Germany: Gov't announces loan programme to fight pandemic-induced recession

The German Finance Minister Olaf Scholz and Economy Minister Peter Altmaier presented a loan programme for aimed at medium-sized companies to combat the economic consequences of measures taken to combat the coronavirus pandemic, during a press briefing in Berlin on Monday. The aid package for companies between 11 and 250 employees will offer loans of up to €800,000 (US$862,000) with the 100 per cent of the risk assumed by the government and under new, more relaxed financial conditions. «Anyone that had turnovers last year, anyone in the past year with an ordinary economic activity, and anyone who made money last year. They can get three months of turnovers as credit from the bank, with 100 per cent of the credit risk assumed by us,» said German Finance Minister Olaf Scholz adding that the loans will be made available quickly to help firms pay rent and cover other costs due to disruptions to supply and demand. Scholz said that immediate action was needed to help the German economy cope with the impact of the pandemic. German Chancellor Angela Merkel announced restricitons on public life on March 22 to slow the epidemic, leaving many businesses reeling as residents are asked to stay home.

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