Flemish government ups support to business

The Flemish government has announced a fresh series of support measures to counter the coronavirus crisis.

Businesses that see turnover fall by at least 60% in the six weeks following mid-March can apply for a 3,000 euro compensation grant.  The grant will be available to businesses in the entertainment industry but also to physiotherapists, dentists, psychologists and speech therapists, who are now only responding to urgent call outs. People who are independent professionals in addition to a salaried job will qualify for a smaller grant.

The government is providing greater loan guarantees to big businesses struggling to pay off loans. Loan guarantees of up to 3 million euros will be available. The Flemish government says in this way it will be sharing risk with the banks.

SMEs, especially start-ups, will be able to qualify for 3 year loans with reduced interest charges.

An emergency fund of 200 million euros will provide support to the culture, media, sports and youth sectors.

Flemish PM Jambon warned that the government won’t be able to compensate all the losses triggered by the corona crisis.  He called on Flemings to help in a reconstruction after the crisis citing US President Kennedy: “Don’t ask what your country can do for you, but ask what you can do for your country.”