COVID-19

COVID-19 - Temporary compensation plan for self-employed persons.

Temporary compensation plan for self-employed persons. 

The outbreak of corona virus has already had major financial consequences.
Many self-employed people face major challenges and this requires further initiatives.

Therefore, the government is now proposing a temporary compensation plan for the self-employed.

The plan means that the small self-employed, who experience more than 30 per cent decline

in turnover as a consequence of COVID-19 virus, may be compensated. The government will in support many Danish self-employed and small traders in this way.

State compensation is 75 per cent of revenue loss, however, a maximum of 23,000 DKK per month, corresponding to the rates in the salary compensation plan for salaried employees agreed with the social partners in the tripartite agreement. The compensation may amount to up to DKK 34,500 per month, if the self-employed has a co-working spouse.

Self-employed or small businesses can receive maximum compensation for three months from March 9th until June 9th. It is a requirement that the company does not have more than 10 full-time employees.

The specific model will be determined as soon as possible when the data possibilities are finally clarified.

Example: The master of crafts

An independent craftsman expects a monthly revenue loss of 40,000 DKK from March 20th to May 20th as a result of corona virus. The average monthly turnover of the master craftsman's company was in the financial year 2019 DKK 100,000. The loss of revenue thus corresponds to 40 per cent. Therefore, with the government's new compensation plan, the craftsman gets 23,000 DKK in compensation from the state per month until May 20th, corresponding to the maximum monthly compensation. The self-employed craftsman thus has a better standing in this extraordinary situation.

Application and disbursement

The companies must apply for compensation on the Danish Commerce Agency's corporate portal virksomhedsguiden.dk. The Danish Business Authority is working on being able to receive the first applications as soon as possible. Information on this will be published on virksomhedsguiden.dk.

https://www.fm.dk/nyheder/pressemeddelelser/2020/03/regeringen-praesenterer-stoettepakke-til-dansk-erhvervsliv

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