Coronavirus survival funding for Finnish SMEs

Joni Lehto

A summary in English by Joni Lehto on the funding available for Finnish companies in the exceptional circumstances caused by the corona virus. This is a quick and rough translation of the good Finnish summary at pienyrittajat.fi.

This will be updated on ecosystem.fi/corona-finnish-smes/  as new information comes in.

Last updated 1.4.2020.

SMEs (6-250 employees)

Companies with 6-250 employees can apply for support from Business Finland.

Information in English

Small companies (1-5 employees)

Companies with 1-5 employees can apply for support from their local ELY Centre.

Information in English

Sole entrepreneurs

Sole entrepreneurs can apply for a €2,000 support from their municipality (city, town). They have to be able to show a significant downturn in their financial standing and revenue since 31.12.2019. Companies that have been in financial difficulties already before that or who have unpaid taxes are not eligible. The grant can be applied for expenses occurred during 1.3.-31.8.2020 and can be applied until 30.9.2020.

The application process is being created and is expected to open in mid-April.

This support applies for all entrepreneurs who do not employ others. Freelancers are eligible for this support.

Sole entrepreneurs can also apply for extended unemployment benefit, which is also being created. Both of these supports can be used by the same entrepreneur. If the €2,000 support is applied for fixed expenses, it doesn’t affect the unemployment support. If it is used for the entrepreneur’s salary or similar compensation, it can affect the amount of unemployment support received.

Latest information in Finnish

Latest information in English (several days older)

Text: Joni Lehto, www.linkedin.com/in/joni-lehto/