Since the outset of COVID-19, the Hungarian government has set out multiple support programs and relief measures for the nation’s impacted sectors and struggling citizens.
The initial round of provisions were to support the most negatively impacted sectors, particularly services, tourism, and media. The measures included a reduction and lift of social security and healthcare contributions, exemptions from small business tax for approximately 80,000 Small and Medium-Sized Enterprises, and suspension of certain tax collections.
Throughout April 2020, the government announced further support measures via two direct assistance funds, the Anti-Epidemic Protection Fund and an Economy Protection Fund. These new funds provided financing for subsidized wages for workers on shortened work hours, investments in job creation programs, and financing schemes for targeted industries, including construction, media, health, food, and tourism, among others.
Additional programs have since been introduced which are focused on exporting businesses, including €800,000 grants for eligible businesses and loan financing mechanisms.