Corona financial aid guide for lockdown sufferers
On October 28, 2020, Germany decided on new measures to contain the corona pandemic, which will come into force on Monday, November 2, 2020 (lockdown light).
Small companies, self-employed, commercial enterprises and entrepreneurs who are affected by this “lockdown light” are to be compensated, unlike in spring 2020, with up to 75 percent of the turnover of the previous month November 2019.
The following companies and self-employed are affected by the lockdown:
- Institutions and facilities that are used for leisure activities:
- Theater, operas, concerts etc.
- Trade fairs, cinemas, amusement parks and providers of leisure activities (indoors and outdoors), amusement arcades, casinos, betting shops, etc.
- leisure and amateur sports with the exception of individual sports alone, in pairs or with your own household on and in all public and private sports facilities
- Swimming pools and fun pools, saunas and thermal baths
- Gyms and similar facilities
- Catering establishments as well as bars, clubs, discos, pubs and similar establishments (pick-up and delivery permitted)
- Service companies in the field of personal care such as cosmetic studios, massage practices, tattoo studios and similar businesses (hairdressers may remain open)
- Events for entertainment are prohibited
Corona financial aid up to 75% turnover in the same month last year November 2019!
Companies, businesses, the self-employed, associations and facilities that are affected by the temporary closings to contain the corona pandemic receive extraordinary economic aid from the federal government:
- Companies and institutions with up to 50 employees receive 75% of the corresponding sales for the same month of the previous year (November 2019)
- Companies and institutions with over 50 employees receive a percentage grant, which is determined according to the upper limits of the relevant state aid requirements. Up to 70% of the previous year’s income could be paid out.
The federal government provides a total of up to 10 billion euros for financial aid.
But be careful!
When and how the grant can be applied for is still open. Also how quickly it is paid out. This raises the question of what to do if financial bottlenecks arise before the corona financial aid is paid out?
Bridging financing up to the corona financial aid payment
Small businesses, the self-employed, sole proprietorships and traders are part of the 2nd Corona wave Lockdown-Light hard hit. Numerous desperate requests for financial Corona help make it clear that this is an unprecedented emergency situation.
With a bridging loan as bridging finance, the self-employed can overcome a short-term liquidity gap, which they need to maintain business activity.
Banks are still finding it difficult to assess situations that are critical for the self-employed, tradespeople and small businesses because they are more interested in longer-term loan financing with higher loan amounts.
If bridging finance is then required, the classic installment loan from banks proves to be unsuitable. The self-employed are then well advised to look for alternatives to the bank, not least in order not to unnecessarily burden the good relationship with their house bank. It makes sense to deal with the requirements for a loan in advance before submitting an application.
Our tip: COMPEON offers digital company loans up to 750,000 euros in 24/48 hours!
The FinTech company COMPEON recently expanded its range of short-term loans up to € 100,000 for small and medium-sized companies. This was done through the collaboration with the FinTech company iwoca, which specializes in brokering short-term loans for this target group.
The iwoca services are connected via an interface. In this way, COMPEON customers can immediately take out loans of up to EUR 100,000. This means that COMPEON customers receive iwoca offers for their required financing project at record speed.
The digital short-term loan from COMPEON fulfills the requirements for fast lending to bridge financing bottlenecks for self-employed, freelancers, tradespeople and small and medium-sized enterprises (SMEs):
- Bridging loan up to 100,000 euros within 24 hours
- Bridging loan up to 750,000 euros within 48 hours
Fully digital process enables the fastest possible lending
After the financing parameters have been entered in the COMPEON portal, a completely digital process is initiated in which all parties involved communicate via interfaces. The deep technical integration of iwoca in the COMPEON portal enables end-to-end integration from customer identification and digital signature to the payment of the loan.
You should be interested in:
- With the finance portal COMPEON self-employed, tradespeople and small companies can apply for KfW Corona funding online without going to the house bank! More about this: Apply for a KfW Corona promotional loan quickly and easily online!
- Corona emergency aid for SMEs and the self-employed to secure liquidity: bridging loan from COMPEON online in 24 hours with access to government subsidies!
- Factoring as a credit alternative for small and medium-sized companies is not only an interesting solution in times of crisis!
- Money from the state is also available without repayment: More on this under: How self-employed, start-ups and small companies receive money from the state without repayment!
- With COMPEON, the credit chances increase by 100%! Another advantage: You save 30% interest! More: SME tip: 100% higher credit opportunities and 30% interest savings!
- The time-consuming search for financing doesn’t have to be: Access to 250 financing offers and 1,700 funding programs with a single online request? Yes, that is possible! More about this at: SME tip: With one request you have access to 250 financial partners and 1,700 subsidies!
- Also the Usage for the loan can be of importance in the bank’s credit decision.
- Before the self-employed turns to the bank with his loan application, he should inquire about the Credit requirements inform in detail!
Everything else on the topic Cheap loans for the self-employed, freelancers, founders, entrepreneurs, tradespeople and small businesses find loan seekers in our practice guide Self-employed loan.
Keywords: Corona help for self-employed, small businesses, tradespeople and freelancers, liquidity problems due to coronavirus failures, digital company loan, bridging loan, overdraft, short-term company loans, instant loans for the self-employed, interim loan, interim financing, short-term measures to alleviate the coronavirus crisis, short-term coronavirus crisis Business loan, working capital loan, short-term loan solution, short-term loan, short-term corporate loan, coronavirus crisis, corona help for the self-employed.
–
