The Italian government has approved multiple, robust financial stimulus packages to support the struggling nation’s economy. At the outset, initiatives were immediately put in place to provide financing and tax relief.
Support programs for small and medium-sized businesses include guarantees of up to €5 million per borrower and moratoriums on certain debt payments. Additionally, the government is providing a one-time payment of €600 per self-employed person affected by the COVID-19 outbreak.
Further tax relief provisions are currently under discussion, which is reported to include suspension of certain tax payments, including social security contributions, withholding taxes, value added tax payments, and compulsory insurance premiums, among others.