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Bulletin: Cost Support can be applied for from the State Treasury as of 7.7.2020

In accordance with the law adopted today, the new cost support can be applied for from the State Treasury as of 7.7.2020. The application is carried out through an electronic application on the State Treasury’s website.

The support is aimed at companies whose turnover has decreased significantly as a result of the coronavirus pandemic and who have costs that are difficult to adjust to. The support is effected by fixed costs and salary costs for the support period of 1.4.–31.5.2020.

The support is aimed at companies and fields of business that have been negatively affected by the coronavirus pandemic. Foundations and associations that are carrying out business operations are also covered by the support.

The support can be applied for until 31.8.2020

“The State Treasury will make every effort to ensure that companies that are eligible for the cost support receive their support smoothly and quickly. However, there is no need to rush to apply, as all those entitled to support will naturally receive it,” assures Timo Laitinen, Director General of the State Treasury. The support must be applied for by 31.8.2020 at the latest.

Eligible business fields can be checked via the State Treasury’s website

The support covers those business fields whose turnover has fallen by at least 10%, when compared to a reference period and those that are regulated by a government decree. The turnover of the business field for April 2020 is compared to the average monthly turnover for March-June 2019. An applicant can check the list of business fields on the State Treasury’s website.

The State Treasury receives this information on a company’s field of business from the Tax Administration.  If the company’s business area is not covered by the support, the company must provide particularly compelling reasons for a decrease in its turnover due to the coronavirus situation. A particularly compelling reason may be, for example, a restriction or regulation which has made it more difficult to conduct a business. In addition, the company must also show why its situation differs from the rest of their field of business.

The support is conditional on a decrease in turnover

To be eligible, the turnover of a company must have decreased by more than 30% compared to the reference period. The decrease in turnover is proven by VAT returns submitted to the Tax Administration.

The cost support determined for a company must be at least EUR 2,000 in order to be paid. A maximum of EUR 500,000 per company can be granted. The support can only be paid into an account that the company has notified to the Tax Administration.

More information on the support is available from the State Treasury’s webinar on 30.6.2020

The State Treasury will hold a webinar at 1pm on 30.6.2020, where our experts will tell more about the cost support and how to apply for it. The webinar is hold in Finnish. More information about the webinar is available on the State Treasury’s website (in Finnish) >

To support the applicant, a telephone service will be opened on 1.7.2020. and a chat service on 7.7.2020. There will also soon be a calculator with which an applicant can check whether their company meets the criteria for the granting of support. We will inform you more about all of these later.

Further information for the media:

Director General Timo Laitinen, tel +358 (0) 40 060 3561
Director of the Services for Citizens Division Jyri Tapper, tel +358 (0) 295 50 2950
Service Manager Tuomo Yliluoma, tel +358 (0) 295 503 349

Links:

Webpage for Cost Support at the State Treasury >
State Treasury FAQ on Cost Support >

Link to the application>
Ministry of Economic Affairs and Employment of Finland FAQ on Cost Support >
Ministry of Economic Affairs and Employment of Finland Coronavirus Guidelines for Companies >

Target group: Companies and organisations

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