General national economic measures
*small business relief or other financial support
*income support for employees
*tax returns and or VAT returns suspended/delayed
*interest free crisis loans
*company tax relief
See the official overview of economic support measures here
More information:
- At the end of March 2020, economic measure were announced. Bulgaria’s financial aid package involved 4.5 billion levs (around 2,299 billion euro) to shore up the economy, with a focus on healthcare, foreign affairs, and the Bulgarian national bank.
-Coverage of 60% of the wages of employees of most affected businesses (suffering revenue losses greater than 20% compared to March 2019) who would have been otherwise laid off. Bulgaria has extended the 60/40 wage subsidy—a response to the coronavirus (COVID-19) pandemic—through 31 December 2020. (source)
-The EU approved a Bulgarian BGN 500 million (approx. €255 million) public guarantee scheme to support small and medium-sized enterprises (SMEs) affected by the crisis. Coverage of each loan is maximum 80%.
-The government also reallocated about BGN 350 million (€179 million) of EU funds to directly support companies affected by the Covid-19 crisis through grants, and an additional BGN 1,024 million (€532 million) to the state-owned company “The Fund of Funds” for further on-lending, particularly to SMEs. (source)
-As regards tax, deadlines for corporate taxes were extended from March 31 to June 30 2020. Personal income tax returns filed by traders and sole proprietorships got an extension from April 30 to June 30 2020. Individuals were eligible for a 5% deduction if they filed and paid their taxes by May 31.
-3 Nov 2020 - Bulgaria proposed to extend the VAT rate cut from 20% to 9% on catering and restaurants, beer and wine, books and other products until 31 Dec 2021 (temporary rate cut were set to expire on 30 June 2021) (source)
-Two hundred million levs (102 million euros) overall were spent on interest-free loans. People who were on unpaid leave received 1,500 levs (767 euros). Medical workers, police officers and transport workers were compensated for their extra work.
More information here and here.
National measures specific to the music sector or to culture in general
Artists with a maximum 1,000 BGN monthly income (around 511€) in 2019 got three months minimum wage financial support.
Measures taken by local collecting society organisations
Authors’ society MUSICAUTOR called on Bulgarian media to play more national music on radio stations.
PROFON, the company for collective management of related rights in music paid 70% of the annual remuneration of performers and producers in advance from April 2020.
UNDP assisted with a total of about BGN 3.5 million, of which nearly BGN 1 million were directed to Bulgarian producers and contractors.
More info: https://www.prophon.org/news/profon-shte-podpomogne-izpalniteli-i-produtsenti-s-avansovi-vaznagrajdeniya
Other music fund available
None so far.
Support from online services
No specific support for Bulgaria so far. For other initiatives by online services, click here.
Support from national radio and other media
None so far.
Social media and other campaigns to promote music during the crisis
None so far.
Local programmes supported by EU funds covering music
None so far.
Business and other expected losses
Still under evaluation.