| Country |
Type of Support |
Instrument |
Description |
| Albania |
Employment support |
Support to
self-employed persons |
Self-employed
families will receive a special benefit equivalent to a state-set monthly
salary |
| Albania |
Employment support |
Unemployment
benefit |
Unemployed
people will receive double the unemployment benefit |
| Argentina |
Business costs |
Rent/leasing
- reductions (if government is landlord), direct payment or indirect (e.g.
tax concession for suppliers/ landlords) |
Price
control on specific products |
| Argentina |
Debt finance |
Credit
guarantees - new schemes, more generous guarantee levels |
Credit
guarantees for banks to lend to small and mediumsized enterprises, together
with food and commodity companies, for the equivalent of 1.2% of GDP. |
| Argentina |
Debt finance |
Existing
lending with reduced or no interest loans, delayed repayments, lower
collateral requirements |
mandated
banking loans to MSMEs at a rate substantially below inflation. |
| Argentina |
Debt finance |
New
lending – under concessional terms |
Another
320 billion pesos ($4.9 billion) will be available in central bank loans to
finance working capital and a portion of companies' payrolls |
| Argentina |
Debt finance |
New
lending – under concessional terms |
Re-launching
of PROCREAR (subsidized mortgage program |
| Argentina |
Debt finance |
New
lending – under concessional terms |
The
Central Bank announced that the interest rate for loans to SMEs will be 24%.
The goal is for companies to be able to get financing to pay salaries and
also cope with the checkspaid. |
| Argentina |
Employment support |
Support
informal sector workers |
One
payment for low-income workers by coronavirus. The Government will make a
one-time payment of 10,000 pesos ($158) in April to low-income and informal
self-employed workers to assist them with their expenses during compulsory
quarantine. |
| Argentina |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
REPRO
(subsidies for firms to pay wages), and AHORA-12 (goods to be paid in 12
installments) |
| Argentina |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
The
Productive Recovery Programme (REPRO) will be extended to guarantee
employment for those working in companies affected by the health emergency
which means that the State will pay
part of the wages of the workers concerned |
| Argentina |
Other finance |
Support
for firms which need to close or have reduced their activities |
The
State will launch financial assistance of 350 billion pesos ($5.3 billion) to
small and medium-sized enterprises and other in the productive and commercial
sectors. |
| Argentina |
Production |
Expenditure
programs |
350,000
million Argentinian pesos will be used to ensure the production and supply of
food and basic inputs, boost activity and provide finance |
| Argentina |
Tax |
Expenditure
programs |
Fiscal
stimulus for at least an estimated 0.6 percent of GDP (capital spending,
social benefits bonuses, tax exemptions) |
| Argentina |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Necessary
overtime will have a 95% reduction in the rate of taxation. The salaries of workers hired for the necessities of the
crisis period will have a 95% reduction in the tax rate. |
| Argentina |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
The
payment of employer contributions will be exempted for sectors critically
affected by the coronavirus pandemic. |
| Armenia |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
A
total of $50M will be allocated to firms in the form of partial reimbursement
of loans taken to cover the salaries of their workers. MLSA proposed
amendment to the Labor Code to allow employees to receive compensation from
employers equal to the minimal hourly rate (409 AMD) set for the minimum wage
(68,000AMD), flexible working hours, etc. |
| Australia |
Debt finance |
Increase
threshold at which creditors can issue a statutory demand on a company |
The
Government is temporarily increasing the threshold at which creditors can
issue a statutory demand on a company and to initiate bankrupt proceedings
against. |
| Australia |
Debt finance |
New
lending – under concessional terms |
Boosting
Cash Flow for Employers: up to $100,000 to eligible small and medium-sized
businesses, and not-for-profits (NFPs) that employ people, with a minimum
payment of $20,000. |
| Australia |
Employment support |
Increased
labor training subsidies |
Investment
