Businesses affected by the flood in Emilia Romagna: compensation starts – Fiscal Focus

Businesses affected by the flood in Emilia Romagna: compensation starts – Fiscal Focus
Businesses affected by the flood in Emilia Romagna: compensation starts – Fiscal Focus
The state board, Simest, takes action to support businesses affected by the flood in Emilia Romagna. Starting today, November 21st (at 9:00 am), a new incentive is active with a ceiling of 300 million euros, intended for companies in Emilia-Romagna and neighboring territories damaged by last May’s flood.

The innovations were introduced by Simest, in collaboration with the Ministry of Foreign Affairs and International Cooperation (MAECI).

Recognition of non-refundable contribution – The incentive provides for the granting of non-repayable contributions, the function of which is to compensate for loss of income.

The non-repayable contribution is recognized to all types of businesses that meet the following requirements:

  • a minimum foreign turnover of 3% of the overall company turnover;
  • have suffered a total or partial suspension of activity for a maximum period of six months from the date on which the flood event occurred in the territory where the company is located.

Up to 100% of the value of the loss of income may be recognized for a maximum amount of 5 million euros for each individual company.

What’s new in the “Compensation for damages” measure – Simest, in order to broaden the scope of the measures to support companies affected by the floods last May, has extended the incentive to all companies, with the exception of companies operating in certain sectors, such as agriculture, forestry and fishing. The other innovations contained in the measure starting today, 21 November 2023, are as follows:

  • the minimum foreign turnover required to access the measure is 3% (previously the required quota was 10%) compared to the overall company turnover;
  • A maximum contribution of up to 5 million euros per single company may be recognized (previously up to €1.5 million).

Only one question per company – Each company can submit only one grant application. The disbursement of the economic incentives will take place within 10 days following approval by the Simest Benefits Committee, a body chaired by the MAECI which administers the resources used for the refreshments.

Special package implementation – The innovations, active from today 21 November, complete the implementation of the special package of subsidized finance measures prepared by the Farnesina together with Simest to support exporting companies affected by last May’s flood.

For this purpose, a 400 million euro reserve has also been activated for access to the “Digital and Ecological Transition” tool, from the 394/1981 fund that Simest manages on behalf of the Farnesina.

The measure, aimed not only at exporting companies but also at companies in the production chain, provides dedicated conditions, with access to a non-repayable share of 10% and the possibility of allocating 90% of the financing to expenses for capital strengthening.

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