Reclaiming Corona aid: Thousands of companies in Bavaria under time pressure

Reclaiming Corona aid: Thousands of companies in Bavaria under time pressure

According to a report by www.stern.de, many Bavarian companies are threatened with the complete repayment of Corona aid from the federal government. The Munich and Upper Bavaria Chamber of Industry and Commerce announced that the final statement or an application for a deadline extension is missing for more than 12,000 applications. If these companies do not submit anything by January 31st, they will have to repay 100 percent of the funding amount including interest.

The impact of this situation could be significant. Many companies could face financial constraints as they may not be able to raise the funds to be repaid. This could lead to bankruptcies and job losses and also affect the overall market.

A total of almost 12 billion euros was paid out as part of the bridging aid, November and December aid and restart aid. The deadline now applies to all applications for bridging aid I to IV as well as some of the applications for December and November aid. The IHK in Munich expects final accounts for 283,000 applications, of which around 156,000 still have to be submitted.

Applicants must submit their actual declines in sales. As a result of the audit, there may be demands for reimbursement, additional payments or confirmation of funding that has already been paid out.

This situation may require additional measures to support affected companies and minimize negative impacts on the market. Business financial stability and jobs must be prioritized to support long-term economic recovery.