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Dec 21, 2020

Hungarian government supplements economic protection action plan for families and businesses

PM Orbán said in a video message that the Hungarian government has supplemented the economic protection action plan in the interest of families and businesses.

 

Prime Minister Viktor Orbán said in a video message that the Hungarian government has supplemented the economic protection action plan in the interest of families and businesses.

PM Orbán said the moratorium on loan repayments will be extended, in its present form, for six months, until July 1. He added that there would be an automatic opt-in for participation. He said the government would subsidize two-thirds of payroll costs in December and January at businesses forced to close temporarily because of the epidemic.

The prime minister said the local business tax would be halved for small- and medium-sized enterprises and sole proprietors from January 1. These businesses account for the most workplaces and are also the most vulnerable during the epidemic, he added.

PM Orbán said the government would subsidize the resulting municipal revenue shortfall in settlements with fewer than 25,000 residents, while the situations of bigger cities would be weighed on a case-by-case basis.

Finally, the prime minister said families with one or more children or with a baby on the way would be eligible for a HUF 6 million (EUR 16,800) preferential loan, capped at 3 percent interest, for home renovation. The principal will be reduced with a HUF 3 million government grant when the renovation is completed, he added.

Photo credit: Facebook/Orbán Viktor