COVID-19: Developments in France (AFIGEC)

March 19, 2020 - AFIGEC

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PrimeGlobal member firm AFIGEC provides a full update on the situation in France regarding the Coronavirus pandemic.

Coronavirus: an aid of 1500 euros for small businesses in difficulty

The Government has committed to offer 1500 euros for the month of March to companies in difficulty with a turnover of less than 1 million euros. "1500 euros of fast, simple, automatic assistance on simple declaration". 

This is what Bruno Le Maire promised yesterday. A condition is to get through difficulties in March 2020. Either because of the forced closure of the company (catering businesses, tourism …) - or because activity this month has fallen by at least 70% compared to March 2019.

The Government also said it will provide an anti-bankruptcy scheme for companies employing at least one employee and which would be in very great difficulty despite having recourse to all the other schemes, by increasing the financial support, on a case-by-case basis.

New state-guaranteed bank loans

Another new aid to companies has been discussed, which is a state guarantee for new bank loans, amounting to €300 billion. With this, "banks have no reason to refuse any loan to any company".

Supporting documents to travel

Every person walking on the French streets must be in possession of the now famous "attestation de déplacement dérogatoire". This certificate allows us to go outside in limited cases, namely:

- journeys between home and the place where the professional activity is carried out,

- purchases of food,

- for health reasons,

- for compelling family reasons or

- for trips close to home related to individual physical activity.

In addition to this certificate, the employer who has employees who cannot telework, must give them a " justificatif de déplacement professionnel" certificate. We will provide you with these two templates in a separate email.

In case of control by the police or the army, any person who is not in possession of these documents is liable to a fine of 135 euros.

Social measures

We are still waiting for specification from the Government regarding the social measures, in particular on the part-time work. We should receive these information tomorrow at the latest. The URSSAF social contributions and the retirement contributions (for some specific pension funds) have been postponed for the March deadline. We do not have information regarding the April deadline yet. 

Cash forecast

Our team at AFIGEC can help you with a cash forecast.

When needed, do not hesitate to come back to your dedicated team in order to create a dedicated forecast which we would update depending on the tax measures and social measures from the government, in order to give you a forecast of your cash position 2 or 3 months ahead.

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AFIGEC is one of the best providers of local services. Founded in 1981, today the firm has grown to 7 offices throughout France, and more than 2500 clients. Our 16 partners and 130 professionals, many of whom have had Big 4 firm experience, are always available when our clients need us. Our international team is located in Paris, and we can provide services throughout France. We are an independent firm, and we work with independent professionals. Our experienced team is dedicated to international clients and follows regular training in order to best adapt to any given situation.

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