German government announces €50 billion in emergency aid for small businesses

By   /  March 25, 2020  /  Comments Off on German government announces €50 billion in emergency aid for small businesses

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Source: German Ministry of Finance – in EnglishFinance Minister Olaf Scholz and Economic Affairs Minister Peter Altmaier today unveiled a comprehensive package of additional measures, including up to €50 billion for small businesses, self-employed individuals, and members of the liberal professions.
We are ready to do everything it takes to help the economy. This includes lending a helping hand to micro businesses and self-employed individuals. This crisis is having a severe impact on them, and they need particular assistance from us. That’s why the German government is now providing them with fast, efficient emergency aid. I want to make a crucial point: We are providing grants, not loans. Nothing has to be paid back. In this way, we’re taking action to reach the people who urgently need our support right now.Finance Minister Scholz
We’re not leaving anyone to fend for themselves. There must not and will not be any gaps in our solidarity. That’s why we’re putting together an additional comprehensive package worth up to €50 billion for self-employed individuals and micro businesses. These new measures include direct grants that do not have to be paid back. In addition, we are establishing an Economic Stabilisation Fund to give the real economy concrete support and to prevent a sell-out of German economic and industrial interests. There can be no taboos here. Measures including temporary government aid, holdings and takeovers must all be on the table.Economic Affairs Minister Altmaier
Emergency aid: main features
Emergency aid (grants) for small businesses in all sectors of the economy, including self-employed individuals and members of the liberal professions with up to 10 employees. Programme budget: up to €50 billion. The specifics:
one-time payments of up to €9000 for three months, for businesses with up to five employees
one-time payments of up to €15,000 for three months, for businesses with up to 10 employees
An outline of the small business emergency aid programme adopted by the federal cabinet is available (in German) here: https://www.bundesfinanzministerium.de/url/Eckpunkte-Soforthilfe.

MIL OSI

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