German minister of finance Olaf Scholz said on Tuesday that the government’s coronavirus aid package to compensate firms suffering from lockdown measures in November will amount to roughly 14 billion euros ($16.61 billion).As a part of the new round of COVID-19 relief measures, companies in Europe’s largest economy can rise up to 200,000 euros a month to hide fixed costs like rent, while solo entrepreneurs can rise up to five ,000 euros.
Speaking to a summit hosted by newspaper Sueddeutsche Zeitung, Scholz said the govt was ready and willing to assist firms suffering from the lockdown measures, adding that the estimated cost of 14 billion euros amounted to “a lot of money”.Initially, the govt had expected to disburse 10 billion euros but it decided to expand the scope of the package so more firms and therefore the self-employed can get aid.
Scholz said last week that Berlin has enough fiscal firepower to unleash more rescue and stimulus measures if needed to counter the impact of the second wave of coronavirus infections on Europe’s largest economy.Germany plans to borrow quite 300 billion euros in total this year and next, but Scholz has cautioned that the govt must consider carefully which relief measures add up .
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