Tuomas Tahvanainen |

Coronavirus: How to alleviate the situation

The economic slowdown caused by the coronavirus COVID-19 can bring challenges to businesses and entrepreneurs when it comes to securing their business and personal finances. It is advisable to find out all possible ways on how to ensure your business’s continuity.


The Tax Administration has provided the following opportunities to alleviate the situation:

–  Companies can apply for a tax payment plan

–  Withholding taxes can be adjusted

– One can seek extra time for Tax return and possible fees due to delays can be overruled

Gallant’s financial management advisors are here to support you with actions mentioned above, therefore please contact your own Gallant contact person as soon as possible. 


Financing options for sudden financial crisis can be found:

Business Finland’s financing package during interruptions is meant for SMEs and Midcap businesses that operate in Finland and are affected by the coronavirus. Financing has opened today 19.3.2020 for businesses to apply. 

Financing alternatives can also be found e.g. from Finnvera and multiple other parties.

Gallant’s advisors are available to businesses for mapping out and applying for financing options. You can directly contact asiantuntijat@gallant.fi.


Employer’s opportunities during coronavirus

This surprising situation has risen many questions, which often bring more challenging interpretation questions regarding the employer’s opportunities. Employers are now looking for answers to a variety of situations to ensure business continuity in the future.

Currently, a rescue package from the labour market organizations that has also been presented to the government. The purpose of the 16-item list is to help rescue businesses and jobs. The employer should follow the development of the situation and the instructions and recommendations from the National Institute for Health and Welfare.

We are currently gathering advice for employers in emergency situations where following topics will be addressed:

1. How to be prepared?

2. Payroll obligation in different situations

3. Inhibition of work

4. Labour law and lay-offs

Our HR and Payroll Specialists will assist with a variety of payroll and employment related issues. If the financial situation demands tougher measures, such as layoffs, our experts will support the process. Directly contact asiantuntijat@gallant.fi.


Support is coming to entrepreneurs

Yrittäjät has presented a comprehensive toolkit for the government that discusses the entrepreneurial security of solo entrepreneurs, financing and labour law.

“According to HS the Ministry of Employment and Economy has prepared a proposal to the government where the government would temporarily allow entrepreneurs to be covered by the unemployment insurance. Normally full-time entrepreneurs are not eligible for unemployment benefits, but the aim of this proposal is to support entrepreneurs whose income is suffering because of the coronavirus. In the new government’s model the entrepreneur would themselves declare if their income is falling and after they would be entitled to the unemployment benefit for a limited time period. According to HS It remains to be seen whether the maximum amount of aid is equivalent to labour market support or whether entrepreneurs could receive earnings-related unemployment benefit…”(Source HS.)


Despite remote working, we are available remotely via email and by phone. If you have any questions, please contact your own Gallant contact person or customers@gallant.fi.