In response to the economic effects of the COVID-19 pandemic and market uncertainty, plethora of financing measures was introduced at EU level, German federal level and German states levels. In their joint effect, these measures are aimed at shielding enterprises from the crisis, by offering different liquidity programs for overbridging temporary, crisis-evoked liquidity shortages.
Our note summarizes our understanding of the key EU, German federal and German states’ financial and state aid measures. Developments in this area are fast-changing. This note includes updates to our initial version published on 1 April 2020, which relate, amongst other things, to the criteria of KfW-Sonderprogramm 2020 and the relevant financing products available on German state levels.
In many cases the legislation, guidance or other materials relating to these measures is limited in detail. This means that in some instances questions remain about the scope of some of these measures.
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Authored by Dr. Katlen Blocker, Christian Herweg, Dr. Tim Oliver Brandi, Prof. Dr. Michael Schlitt, and Dr. Franz-Josef Schoene