Index - Abroad - Austria offers 430 million euros to companies in difficulty

Index – Abroad – Austria offers 430 million euros to companies in difficulty

A financial aid package of 430 million euros (approximately 158 billion HUF) will be created in Austria to tackle the crisis caused by the coronavirus pandemic.

According to Vice-Chancellor Werner Kogler,

The assistance aims to provide a bridging solution for sectors facing difficulty due to the pandemic, such as tourism, hospitality, culture and sports, until their reopening.

Part of the aid announced now will be an increase in the amount of existing aid, and another part will be a new type of aid now being provided to help businesses and workers alike.

The amount of the current assistance, known as the “loss bonus”, will increase to 230 million euros.

Since February, such assistance has become available not only to closed companies, but also to companies that indirectly engage in economic activities with them and thus incur losses.

The new element is that companies that have been forced to hire part-time workers since November will receive a subsidy of 825 euros per employee

The accumulated vacations that were not taken due to the epidemic, as well as the thirteenth month’s salary, or the so-called “stay pay”, can be more easily paid to employees.

Another novelty is that

Workers whose income usually comes from tips will receive a one-time allowance of 175 euros.

As the restaurant terraces and gardens will open for the first time, €10 million is expected on March 27 to support catering establishments wishing to set up an outdoor reception area or terrace or expand their existing facilities.

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The country intends to contribute 9 million euros to reopen sports federations by paying annual membership fees, in the hope that this will allow anyone who has previously played in an association to “return” there.

The arts and culture field is supported with €20 million under the so-called “restart package,” and this support can be primarily – but not exclusively – requested by cultural institutions and event organizers to set up external events, MTI writes.

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