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Important information for companies in the time of coronavirus

Important information for companies in the time of coronavirus

Updated: 30 March, 2020

We collected an info package for companies concerning the services and support available in order to alleviate the effects of coronavirus, including financial and tax arrangements. Below you will also find the contact information for BusinessOulu advisors who are there to help you with your problems.

BUSINESSOULU / Uusyrityskeskus

The rapid spread of the coronavirus and the economic consequences it causes are now a matter of concern to many companies. Micro and SME companies, in particular, have experienced a significant change in the short term due to shrinking trade, but the abrupt changes also make it difficult for large companies to do business regardless of their industry.

The situation also challenges business service providers and forces them to respond to changes in the business environment. BusinessOulu strives to maintain an active service offering to companies, but we also consider the need for exceptional changes in our operations. Due to the current situation, physical events, events and coaching will be pursued this spring through webinars, video conferencing and other online activities. Whenever possible, we will give you more details on how to implement it.

Business Services related to business planning and development are still actively available. However, we strive to utilise telephone and video and electronic counselling as much as possible in the counselling work to minimise the risk of infection. Our online services also continue to support personalised counselling. Face-to-face personalised counselling is available upon request, but we urge our clients to pay particular attention to safe operations.

The rapid spread of the coronavirus has posed challenges for the profitability and financing of business operations. In addition to the experts at BusinessOulu, funding providers in the area have also responded to the changed situation and provide support to businesses.

BusinessOulu advisors are there for you throughout this pandemic disruption.

Company funding and finances:
Jussi-Petteri Äijälä, 050 305 0527, jussi-petteri.aijala@businessoulu.com
Janne Kärkkäinen, 040 596 6838, janne.karkkainen@businessoulu.com
Heikki Tunkkari, 044 703 1399, heikki.tunkkari@businessoulu.com

Digital solutions:
Jari Lerssi, 040 141 8774, jari.lerssi@businessoulu.com

Company premises:
Seija Haapalainen, 050 361 4791, seija.haapalainen@businessoulu.com

Services for immigrants:
Viera Karam, 040 674 7862, viera.karam@uusyrityskeskus.fi
Henry Koivukangas, 044 703 1303, henry.koivukangas@businessoulu.com

Counselling for recently established companies:
Matti Knutar, 045 874 5405, matti.knutar@uusyrityskeskus.fi
Anneli Rinta-Paavola, 040 021 6060, anneli.rinta-paavola@uusyrityskeskus.fi
Tuija Aitto-oja, 040 510 6315, tuija.aitto-oja@uusyrityskeskus.fi

Services relating to recruiting personnel: 
BusinessOulu Employment Services, 050 526 3875

Guidance and counselling from our account managers:

Cleantech and industry
Pasi Keinänen, 040 835 9135, pasi.keinanen@businessoulu.com

ICT
Janne Mustonen, 045 675 2929, janne.mustonen@businessoulu.com

Trade and services, travel and logistics
Jyrki Kemppainen, 044 499 3296, jyrki.kemppainen@businessoulu.com

Life Science
Salla Hirvonen, 040 726 1842, salla.hirvonen@businessoulu.com

Creative industries
Petri Sirviö, 040 587 4023, petri.sirvio@businessoulu.com

OuluHealth
Minna Komu, 050 591 7721, minna.komu@businessoulu.com

Large-scale projects
Jouni Kähkönen, 044 703 1320, jouni.kahkonen@businessoulu.com

YRITTAJAT.FI

The Finnish Entrepreneurs have launched a corona-related website to help entrepreneurs. The website made by the Entrepreneurs of Finland is an information package on how to help an entrepreneur to deal with this exceptional situation when the coronavirus has spread to Finland. The site offers the latest news, employer advice, advice and frequently asked questions and answers. Finnish Entrepreneurs also give tips on companies’ financial difficulties, contracts and compensation. The pages are updated regularly.

https://www.yrittajat.fi/en/news/621352-corona-virus-frequently-asked-questions-and-answers-entrepreneurs

So far, Suomen Yrittäjät have the best information in English.

