Finance Minister Brunner: "We are continuing to help impacted sectors of the economy" Minimum turnover loss threshold reduced to 30 % – a fast application process enables swifter payments
Turnover loss bonus III constitutes the second extension of the turnover loss bonus scheme, and applications can be made to cover the calendar months November 2021, December 2021, January 2022, February 2022 and/or March 2022. Unlike with the previous two turnover loss schemes, eligibility for the turnover loss bonus III scheme for November and December, which were periods of lockdown, covers businesses with turnover losses starting from just 30 %. In addition, applications for turnover loss bonus can now be made as early as from the 10th of the calendar month following the relevant reference period, rather than the 16th, as was previously the case.
"In the fight to combat the economic consequences of the pandemic, from the outset the federal government has sought to provide unbureaucratic and rapid assistance where it is needed. We will continue to follow this course. Comprehensive economic assistance has ensured that our businesses have remained solvent, thereby saving jobs, and this still holds true following the latest decisions by the federal and provincial governments," declares Magnus Brunner, Austria's new Finance Minister.
The compensation rate is 10 % – 40 % of lost turnover, and eligibility also extends to businesses newly formed up to 1 November 2021. The exact amount of turnover loss bonus III is calculated on the basis of the amount of turnover losses suffered in the relevant reference period and the economic sector in which the business principally operated during the period in question. Turnover losses for the reference period are multiplied by the percentage indicated for the relevant economic sector as set out in Appendix 2 of the Turnover Loss Bonus III Regulation. These percentages are identical to those that applied for turnover loss bonus II.
Turnover loss bonus III is capped at EUR 80 000 per calendar month. In addition, the amount of turnover loss bonus III is limited to the extent that the total of turnover loss bonus III and short-time working assistance for the relevant reference period may not exceed the comparative turnover as set out in paragraph 4.5 of the Turnover Loss Bonus III Guidelines. Assuming general eligibility to claim, the amount payable will total at least EUR 100.
"Particularly for the hotel and hospitality industry, the days leading up to Christmas generate very high revenues. If businesses are not able to open, this causes economic losses. Through the turnover loss bonus, we at the Ministry of Finance have relaunched a tried-and-tested instrument. Businesses suffering large turnover losses can submit their applications with effect from tomorrow, 10 December. This will ensure that initial payments can be made even before Christmas," explains Brunner.
Details on turnover loss bonus III can be found online at www.bmf.gv.at/ausfallsbonus