Aid of 750,000 million in Germany

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The aid of 750,000 million in Germany

Finance Minister Olaf Scholz (left) and Economy Minister Peter Altmaier present the aid packages./EFE

Finance Minister Olaf Scholz (left) and Finance Minister Peter Altmaier present the aid packages. / EFE

Berlin approves the largest grant package in the history of the country, which carries a supplementary budget of 156,000 million

Families, tenants, freelancers, workers and companies, from small businesses to industries with thousands of employees. All of them will benefit from the largest package of state aid in the history of Germany, worth 750,000 million euros, agreed yesterday by the Council of Ministers at the orders of the federal chancellor, Angela Merkel, to face the economic consequences of the epidemic. The cabinet approved several rescue umbrellas and extensive law reforms that will be processed urgently tomorrow by the two parliamentary chambers.

“What we are doing is the right thing in the face of the enormity of the challenge,” said Federal Deputy Foreign Minister and Finance Minister Olaf Scholz, when presenting the program, which entails a supplementary budget of 156,000 million euros and the end of the policy that prevented a new indebtedness on the part of the State since 2011. “It is not only about protecting the lives and health of our citizens, but also about the jobs in our country,” said Scholz, who explained that part of those funds would go intended for the health system, but also to compensate for the lack of income of small entrepreneurs and merchants so that “no one is out of breath”.

ECONOMIC GAMES:

Self-employed.

They will receive the aid of up to 15,000 euros for three months.

Big enterprises.

A fund will guarantee its liquidity.

Rentals.

Landlords will not be able to kick out tenants who have no crisis income.

Hospitals.

A package of 3,000 million will try to mitigate financial problems.

Budget.

The program contemplates a supplementary budget of 156,000 million euros.

It is about “helping quickly,” said Economy Minister Peter Altmaier, for whom it is essential “to keep small businesses even if their income disappears” suddenly due to the restrictions imposed to stop the expansion of Covid. Involuntary home quarantine since Sunday at the possibility of possible contagion, Merkel participated in the cabinet meeting by videoconference.

The multiple umbrella program contemplates that small companies and businesses, but also self-employed workers, receive the aid of up to 15,000 euros for three months. A package for which 50,000 million euros have been budgeted. Through a stabilization fund, the liquidity of large companies will be guaranteed, in which, if necessary, the State will assume a part of its capital.

For this umbrella, 400,000 million euros will be available in credit guarantees for the firms. At the same time, another 100,000 million will be destined to participate in their capital if that measure becomes essential to guarantee their survival. Simultaneously, the public Credit Institute for Reconstruction (KfW) yesterday launched an extraordinary credit program to ensure the liquidity of the companies for an initial amount of 100,000 million euros.

For families with children

The German government also approved a bill that will prevent landlords from evicting their tenants if they are unable to pay their rent due to lack of income due to the pandemic crisis and suspend verification of aid for six months. to the home of those who receive social subsidies. Families with loss of income from the epidemic will also receive additional child support.

Likewise, Merkel’s cabinet expands the regulations for the granting of aid to cut the working week in companies so that they can keep their employees and not be forced to send them to unemployment. A $ 3 billion package for hospitals will also prevent hospitals from having financial problems.

The Robert Koch Institute for Virology, responsible for coordinating the fight in Germany, reported that the expansion in this country seems to subside. Its president, Lothar Wieler, stressed that the average age of those infected is 45 years and of the deceased 82. 57% of the sick are men.

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