New Financial Measures Introduced for Micro, Small Businesses

The Luxembourg Cabinet approved today two draft Grand-Ducal regulations aimed at implementing new financial support measures for micro- and small commercial enterprises and craft firms in the context of COVID-19.

The approval of these draft regulations means that companies employing between ten and twenty people will be able to benefit from a one-off payment, which amounts to a lump sum of €12,500.

This sum is in addition to the flat-rate compensation of €5,000, which was created by Grand-Ducal regulation of 25 March 2020, for the benefit of companies with fewer than ten people which were forced to close or stop their activities at companies and which, without benefitting from a similar measure, would suffer a loss of at least 50% of their turnover during the period from 15 April to 15 May 2020.

An additional allowance of €5,000 is also granted to companies of fewer than ten people which have not been authorised to resume their activities or which, despite having been authorised to resume activity, would suffer a loss of at least 50% of their turnover during this same period.

Commenting on these measures, Luxembourg's Minister for Small and Medium-sized Entreprises, Lex Delles, stressed that “we are strengthening immediate financial support for micro and small businesses because they are generally the most vulnerable to unpredictable events such as COVID-19. Efficient and rapid support is essential in times of crisis”.

Detailed information will be available from Friday on the Guichet.lu website. The form for submitting requests, which will be processed by the Directorate General of Small and Medium-sized Enterprises, will be available on this platform during the next week. The request is made through an online assistant available through the professional area of ​​MyGuichet.lu via a LuxTrust product or an electronic identity card. This online application tool was developed by the Ministry of the Economy with the support of the Government IT centre.