Finland
Measures taken in response to coronavirus (COVID-19) pandemic
Adoption date |
Type of measure |
Beneficiaries' sector specification |
Description of measure |
20/03/2020 |
Public guarantees |
All non-financial sector |
Extending state guarantees to the SME-lending from 2 billion to 12 billion EUR by Finnvera (state-owned entity) or by banks with the Finnvera guarantee. The default guarantee share is 80% but in some cases 90% guarantee can be granted. |
20/03/2020 |
Other measures of fiscal nature |
Non-financial corporations |
State Pension Fund authorised to buy commercial papers 1 bn |
20/03/2020 |
Tax deferrals |
All sectors |
Deferral of tax payments and TyEL (pension insurance) contributions €3–4.5 bn |
20/03/2020 |
Other measures of fiscal nature |
Non-financial corporations |
Easier reborrowing of pension insurance contributions |
20/03/2020 |
Direct grants |
Non-financial corporations |
Pension insurance contributions lowered by €1.05 bn |
20/03/2020 |
Direct grants |
All sectors |
Business Finland and Centre for Economic Development, transport and the Environment, direct assistance +€200 mill for SME and midcap companies. |
26/03/2020 |
Direct grants |
All sectors |
Amending the decision made on 20.3: Business Finland and Centre for Economic Development, transport and the Environment, direct assistance raised from 200 millions to 1 billion euros for SME and midcap companies. |
08/04/2020 |
Direct grants |
All sectors |
Amending the decision made on 26.3: Business Finland and Centre for Economic Development, transport and the Environment, direct assistance raised to 1,2 billion euros for SME and midcap companies. Direct assistance for self employed 250 million euros. |
05/06/2020 |
Direct grants |
Non-financial corporations |
Direct assistance 123 million euros to restaurants. Two parts: 1st for loss coverage due to lockdown and 2nd part for re-employing |
01/07/2020 |
Direct grants |
All sectors |
Support intended to cover the costs of businesses that have experienced a marked decrease in turnover due to the coronavirus and have costs that are difficult to adjust. According to the bill, the aim of the support for business costs is to reduce the number of companies facing bankruptcy by ensuring the continuity of business activities and maintaining the financial production capacity. |
27/11/2020 |
Direct grants |
All sectors |
2nd round for cost support grant. Both the applicability requirements and the period of support are modified. Support is intended to cover the costs of businesses that have experienced a marked decrease in turnover due to the coronavirus and have costs that are difficult to adjust. According to the bill, the aim of the support for business costs is to reduce the number of companies facing bankruptcy by ensuring the continuity of business activities and maintaining the financial production capacity. |
12/04/2021 |
Direct grants |
All sectors |
3nd round for cost support grant and compensation for the lockdown of the restaurants. Cost support grant is intended to cover the costs of businesses that have experienced a marked decrease in turnover due to the coronavirus and have costs that are difficult to adjust. |
01/06/2021 |
Public guarantees |
All non-financial sector |
Event guarantee for the entertainment industry. The guarantee aims to reduce organisers’ financial risk. Applies to concerts, art exhibitions, sport events etc |
12/08/2021 |
Direct grants |
Non-financial corporations |
4th round for cost support grant (subsidy) Targeted at companies that have suffered from a major loss of turnover (min 30%) |
18/03/2021 |
Direct grants |
Non-financial corporations |
Closure compensation for micro understakings and small companies with less than 50 employees |
23/06/2021 |
Direct grants |
Non-financial corporations |
Closure compensation for large and medium sized companies with at least 50 employees; A company can apply for closure compensation if its premises were closed to customers temporarily last spring by law or by an official order, and its turnover has decreased by more than 30 % in calendar months of the closing period compared to the corresponding period in 2019. Closure compensation is intended for restaurants and other food and beverage serving companies, and sports facilities, gyms, public saunas, swimming pools and spas, as well as indoor playgrounds. |
23/06/2021 |
Direct grants |
Non-financial corporations |
Fixed cost support |
03/12/2021 |
Direct grants |
Non-financial corporations |
The fifth application round of cost support covers the costs for companies that have suffered from public law restrictions related to the fight against the COVID-19 pandemic. The support covers expenses incurred between 1 June and 30 September 2021. The restriction may have been directed directly at the company or its customer base. Cost support is intended for companies that meet the following conditions: |
10/06/2022 |
Public loans |
Non-financial corporations |
SMEs with at least 6 employees, esp labour intensive companies |
23/08/2021 |
Direct grants |
Non-financial corporations |
RRF (Recovery and Resilience Facility); R&D subsidies for various purposes |
17/03/2020 |
SyRB |
Banking sector |
Abolishment of Systemic Risk Buffer |
17/03/2020 |
O-SII |
Banking sector |
Lowering of O-SII Buffer from 2,0 % to 1,0 % for OP Group |
15/03/2020 |
Other measure |
Non-financial corporations |
Bank of Finland restarted to invest in the domestic corporate paper market. The initial size of the program was 500 million EUR, but in the board meeting on 19.3.2020 the board of Bank of Finland decided to double the size to 1 billion EUR. The program has been scaled down to zero. |
29/06/2020 |
Other measure |
Households |
Lowering LTC limit from 85% to 90%- The limit for first time buyers was still 95%. The measure has been discontinued |