Germany: Simplified rules for obtaining financial support for private entrepreneurs

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Some of the populations most affected by the pandemic are the self-employed, the arts and small businesses. For support, the federal government made it easier for them to receive social security benefits.

During the last three months of the year, they will be able to receive basic allowance as assistance, even if their financial reserves exceed 60,000 euros. According to the Federal Ministry of Labor, employment centers (BAs) must account for the additional € 8,000 as a proportionate pension for each year of self-employment. According to the information, this rule applies if the money is in savings or ordinary bank accounts, to which they have constant access.

With this measure, the federal government is responding to the financial problems of the self-employed who have lost income due to the pandemic by providing them with easier access to social security. Previously, if the applicant’s reserves exceeded € 60,000, they were not eligible for benefits – even if it was about savings for old age.

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