of $187 million in the creation of 56,000 new training places in 2008-09
(financial crisis 2008) |
| Australia |
Employment support |
New
working schemes |
Implemented by Australian Labour market
service, companies can register their employees to short-time work over a
period of up to 3 months (starting from now onwards) – with potential
extension of another 3 months (depending on future developments). Employees will receive 80-90% (depending on
their current gross salary) of their net salary over this period (reimbursed
to the employer by the labor market service). |
| Australia |
Employment support |
Support
informal sector workers |
The
State Government will provide a one-off emergency relief payment of $250 for
individuals and up to $1,000 for families who are required to self-
quarantine. This will be available to informal casual workers |
| Australia |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Eligible
employers can apply for a wage subsidy of 50 per cent of the apprentice’s or
trainee’s wage for 9 months from 1 January 2020 to 30 September 2020. |
| Australia |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
The
government is covering up to 90% of wages/salaries of workers to stay
employed, rather than being laid-off. |
| Australia |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Wage
subsidy of 50 per cent of the apprentice’s or trainee’s wage for nine months |
| Australia |
Tax |
Incentives
for capital expenditure (larger/wider limits, accelerated depreciation,
broader range of products eligible) |
Small
and general business tax breaks to provide deductions for some equipment
purchases before the end of June 2009 (financial crisis 2008), with a value
of $2.7 billion |
| Australia |
Tax |
Incentives
for capital expenditure (larger/wider limits, accelerated depreciation,
broader range of products eligible) |
Time-limited
15 month investment incentive (through to 30 June 2021) to support business
investment and economic growth over the short term, by accelerating
depreciation deductions. |
| Austria |
Debt finance |
Credit
guarantees - new schemes, more generous guarantee levels |
EUR
100 million to guarantee loans for SMEs in the tourism sector to alleviate
liquidity concerns. Another EUR 10 million aside to guarantee loans |
| Austria |
Debt finance |
Increase
threshold at which creditors can issue a statutory demand on a company |
The
threshold at which creditors can issue a statutory demand on a company and
the time companies have to respond to statutory demands have been temporarily
increased. |
| Austria |
Debt finance |
New
lending – under concessional terms |
Liquidity
relase in the amount of EUR million 13 |
| Austria |
Employment support |
New
working schemes |
In
the case of "temporary, non-seasonal" economic difficulties (e.g.
caused by a drop in sales) due to the corona virus, company employees have
the option of reducing their working hours by 10-90% for 3+3 months |
| Austria |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Workers
with children under 14 can get additional leave up to three weeks. Until end
of April, the government will reimburse employers for one third of wages for
workers who take this special leave, |
| Bahamas |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
The
Central Bank of the Bahamas has arranged with domestic banks and credit
unions to provide a 3-month deferral against repayments on credit facilities
for businesses and households that were negatively impacted by the pandemic.
Forbearance will be provided for borrowers who maintained their accounts in
good standing before the onset of the pandemic. |
| Bahrain |
Business costs |
Utilities
– reductions, direct payment or indirect (e.g. tax concession for
suppliers/landlords) |
Reduction
of commercial registration fees as well as labour & utility charges for 6
months |
| Bahrain |
Business costs |
Utilities
– reductions, direct payment or indirect (e.g. tax concession for
suppliers/landlords) |
The
Electricity and Water Authority will pay individuals and businesses’ utility
bills for 3 months from April 2020 |
| Bahrain |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Delay
in loans installments for 6 months, Oman - Accept all requests for
deferment of loan instalments / interest / profit for affected borrowers, for
the next 6 months |
| Bahrain |
Debt finance |
Rapid
approval/dispersal arrangements, low/no fees, removal of fees/penalties (e.g.