MINISTRY OF ECONOMIC AFFAIRS AND EMPLOYMENT IN FINLAND

Information on coronavirus: https://tem.fi/en/information-on-coronavirus

ELY CENTRE

Read about ELY Centre's funding possibilities

The ELY Centre welcomes positively with changing content of ongoing projects funded by enterprise development grants. In such a situation, first contact the ELY Centre for further guidance.

ELY Centre’s business services, i.e. business development grant, business environment development grant, regional transportation support and business development services can be applied for normally. In accordance with the guidelines and recommendations issued by the THL and the Regional Government Office, interactions and events shall be avoided wherever possible in order to control infections.

Advice on e-services and general advice on the service is provided by the Enterprise Finland Telephone Service, tel. +358 295 020 500.

FINANCIAL AID ADVICE SERVICE

The Financial Aid Advice Service gives you instructions on how to deal with business situations caused by the corona crisis.

Financial Aid Advisory Service National Phone Number +358 29 502 4880 (Mon–Fri 9am–4pm)

Read more about Enterprise Finland Financial Aid Advice Service (www.suomi.fi)

Most info here is in Finnish.

FINNVERA

Finnvera helps enterprises in the exceptional situation caused by the coronavirus.

Finnvera takes a flexible approach towards all reorganisation needs of financing caused by the coronavirus. They have the capability to significantly increase our SME corporate financing and help enterprises over the crisis. The company must have the potential to operate profitably in the long term.

Contact your bank as early as possible. Finnvera and banks are taking a flexible approach towards payment arrangements and such arrangements should be made with the bank as early as possible.

Finnvera provides a guarantee to facilitate the working capital granted by the bank.

https://www.finnvera.fi/eng/growth/current-news-for-smes/current-news-for-smes

BUSINESS FINLAND

Read about Business Finland's funding possibilities

Business Finland will launch two new financial services to mitigate the financial impact of the coronavirus epidemic. Financial services are aimed at all SMEs and midsize companies operating in Finland whose business is suffering from coronavirus. The beneficiary may also be a purely domestic company that does not meet Business Finland's customer criteria for internationalisation purposes.

The financing is intended for the company to find and develop new business in exceptional circumstances. Companies in a wide range of industries are eligible for funding: tourism, tourism auxiliary services, creative / performing industries, and any industry whose subcontracting chains have been or are being affected by the coronavirus situation.

Business Finland’s new financial services:

  1. Preliminary funding for business disruptions. Funding up to EUR 10 000 (80% grant rate, 70% advance payment). With this funding, the company can find out and plan for itself new business, replacement sub-supply chains, and production organization during and after the disruption caused by the corona.
  2. Development Assistance in Business Disruptions. Financing up to a maximum of EUR 100 000 (80% grant rate, 70% advance payment). With this funding, the company can implement the development measures that it has identified in the preliminary study or otherwise in its own operations, which will improve the company's chances in and after the disruption caused by the corona. As a result of these measures, the company must create new solutions in terms of products or production.

BANKS

Banks are sympathetic to the financing needs of companies caused by the coronavirus. Banks urge companies to contact their own bank directly if changes/difficulties to a firm's established business are visible.

TAX ADMINISTRATION

The corona situation can make it difficult for entrepreneurs, businesses and accountants to handle tax matters. An additional pay period may be claimed for a business tax return and the fee for a tax return may be waived for a specific reason that is justified. A special cause is, for example, illness. If your business is having trouble paying, you can apply for a tax settlement. Also note that you can apply for a withholding tax on your MyVero if your business results appear to be lower than estimated.

In this exceptional situation, the tax administration will support businesses by stepping up the handling of the above issues. VAT refund processing will also be stepped up. Possible facilitations for the terms of the tax payment arrangement will also be investigated in cooperation with the Ministry of Finance.