“Loss of turnover due to corona at least € 45 billion” Financial

The NOW (Temporary Emergency Measure Bridging Employment) is intended for companies that are seeing their turnover fall due to the crisis. Depending on their drop in turnover, they can be reimbursed up to 90% of the wage costs.

Wholesalers, which are on a large scale with a drop in demand, have the biggest loss of turnover of all companies that have registered for the NOW scheme, at around € 16 billion. Industrial companies face a loss of turnover of approximately € 10 billion. Retailers have a € 6 billion drop and transport companies an estimated € 4 billion. The requests for catering companies represent € 4.5 billion in loss of turnover, according to ABN Amro.

Last week, UWV benefits agency announced that more than 121,000 companies were already applying for NOW. Those companies have indicated that they have an average turnover of around 70% less from March to July. Almost two million people work at the companies. The UWV has now paid out € 2 billion to employers to cover part of their wage costs.

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