for overdrafts) |
Delay
in loans installments for 6 months, Oman - Accept all requests for
deferment of loan instalments / interest / profit for affected borrowers, for
the next 6 months |
| Bahrain |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Private
sector employees who are registered with the national Social Insurance
Organization will have their salaries paid for 3 months from April 2020 from
the unemployment fund. A total of 100,000 Bahraini will benefit from the
measure (cost of BD 215 million) |
| Bahrain |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Supporting
wages of citizens in private sector, part of 4.3bn stimulus package |
| Bangladesh |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
The
government would pay the salaries and wages of select factories |
| Belgium |
Debt finance |
Credit
guarantees - new schemes, more generous guarantee levels |
EUR
100 million for loan guarantees. The aim is to make it easier for firms to
get credit from banks to finance their working capital. |
| Belgium |
Debt finance |
New
lending – under concessional terms |
Liquidity
relase in the amount of EUR million 37 |
| Belgium |
Employment support |
Support to
self-employed persons |
Request
for revision of tax pre-payment amount for self-employed whose income is
projected to be lower than the one used as reference for the pre-payment
calculation |
| Belgium |
Employment support |
Support to
self-employed persons |
Self-employed
workers who are incapacitated for work for at least 8 days are entitled to an
incapacity for work benefit payable by the health insurance scheme from the
first day2 |
| Belgium |
Other finance |
Support
for firms which need to close or have reduced their activities |
Firms
that need to close, are entitled to a one-off EUR 4000 payment, and
additional compensation of EUR 160 per day beyond 21 days of closure. |
| Belgium |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Self-employed
workers who are affected by the consequences of the coronavirus can submit a
written request to their social insurance fund to request a 1-year deferral
of the payment of provisional social contributions, without being charged any
increases and with no effect on benefits. |
| Belize |
Debt finance |
Credit
guarantees - new schemes, more generous guarantee levels |
reducing
risk-weights for banks on loans in the tourism sector from 100 percent to 50
percent; and |
| Belize |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
encourage
domestic banks and credit unions to provide grace periods for servicing
interest and/or main components of commercial loans and ancillary loans, |
| Belize |
Debt finance |
Increasing
liquidity in banking sector |
Central
Bank of Belize has instituted macro-prudential measures to maintain the flow
of credit in the economy: reducing the
statutory cash reserve requirements |
| Bolivia |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Help
for individuals, small families and companies that pay credits, who will not
have to pay two months the debt capital and that cancellation will be made at
the end of the credit period. |
| Bolivia |
Employment support |
Support to
self-employed persons |
Creation
of a "family bond" of 500 Bolivians (USD 72,52) per child going to
a tax school |
| Bolivia |
Tax |
Corporate
tax – rate reductions, credits, waivers, and/or deferrals |
Deferral
of April Enterprise Earnings Tax (IUE), and cancellation to be made in May
and in installments. |
| Bosnia and
Herzegozvina |
Employment support |
Unemployment
benefit |
EUR
5.5M allocated for unemployment benefits for 2020, but could increase to
another EUR 10M to support job retention and/or increase unemployment
benefits. |
| Brazil |
Business costs |
Labor
flexibility |
Firms
can reduce working hours and pay by up to 50% while maintaining the
employment link, but there is no compensation for workers for the resulting
income losses. |
| Brazil |
Debt finance |
Central
Bank lending to financial institutions |
the
Central Bank will provide loans to financial institutions guaranteed by
debentures acquired between 23 March and 30 April 2020. It is a Special
Liquidity Temporary Line (LTEL). |
| Brazil |
Debt finance |
Credit
guarantees - new schemes, more generous guarantee levels |
Central
Bank will collect a Special Guaranteed Term Deposit from the Credit Guarantee
Fund (FGC), as a means of collecting deposits and ensuring the solvency of
the credit syste |
| Brazil |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Additional
Central Bank measures to facilitate the renegotiation of credit operations
for companies and families with good credit scores, allowing adjustments in
their cash flows (expected to benefit R$ 3.2tr in outstanding loans); Central
Bank measures to utilize capital capacity of the banking system by increasing
the difference between the effective capital and the minimum capital required
for one year (expected to add credit capacity of R$ 637 bn, 8.8 percent of
GDP) |
| Brazil |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
The
