to EUR 80,000 per month can be applied for in one go. The increased bonus for March can be applied for from April 16 via FinanzOnline. Thus, the new scheme will provide Austrian businesses with EUR 230 million more in liquidity per month.
"With the default bonus, we have launched a very effective and broadly effective aid program. Currently, we have already received around 160,000 applications with a volume of almost EUR 1 billion. Of these, around 110,000 applications with a total volume of over EUR 700 million have been paid out. On average, EUR 7,000 per month landed in the applicants' accounts within 10 days," sums up Finance Minister Gernot Blümel.