Home ECONOMY Germany Gives $54 Billion to Small Businesses

Germany Gives $54 Billion to Small Businesses

by biasharadigest

Germany has given a $54 billion aid package to small businesses in the country, including the creative and cultural sectors. The move seeks to help them survive the global COVID-19 pandemic.

According to the country’s Minister of Culture, Monika Grütters, the virus outbreak resulted in almost 80,000 canceled events in Germany, leading to an estimated loss of 1.25 billion euros (KSh145 billion).

“The cultural sector in particular is characterized by a high proportion of self-employed people who now have problems with their livelihoods,” News Art quotes Monika Grütters.

The grant, cutting across various sectors such as artists, freelancers, media people and small cultural businesses, will cover costs such as rent and studio charges for artists. Additionally, there will be a providence for loans to small businesses, in case they will need to boost their capital.

Furthermore, the government has given an additional $11 billion to cater for freelancers’ social security and unemployment insurance for a period of six months.

Previously, France also announced plans to release a $4.3 billion cash injection for its startups in order to cushion them from economic effects of the virus outbreak.

See Also:

Startups in France Get $4.3 Billion Cash Injection

AfDB Sells $3 Billion “Fight COVID-19” Bond

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