Companies should take appropriate measures immediately to inform and support their employees, customers and other stakeholders. Packages of tax and legal measures are currently being passed at the national and international level. What does this mean for you company? We support you in this matter and in dealing with the financial consequences of Covid-19 along the entire value chain – with relevant emergency measures.
Do you need a legal assessment on questions relating to Covid-19?
We provide you with the most common scenarios with the relevant legal questions and our legal assessment, and update our information daily to support you in this time as best we can. Please note that our assessment relates only to German law.
The spread of the virus is leading to acute resource bottlenecks in many companies' finance departments. Such shortages can place a massive strain on employees.
Potential effects include:
The objective consequences of these restrictions in finance could be severe, both internally and externally, and may threaten a company's ability to remain a going concern.
Mayday Accounting can assist you – our qualified accounting experts will take on upcoming tasks at short notice. They will reduce your burden, increase employee satisfaction and potentially even help ensure the survival of your suppliers. Our experts can be deployed quickly and with minimal strain on your internal resources.
In such an interconnected global economy, the effects of Covid-19 are felt by companies all over the world and are causing multiple liquidity bottlenecks.
Taxes payable according to tax assessments stipulating fixed deadlines can put additional strain on liquidity. Only in exceptional cases can tax payments be deferred (interest-free). If tax is not paid by the deadline, late payment penalties are also imposed. The burden of tax payments could make it difficult to make repayments to other creditors.
By taking advantage of opportunities to reduce your short-term tax burden, you can improve your liquidity, at least for a certain period.
We are here to respond to your questions – contact us.
In a short space of time, the coronavirus pandemic has presented companies with new risks that require unprecedented measures. Intelligent management and monitoring systems provide good opportunities to respond to the changes.
We have compiled answers to the most urgent questions on effective corporate governance in the current situation.
You can find out how an effective crisis management system should be set up so that your company can be managed securely in this situation.
In addition, we tell you which governance systems are especially important and useful now and what the coronavirus crisis could mean in terms of realigning processes, workflows and practices.
If you have specific questions or need help to implement measures needed in the short and medium term, you can contact our Corporate Governance Hotline: 0800 SOS KPMG (0800 767 5764)/email: email@example.com at any time and consult with our experts. We are here for you around the clock.
The spread of the coronavirus is have a profound effect on the global economy. In this situation, the banks and Sparkassen [German savings banks] bear a significant responsibility for the credit industry and the companies affected.
We are currently supporting Sparkassen and banks to set up processes and calculation aids. This will allow loan applications relating to the planned state aid programme to be processed automatically and designed as efficiently as possible. In addition, Sparkassen can get assistance with the loan application process from our experts, who have the necessary expertise in matters of law and business administration.
Examples of KPMG support services:
Healthcare currently faces major challenges from the coronavirus pandemic, placing a heavy burden on processes, particularly in hospitals. More and more intensive care capacities are needed and the demand for PPE and hygiene products has risen sharply. This requires quick and pragmatic solutions in procurement and materials management.
The current situation also increases the risk of insolvency and excessive debt for hospitals. Adequate liquidity management combined with immediate measures is indispensable in this situation.
Professional assistance during difficult times
We will provide you with quick assistance during these times of crisis – physically on location or remotely via digital channels.
We will provide immediate assistance on urgent issues such as
Our experts will also provide advice and assistance with creating management and control platforms (dashboards), the development of data models and scenario analysis as well as professional project and crisis management.
The coronavirus crisis presents many companies with major challenges. There is new information every day. The German federal government as well as individual states and also international regulators adopt new measures all the time to keep the global economy going during these challenging times. Many of these measures also have tax implications. These pages will provide you with a continuously updated overview of the current national and international decisions. They also provide the relevant links to take you directly to the official information made available by the federal government and states.
The Covid-19 crisis leads to slumps in revenue and interruptions of supply chains with unchanged fixed costs and thus risks with regard to ensuring solvency. Those in charge of making decisions in companies must be ready for a change in situation on the spot, assess the effects of the crisis and quickly identify courses of action for continuing operations and ensuring liquidity. The German federal government/ Development Bank (KfW) and federal states have adopted an extensive aid package for companies. The various application procedures and documentation required for receiving government grants present companies with major challenges as well as unknown decision-making processes in some cases. Uniform and clear standards for documentation as well as quick results and reliability with regard to transparency and resilience of data are rewarded in the processing of applications and may have an accelerating effect.
We will assist you throughout the entire application process – from application to payout of government aid (loans) – by taking your current financing into consideration: