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France Proposes Additional COVID-19 Support Measures

Tuesday, November 17, 2020

In two recent speeches, French Finance Minister Bruno Le Maire has outlined plans to extend COVID-19 supports for French businesses.

The Government plans to extend the exemption from social security contributions for companies engaged in the tourism, hotels, catering, sport, culture, air transport, and events sectors that employee no more than 50 employees. It will also be offered to companies engaged in the broader S1 and S1-bis sectors, which cover a broader range of tourism and entertainment services and transportation, among numerous other things, providing they have experienced a decline in turnover of 50 percent or more.

Additionally, a tax credit is to be offered to property lessors who agree to waive rent payments for one month over the winter period, for tenants employing fewer than 250 employees who provide temporary accommodation services or catering services. Le Maire said on November 10 the credit would equal at least 30 percent of the rent foregone and suggested it would cover rent payable in November.

The measures will be included in the Fourth Amending Finance Bill for 2020 (PLFR4), which was presented to the Council of Ministers on November 4, 2020.