Financial impact corona

GIG talks pt.2 - Financial impact of Corona

reading time: 2min | #GiG Talks #GiGHOUSE | 24 November 2020 | Daan De Bock

The effects of COVID-19 also made themselves noticeably felt in the portfolio of our freelancers. Where previously there was room to work on a financial buffer or to invest surpluses in the growth of the company, a lot of freelancers saw their income shrink. Fortunately, for freelancers working under "self-employed" status, some support measures were created by the government. Below, in the second episode of our GIG talks, you can read how our freelancers experienced the crisis financially.



Freelancer Caroline had built up a small financial cushion the year before and was fortunate to be able to fall back on it. "Ik deliberately applied for as few grants as possible". For several separate months, she applied for the bridging right and compensation premium. "I'm keeping my head above water but it's sad to see that the buffer you worked so hard for is now gone."

The bridging right was created by the government in March 2020 to support entrepreneurs who were forced to shut down their operations. Even during the second wave (June to December), freelancers who were unable to start up or were unable to do so sufficiently can again claim this premium. In addition to the bridging right, there are numerous other aids such as the nuisance premium and the compensation premium available. In addition, the self-employed also get some much-needed favoritism such as tax and VAT deferrals.

Also Kurt appealed for government support, the subsidy scheme was his salvation."I unfortunately qualified for every premium and they were very welcome with an empty schedule". But what did freelancers actually think of how the government arranged the support? Sabine, an expert on grants, notes that the grant scheme was tiptop. "The government made a huge contribution to ensure that we could survive as much as possible." Currently, we read that during the first wave, the government has already put more than a billion euros into the granting of premiums.

But not everyone had to rely on these premiums. For some, though, the corona crisis was lucrative. Freelancer Thibault namely, saw how he could save a lot on transportation costs during the lockdown. "I don't charge transportation costs, because I don't think they add value to my customers, since working from home saved me this cost".


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