We hope the mentioned good practice case will encourage other governments and policymakers to do the same in their respective countries. Exhibitions and trade shows are the fastest of fast-tracks to economic recovery once the coronavirus crisis has passed and will deliver the best return on investment now. We sincerely thank UFI, EEIA, and EMECA for providing valuable information.
CASE STUDY: FINLAND
Finland was one of the most aiding countries when it came to the meetings and exhibitions industry. Their financial aid helped the industry persevere.
EMERGENCY HELP
Expenditure measures:
On 24 April 2020, a Finnish scheme was announced to support the Finnish economy in the context of the coronavirus outbreak. The Finnish public support takes the form of direct grants, equity injections, selective tax advantages and advance payments, as well as repayable advances, State guarantees and loans. The scheme aims at enhancing access to liquidity by those companies, which are most severely affected by the economic impact of the coronavirus outbreak, thus allowing them to continue their activities, start investments and maintain employment. The scheme will be open to all companies, with the exception of companies active in the primary agricultural, fishery and aquaculture sectors, and will apply to the whole territory of Finland.
On 29 May 2020, under EU State aid rules, a €120 million Finnish scheme was introduced that compensated companies operating restaurants, bars or cafes for the loss of revenue caused by the coronavirus outbreak and the national measures taken to limit the spread of the virus. Under the scheme, these companies are entitled to compensation for the damages suffered in the form of direct grants covering 15% of their loss of revenue up to €1 million, and 5% for the part of their losses above €1 million, during the two-month period of lockdown in Finland. Aid may be granted up to a maximum amount of €500 000 per beneficiary. To ensure that no beneficiary is overcompensated, a control mechanism guarantees that the Finnish authorities recover any compensation exceeding the net losses of each beneficiary.
Measures related to public guarantees:
On 21 April 2020, a Finnish aid scheme to support the Finnish economy in the context of the coronavirus outbreak was announced. The scheme supports companies affected by the coronavirus outbreak and will be managed and implemented by the State-owned Specialised Financing Company, Finnvera Plc. Under the scheme, the public support will take the form of State guarantees on new investment and working capital loans; or Subsidised investment and working capital loans with favourable interest rates. The scheme aims at providing liquidity to companies affected by the coronavirus outbreak, thus enabling them to continue their activities, start investments and maintain employment.
RECOVERY HELP
Measures related to public guarantees, loans, tax deferrals:
On 21 April 2021, the Commission approved an amendment to the scheme SA.57059 (2020/N) – COVID-19: Loan guarantee and subsidised interest rate loan scheme for undertakings most affected by COVID-19.
To find out more about Finland’s aid scheme, click here.
