How does the Canadian government support the unemployed

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Germany

You can find the latest information on the German economic stimulus package in our article: Federal Corona Aid.

Updated 05/11/2020. Subject to the state aid review by the EU Commission, the federal government should be ready to offset 80 percent of the damage from the corona pandemic for Deutsche Bahn by increasing the Group's equity - this is currently estimated at 6.9 billion to 8.4 billion euros . Furthermore, the debt ceiling is to be increased from currently around 25 billion euros. Before the crisis, the railway was just below that. (Article: Tagesschau.de)

Updated April 28, 2020. Together with the economically troubled airline Lufthansa, the federal government has agreed on a rescue package. According to the digital business magazine "Business Insider", the federal government is investing around nine billion euros in the company, thereby helping to maintain around 130,000 jobs. For this he should receive a blocking minority and one or two supervisory board mandates. (Article: Focus.de)

Agreed on a rescue package with the economically troubled airline Lufthansa
Agreed on a rescue package with the economically troubled airline Lufthansa.

Updated 04/03/2020. According to media reports, the federal government is planning further improvements to its aid measures for the German economy. It could be a matter of optimizing loan terms and indemnification. Thereafter, the main topic of discussion is to secure loans for medium-sized companies for a limited time with one hundred percent state liability. A maximum limit per company could be 500,000 euros. The state could provide guarantees for a total of up to 300 billion euros. (Article: Süddeutsche.de)

Updated 04/02/2020.The aid package decided by the federal government, the Bundestag and the Bundesrat is the largest package of measures in the history of Germany. To finance this, the federal government will take out new loans amounting to around 156 billion euros. The cabinet has approved a corresponding supplementary budget. Separate packages of measures have been developed for health care providers, families as well as small businesses, the self-employed and freelancers. An economic stabilization fund, which is aimed in particular at large companies and can provide large-volume aid, supplements the liquidity aid already decided via the KfW special programs. The fund includes:

  • 100 billion euros for corporate actions
  • 400 billion euros for guarantees
  • The fund can refinance KfW programs that have already been approved with up to 100 billion euros

In addition, tax assistance and joint crisis management within the EU were planned.

The Federal Ministry of Finance provides an overview of measures.

 

Updated March 26, 2020. The Bundestag passed a supplementary budget on March 25, 2020, which includes new debt of 156 billion euros and guarantees of 600 billion euros. Likewise, the debt brake of the Basic Law was suspended by a large majority. The measures total 122.5 billion euros, of which 50 billion euros are direct grants for small companies and self-employed people. Hospitals should also get more money. Furthermore, a billion dollar rescue fund for troubled large companies was passed. By means of an "economic stabilization fund", companies are to be granted loans and guarantees, for example. State participation in companies should be possible if necessary, as in the financial crisis more than ten years ago. In total, the protective shield has a volume of 600 billion euros. Any state holdings should be privatized again as soon as the crisis is over. (Article: Tagessschau.de)

Updated March 24, 2020.The Federal Cabinet has decided on an aid package worth 156 billion euros. Subject to the yet to be passed, measures for small and medium-sized companies, tenants and clinics in particular are to be implemented. The total of 156 billion euros is a precautionary figure. (Article and video: ZDF.de)

Updated March 23, 2020. The Federal Ministry for Economic Affairs and Energy and the Federal Ministry of Finance today presented extensive additional measures with emergency aid of up to 50 billion euros for small businesses, self-employed persons and members of the liberal professions. The program includes up to 9,000 euros one-time payment for 3 months for companies with up to 5 employees and up to 15,000 euros one-time payment for 3 months for companies with up to 10 employees. (Joint press release)

Since March 16, 2020, companies can already apply for improved short-time work. The new rules for short-time allowance apply retrospectively from March 1st. (Article: Tagesschau.de)