Non-repayable loans, tax cuts (from Irap to Imu), rents and bills, contributions to recapitalization and more. There are many measures for companies included by the government in the relaunch decree, a measure worth a total of 55 billion euros, of which 15-16 are intended for companies. Let's see in detail the most important interventions.
RELAUNCH DECREE: CUT IN IRAP 2020
On the fiscal side, the prime minister, Giuseppe Conte, has assured that "4 billion in taxes will be cut for all businesses with a turnover of up to 250 million", with the cancellation of the IRAP to be paid by 16 June (balance for the 2019 and first installment 2020, equal to 40% of the down payment). In this case it is not necessary to document any loss of turnover: the regional tax on productive activities is not paid and that's it. Self-employed workers also benefit from this measure, while banks and other companies and financial institutions remain outside.
The payment of withholding taxes, VAT, social security contributions, assessment deeds and tax bills is also postponed to 16 September.
NON-REFUNDABLE LOANS TO SMEs
The government has allocated 10 billion euros to be distributed as non-repayable loans (not loans, therefore, but money given away) to smaller companies, a perimeter which also includes artisans and traders. Two conditions are met to access these resources:
- have an annual turnover of less than 5 million euros;
- suffered a drop in revenues of at least 33% year-on-year in April.
The amount of non-repayable loans corresponds to a percentage of the loss on April turnover which decreases as the size of the company increases. The scheme is this:
- 20% for revenues up to 400 thousand euros;
- 15% between 400 thousand and one million euros;
- 10% between one and 5 million euros.
In any case, the contribution cannot be less than a thousand euros for artisans and traders and 2 thousand euros for businesses.
The non-repayable loans will be paid by the Revenue Agency, which, having already the Iban codes, will be able to quickly (hopefully) make a bank transfer.
For this same group of companies there is also a tax credit equal to 60% on three months' rent (the fees will have to be paid, but will go back in the form of a tax discount) and the freezing of fixed charges on bills until July , which will therefore become more readable.
COMPANIES BETWEEN 5 AND 50 MILLION IN TURNOVER
Even the largest companies, in order to access public aid, must document a loss on April turnover of at least 33%.
To help companies with revenues between 5 and 50 million euros, the State intervenes by offering fiscal and monetary support for the recapitalization:
- shareholders will benefit from an Irpef bonus equal to 30% of the capital injected (to be calculated on a "maximum contribution" of two million);
- the public coffers will guarantee a contribution similar to that paid by the shareholders themselves: the "Fondo Patrimonio Pmi" managed by Invitalia will be able to invest directly in the capital of the companies up to a maximum of 800 thousand euros, using financial instruments to be repaid over 6 years.
For companies benefiting from these aids, obviously, the distribution of dividends and reserves is suspended until the end of 2023.
COMPANIES OVER 50 MILLION EUROS
For companies with a turnover of more than 50 million, the Cassa Depositi e Prestiti enters the field with the "destined assets" operation. The CDP can support joint-stock companies (including listed companies) in various ways:
- direct granting of loans;
- subscription of convertible bonds;
- participation in capital increases;
- purchase of shares listed on the secondary market.
layoffs and redundancies
Given the coronavirus emergency, employers can use the layoffs for a maximum of 18 weeks this year, of which 14 between February 23 and August 31 and another four from September 31 to October XNUMX.
The procedure for the redundancy fund by way of derogation was then speeded up: the employer can apply directly to INPS, which will pay an advance of the allowance equal to 15% within 40 days of the request.
The layoffs, on the other hand, are suspended for 5 months.
IMU ABOLISHED ON TOURISM
Hotels and bathing establishments will not have to pay the first installment of theIM 2020, the one that expires on June 16th. In detail, the owners of properties belonging to the cadastral category D/2, i.e. hotels, farmhouses, tourist villages, youth hostels and campsites, benefit from the exemption, provided that the owners are also managers of the activities. The abolition of the first Imu installment also applies to "bathing, sea, lake, river and spa" establishments.
