Merel Nijland

July 11, 2021
5
min

Introduction

The economic recovery is on the rise again, but the consequences of the coronavirus are still clearly visible to many entrepreneurs. Entrepreneurs in the hospitality, retail and culture sectors run into high debts. For example, many entrepreneurs have to repay the overreceived NOW scheme. That's why this article explains how you can best do that, but also what's involved.

What is the NOW scheme?

The temporary Emergency Bridging Measure for Job Retention (NOW) is an allowance for employers so that they could continue to pay staff during the corona pandemic. The allowance always applied for a period of three months. This is because entrepreneurs were able to apply for a NOW scheme for several periods. In March 2020, employers were able to apply for compensation for the first time via the UWV. The allowance was intended for permanent employees, but also for flex and on-call workers.

The employer was required to pay the employee's full salary, as stated in their contracts. Thanks to the allowance, employers have been able to receive up to 90 percent compensation.

Application process at the UWV

During the coronavirus pandemic, many entrepreneurs had difficulty receiving income. For example, it was difficult for entrepreneurs to continue to pay staff.

After the NOW scheme was created, many entrepreneurs therefore submitted an application. The UWV then looked at the employer's estimated loss of turnover. This enabled employers to receive an advance over the requested period. Indeed, with this advance, entrepreneurs were given financial space in order to continue to pay staff.

Why do you have to pay back the NOW scheme?

Unfortunately, many entrepreneurs have received too much advance, according to a letter from State Secretary Marnix van Rij to the House of Representatives. As a result, quite a few entrepreneurs have their hands in their hair. Many entrepreneurs therefore now have to repay the overreceived advance, but what exactly is the case?

If an entrepreneur did not request a definitive loss of turnover calculation, the UWV was also unable to determine whether the advance payment was sufficient over the requested period. As a result, it is therefore also unknown what an entrepreneur's actual loss of turnover was, so the UWV had to check whether this is correct itself. In other cases, it could also be that an entrepreneur had lost too little turnover than first expected. The overpayment received must therefore be repaid.

How do you repay the NOW scheme?

The UWV will send a letter if no application has been made for a permanent loss of turnover before 31 December 2021, and the same applies if the UWV needs additional documents to arrive at the final calculation. In this case, they need a payroll tax number for which you received the deposit, a bank statement, or specific company details such as account number, company name, or who submitted the application.

Payment scheme at the UWV

This is because when you, as an entrepreneur, have to pay back a substantial amount, it can be very annoying. In fact, you may not be able to pay back the full amount at once. In this case, you could contact the UWV for the NOW scheme. As a precaution, keep the payroll tax number you used when applying for the NOW scheme at hand.

Otherwise, entrepreneurs can this link use to request a payment arrangement online from the UWV. The UWV then looks at what has been requested, what the company's current situation is and whether a payment arrangement is possible.

PAY NOW with a business loan

If you are unable to pay in installments or you want to pay off the debt quickly and easily, you can also take out a business loan with Swishfund. You've submitted a request within 10 minutes, giving you more time to focus on your business.

If you agree to the proposal, the money will be deposited into your account within a maximum of three days. This allows you to pay off the debt quickly and easily. Are you curious if a business loan is right for you or would you like more information? Then read more about our business loanor request it within 10 minutes!

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Merel Nijland

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