In recent weeks, the Government and Stortinget (Parliament) have implemented a number of measures to deal with the economic consequences of the virus outbreak. Stortinget (Parliament) has now adopted a temporary grant scheme for businesses.
On April 14, 2020, a majority of Stortinget (Parliament) has agreed to a temporary grant scheme for businesses with a large loss of revenue due to the coronavirus. The purpose of the scheme is to keep several businesses afloat and out of bankruptcy risk, so that the economy recovers faster.
The temporary grant scheme means that the state will cover part of the businesses' fixed expenses, such as electricity and rent. The support will be determined based on the size of fixed expenses and the decrease in turnover. Businesses that are required to stay closed can have up to 90 percent of their inevitable fixed costs covered. The temporary grant scheme will currently apply to March, April and May 2020.
The proposed changes have been dealt with in Stortinget (Parliament) and will come into force as soon as they have been addressed by the King in Council.
Please feel free to contact us if your business needs adaptations as a result of the outbreak of the coronavirus.
