Coronavirus: State aid in Italy

By DR. ANDRÉ CASTELLI | 21.03.2020

On 17th March 2020, the Italian Government adopted Legislative Decree No 18 to combat the Coronavirus emergency on three fronts: strengthening the National Health Service to protect the health of citizens, economic support for families and workers and economic support for businesses to support the production system and protect workers.

The decree is very articulated, spread over 127 articles, occupying about 70 pages of the Official Journal, and affects public activity and private life through exemptions, incentives, awards and funds, affecting the situation of workers, independent service providers, freelancers and companies in the fields of health, employment, taxation, justice, finance, penal system, school, distance learning, universities, transport, entertainment, etc.

Among the State aid to businesses, the most important are the tax credit for job creation, the tax credit for shops and stores amounting to 60% of the monthly rent of March 2020, the facilitation of short-time working, the financing of the acquisition and installation of worker protection equipment and, in Article 49, free State guarantees for small and medium-sized enterprises up to a maximum of EUR 5 million per enterprise.

A “Made in Italy” fund, managed by the Italian Foreign Trade Agency (ICE), will be set up at the Ministry of Foreign Affairs to promote international cooperation and the internationalisation of companies and support Made in Italy.

Other measures are introduced to support the liquidity of companies, through state guarantees provided by Cassa Depositi e Prestiti, which grants loans to companies suffering from a loss of turnover.

For freelancers, there is a one-off contribution and access to the Prima Casa fund if they suffer a 33% drop in turnover.

 

If you have any further questions, we will be happy to advise and support you.

Dr. André Castelli

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