France to help finance rent holiday for companies closed in lockdown

The French government will introduce a tax break for landlords who are willing to write off part of the rent owned by companies closed for coronavirus lockdown, French Finance Minister Bruno Le Maire said on Thursday. Le Maire also said that the total cost of financial support for companies during lockdown will be 15 billion euros for each month of lockdown.

The French government will introduce a tax break for landlords who are willing to write off part of the rent owned by companies closed for coronavirus lockdown, French Finance Minister Bruno Le Maire said on Thursday. He said that the measure will benefit companies with less than 250 staff who were ordered to close, as well as companies in the hospitality industry such as hotels and restaurants.

Every landlord who for the October to December 2020 period foregoes a least one month of rent will get a tax credit amounting to 30 % of the forgiven rent. Le Maire also said that the total cost of financial support for companies during lockdown will be 15 billion euros for each month of lockdown. The lockdown is due to last until Dec. 1, but could be extended.