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Corona Crisis: Support Measures for Businesses


The Coronavirus pandemic forces people in the US and Europe to stay at home and leaves companies fretting about economic consequences.

 

Businesses across the region are wondering what to do about financial commitments, debt and staff.

In our briefing you will find information on:

 

Measures on the European Level

  • The European Commission has provided its member states with a temporary framework of aid to support the economy. Among other things, the new framework allows member states to grant subsidies or relief of 500,000€ to companies and to secure loans with state guarantees. More information about the EU temporary framework on the website of the European Commission: https://bit.ly/2QJxkws

  • Find our comparative tracker of EU and Global Covid-19 measures here.

 

Measures in Germany

  • On 23 March, the federal cabinet has launched a huge aid package for business and citizens. On 25 March, the Bundestag is expected to pass several laws in a fast-track procedure, and also to put into effect an emergency regulation for the debt brake, which will allow the federal government new loans of 156 billion euros. On 26 March, the Bundesrat is expected to vote in favor. Once the Bundestag and Bundesrat have made their decision this week, the self-employed and companies can soon expect immediate aid. Direct aid of 9,000 euros is planned for companies with up to five employees. The sum is planned for three months. Companies with up to ten employees can apply for direct aid of 15,000 euros.

 

Measures in the US

  • On March 25, 2020, the US Senate unanimously passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020. With more than US$2 trillion in total relief and US$350 billion in support for small businesses, this bill, if enacted, would represent the third phase of legislation intended to help families and companies affected by the coronavirus disease 2019 (COVID-19) outbreak.

 

The information will be steadily updated.

 

 

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