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Extension to the maximum duration of start-up funding remains in force

Ministry of Economic Affairs and Employment 23.6.2020 9.00 | Published in English on 25.6.2020 at 11.55
Press release

Parliament has approved government proposals to extend the period of validity of the temporary legislative amendment on awarding start-up grants until the end of 2020. The President of the Republic is to approve the amendment on 26 June 2020 and it will enter into force on 1 July 2020.

The maximum duration of start-up funding has been temporarily extended from 12 to 18 months as of 1 May 2020. The legislative amendment ensured that entrepreneurs receiving start-up funding would be able to start and establish business operations despite the coronavirus epidemic. The extension to the maximum duration of start-up funding will remain in force until the end of 2021. Start-up funding can thus be granted for a maximum of 18 months if the funding period started before the end of 2020.

The period of validity of the temporary amendment to the Decree on the payment of start-up grants will also be extended. Start-up funding may be paid until 31 December 2020 for the days when the business owner is working in his or her business and for the days when the operations have been interrupted due to the COVID-19 pandemic. For example, if the recipients of start-up grants would be able to do business on certain days of the week but not full-time due to the epidemic, start-up grants will also be paid for the days when the business owner is not working in his or her business.

The amendments are part of the measures related to the COVID-19 pandemic. They are based on a proposition by the labour market confederations to extend the validity of the temporary amendments to labour legislation and unemployment security legislation.

The Employment and Economic Development Office may award start-up grants by virtue of the Act on Public Employment and Business Service (916/2012) to an individual client starting business activities as a primary source of income. The purpose of the start-up grant is to secure the entrepreneur’s income for the period of time required to get the business up and running.

Inquiries:
Meri Pensamo, Senior Specialist, Ministry of Economic Affairs and Employment, tel. +358 295 047 257

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