Dutch government extends financial support until October
NOW, TVL, TONK, and Tozo extended until October
While the economic outlook is looking positive, the government has acknowledged that the coronavirus pandemic means there are still many uncertainties as businesses struggle to stay afloat.
The economic support packages were supposed to expire at the end of June, but the government has set aside six billion euros to extend the availability of this support through to October 1. In total, 80 billion euros has been used to support entrepreneurs and companies throughout the coronavirus crisis.
This decision means NOW (covers costs of salaries), Tozo (income support for self-employed workers), TVL (the reimbursement of fixed costs), and TONK (temporary support for necessary costs) have all been extended. You can read more about the financial support available to you and your business here.
Dutch government warns support won't be available forever
Not only will the support be available for an additional three months, but the government has also made it easier for start-ups and new companies to qualify for the support they need. In addition to this, companies and entrepreneurs have been given more time to pay off tax debts.
Looking to the future, the government has made it clear that this support will not always be available, writing in a statement that there is “a risk of continuing aid measures for too long, because they make normal economic development more difficult.” Minister of Finance Wopke Hoekstra also emphasised that “our pockets are deep, but we can only spend the money once.”