Alert for small business owners needing PPP loans

This is an alert for small business owners who are looking to apply for the Paycheck Protection Program (“PPP”) loans offered by the U.S. Small Business Administration (“SBA”). The loans help alleviate the economic impact of the Coronavirus pandemic, but there are bad actors trying to get business owners to apply for the wrong program. The FTC announced that it filed a case against a company that allegedly claimed to offer PPP loans — but, in reality, the company is not affiliated with the SBA and, the FTC says, it has been deceiving hundreds, if not thousands, of business owners. According to…

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Corona: Dutch government measures overview

To find out for which schemes you qualify, you can use the KVK – Business.gov.nl measure checker (interactive pdf). These measures are available now: Financial measures FOR WHOM? APPLY TO: OPEN? NOW Employers who experience at least 20% turnover loss Employee Insurance Agency UWV Yes TOZO All self-employed professionals: zzp, dga’s, partners in partnerships, etc. Municipality of residence Yes TOGS All companies in sectors selected Netherlands Enterprise Agency, RVO Yes TVL SMEs in selected sectors with no more than 250 employees and >30% turnover loss Netherlands Enterprise Agency, RVO Not yet COMPENSATION FOR HORTICULTURE AND FLORICULTURE Horticultural and floricultural businesses, potato farmers Netherlands…

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Debt restructuring

If you are no longer able to pay your debts and you are a sole trader, partner in a partnership (maatschap or vennootschap) or a freelancer/self-employed professional, then you are personally liable for your business’s debts. There are two ways to apply for debt restructuring: You can appeal to your municipality for debt restructuring. If this fails you can appeal to court for debt restructuring. If your inability to pay your debts is temporary, you can apply for suspension of payment. Voluntary debt restructuring When you appeal for voluntary debt restructuring, a debt counsellor will help you. Debt counsellors are appointed through your municipality,…

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Financial support for self-employed professionals (Bbz)

Corona crisis: extra support for self-employed professionals There is an extra, temporary Bbz benefit to support self-employed professionals who have gotten into financial difficulties due to the corona crisis. This measure is called the Temporary bridging measure for self-employed professionals (Tozo) Read more about the terms and application process for the Tozo. When are you eligible for Bbz? Different groups of freelancers/self-employed persons are eligible: those starting a company, who receive: welfare (in Dutch), unemployment benefit or incapacity benefit; established entrepreneurs who are experiencing temporary financial problems; entrepreneurs who are 55 or older with a non-viable company; entrepreneurs who wish to end their company. Changes in…

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Microcredit

If you are a starting or existing business owner in the Netherlands and need credit, you may be eligible for a microcredit. Microcredit is a business loan up to €50,000. You can also apply for a SME loan (MKB-krediet), which is a €50,000 to €250,000 business loan. Please note: Due to the coronavirus outbreak, entrepreneurs who have a loan from microcredit provider Qredits do not have to repay their loan for a period of 6 months. During this period, the interest will be reduced to 2%. You can ask Qredits for an extension (in Dutch). When do you qualify? You are a starting or existing…

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