Blümel extends turnover compensation: businesses subject to closure will receive 50%
 
Applications open from 16 December via FinanzOnline – anticipated costs total EUR 1 billion
 

Vienna (OTS) - The Ministry of Finance is extending the assistance provided by turnover compensation until the end of the year in order to compensate the turnover of those businesses that remain subject to closure on government instructions. "The measures we are taking now will directly affect whether, and how quickly, we will be able to open up again in all areas in 2021. This will in turn impact on our growth, our jobs and the survival of businesses, and will naturally also affect budgets, levels of debt, and the public finances," explained Finance Minister Gernot Blümel.

Turnover compensation for December

For the period of extended closure in December 2020, affected Austrian businesses will be compensated at a level of 50% of turnover. In order to enable this turnover compensation to be paid as straightforwardly, unbureaucratically and swiftly as possible, it will be automatically calculated using tax data already held by the tax administration, with the turnover amount for December 2019 forming the calculation basis. Applications can be made via FinanzOnline, and applications for turnover compensation covering December will open on 16 December

Turnover compensation to date

Since 23 November, it has been possible to apply for turnover compensation for businesses subsequently forced to close. Applications for the hospitality and hotel industry opened back on 6 November. In the first three weeks, a total of 71,886 applications were received, in a total volume of EUR 1.6 billion, of which EUR 828 million has already been paid out. In the case of both instruments, i.e. the fixed cost subsidy (I+II) and turnover compensation, applications have now been received totalling over EUR 2 billion, of which over EUR 1 billion has already been received by the businesses concerned.

Finance Minister Blümel summarised the available assistance thus: "Every business we can support successfully through the crisis will secure valuable jobs in Austria. For this reason, we are now additionally extending turnover compensation on a one-off basis at a level of 50% until the end of the year. Here, we anticipate costs amounting to EUR 1 billion. From 2021, the fixed cost subsidy will take its place."