Summary of the “Israel emergency economic measures” to support the economy under the Coronavirus threats (as of March 24, 2020).
Following the development of the “Corona crisis” in the health and economic spheres, this information can change every week, so you may want to keep up to date daily.
• State guarantee loans:
– Following the outbreak of the Coronavirus, a dedicated working capital financing scheme established under the State Guarantee Fund for small and medium businesses.
– The program is designated for businesses that have Cash Flow difficulties (suppliers, employees, inventory, etc.) and which have turnover of up to NIS 100 million.
– The loan amount you can get up to NIS 500,000 for businesses with an annual turnover of up to NIS 6.25 million. Or up to 8% of turnover for businesses with an annual turnover of NIS 6.25-100 million.
• Grants from the Innovation Authority to support projects and activities that help deal with the crisis; three programs launched to support research and development programs to help prevent, treat, and address the challenges of the Coronavirus.
– Funding for early-stage R&D programs that can help address the challenges of the Coronavirus.
– Funding for the development and execution of projects that can help address the challenges of the Coronavirus.
– Funding for R&D and Pilot Programs of Industrial Companies for Prevention, Treatment, and Coping with COVID19 Virus (“Corona”).
• Grant to self-employed and small businesses:
– The Ministry of Finance and the Ministry of Economy grant grants to “self-employed” and small businesses that meet the criteria.
– The Tax Authority is expected to set up a digital system that will allow any self-employed person to fill in their personal area information on the website, check their eligibility, and apply for the grant.
• The tax authorities postpone payment, deadlines, and filing of reports:
– The 2019 annual report deadlines, two months extension.
– The late 2018 annual reports deadlines extension.
– “Withholding-tax” certificates validity extension.
– Postpone the reporting date of businesses to the VAT authorities of the monthly and bi-monthly payment of VAT.
– “Tax-adjusted approvals” certificate validity extension.
– Extending deadlines for Annual deduction statements from wages (Form 126) and non-wages (Form 856) such as suppliers.
• The Registrar of Companies postpone deadlines of filing reports:
– Extending the deadline for submission of annual reporting date to the Registrar of Companies of Nonprofit and Public Benefit Companies.
• The Social Security Institute has published guidelines for unemployment benefits for employees who forced to take a leave of absence following the Corona crisis.
AUREN Israel has set up an emergency center to support and assist businesses in dealing with the Corona crisis. For more information (in Hebrew) https://coronabiz.co.il/ and https://auren.co.il/
Emergency contact info:
The Advisory department +972-54-5519296 Mr. Amir Kahani, Managing Partner ami[email protected]
The Financial and Economic department +972-50-6404040 Mr. Yoram Fishman, Managing Partner [email protected]
The Taxation and accounting department +972-52-3819954 Mr. Yaniv Angel, Managing Partner [email protected]
We hope that the above information is of use to you. If you have any questions, please do not hesitate to contact us at any time.
Mr. Ofir Angel
AUREN Israel Chairman