Illustrative stock photo (source: TASR)
The coronavirus outbreak and the measures adopted to slow down the spread of the disease have paralysed the lives of people and the operation of several companies in Slovakia. With predictions of a deep recession coming up soon, the government stepped in, introducing measure packages to prevent the economy from collapsing.
“The aim is to offer a helping hand to those whose business has been affected by the coronavirus crisis,” said PM Igor Matovič (OĽaNO) when introducing the first measures in late March 2020.
The government has introduced several packages focused on employees, the self-employed, small and medium-sized enterprises (SMEs), and large employers. Some have been adopted by parliament in a fast-track proceeding, while others are still pending final approval.
Aid to SMEs
The very first measures parliament adopted on April 2 were geared toward SMEs employing no more than 250 people, and the self-employed.
The government argued that these firms, contrary to large companies, do not have a sufficient cushion to stave off the negative impacts of the pandemic.
The package was supported by all 141 MPs present at the vote. The price tag of these measures is about €1 billion a month, of which €0.5 billion should be bank guarantees.