country will allocate 700,000USD to the refinancing of debts for families and
private companies |
| Brazil |
Debt finance |
Increasing
liquidity in banking sector |
The
country establishes an injection of nearly $130 billion into the financial
system to increase its lending capacity and reduce the basic interest rate of
the economy by 50 bps – from 4.50 to 3.75 a.a. |
| Brazil |
Debt finance |
New
lending – under concessional terms |
Project:
In preparation measures to support transportector/airline sector: • Issuance of bonds or other fixed income
instrument. at competitive prices. |
| Brazil |
Debt finance |
New
lending – under concessional terms |
The
national development bank announced new credit lines to companies with a loan
volume of 0.6% of GDP. |
| Brazil |
Employment support |
Support
informal sector workers |
The
government will give R$600 (60% of minimum wage) to all informal workers,
self-employed and vulnerable families. |
| Brazil |
Employment support |
Support
informal sector workers |
Vouchers
of R $200 to all workers who don’t have a formal job and don't receive
resources from existing cash transfer programs. Anticipated disbursement of
social transfers |
| Brazil |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Anticipate
a salary top-up until June (of one monthly minimum wage per year) for
low-wage formal workers (Abono salarial) at R$ 12.8bn (0.2 percent of GDP,
also fiscally neutral); |
| Brazil |
Tax |
Corporate
tax – rate reductions, credits, waivers, and/or deferrals |
Tax
deferment of 3 months for SIMPLES (SME tax regime, R$22.2 bn, 0.31 percent of
GDP) |
| Brazil |
Tax |
Corporate
tax – rate reductions, credits, waivers, and/or deferrals |
Tax
liabilities have been deferred for firms, especially SMEs. |
| Brazil |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Tax
deferral for mandatory FGTS contributions (8% of salaries, R$ 30 bn, 0.41
percent of GDP); cut the payroll levy for training (Sistema S) in half for 3
months (these rates are 1-2% of salary, varied by sector) at a saving to
employers of R$2.2bn (0.03 percent of GDP); additional credit lines to SMEs
(R$ 5bn, 0.07 percent of GDP); temporarily remove import tariffs and
industrialized products tax (IPI) for relevant medical supplies. |
| Bulgaria |
Debt finance |
Credit
guarantees - new schemes, more generous guarantee levels |
Another
BGN 200 million was conferred to BBD for providing portfolio guarantees to
commercial banks so that they can provide unsecured interestfree loans in the
amount of up to BGN 1,500 (EUR 760) to workers who are put on unpaid leave3 |
| Bulgaria |
Debt finance |
New
lending – under concessional terms |
Liquidity
relase in the amount of EUR million
122 |
| Bulgaria |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
BGN
1 billion was allocated for paying 60% of the wages of workers who risk being
laid off because of the crisis in the course of three months, provided that
their employers cover the remaining 40 per cent. |
| Bulgaria |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Over
this period, the Unemployment Fund will pay 60% of the income of the
employees from sectors most heavily influenced by the COVID-19 crisis for up
to three months |
| Cabo verde |
Employment support |
Support
informal sector workers |
Support
for workers in micro and small enterprises and self-employed in the informal
sector, including sellers of informal commerce and municipal markets. These
workers are guaranteed a value of 10,000 escudos (US$100) for one month.
30,000 workers are expected to benefit. |
| Cabo verde |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Employees
will get 70% of gross salary in the event of the labor contract being
suspended. 35% will be paid by the employer and 35% by INPS (National
Institute of Social Security). |
| Cambodia |
Business climate |
Reduce
import restrictions (NTBs, duties) on intermediate goods |
More
lenient customs procedures to facilitate the import of raw materials, parts,
and accessories, used for textile and garment production. Expansion of the
“green lane” and post audit clearance for customs to reduce trade costs and
foster more advanced logistics for longer-term competitiveness. |
| Cambodia |
Debt finance |
Central
Bank lending to financial institutions |
Additional
capital injection for the Rural Development Bank introduced to support
agroprocessing firms. |
| Cambodia |
Debt finance |
Increasing
liquidity in banking sector |
The
central bank lowered interest rates and relaxed capital requirements to
increase liquidity in the financial system and incentivize banks to lend more
to the private sector and accept delayed repayment from borrowers |
| Cambodia |
Debt finance |
New
lending – under concessional terms |
Establishment
of a new public bank to support SMEs through co-financing and risk sharing
with commercial banks and microfinance institutions lending to SMEs. |
| Cambodia |
Demand |
Targeted
(sector or region) expenditure programs |
Promote
domestic tourism by launching campaigns to organize activities and events in
Siem Reap Province, extend the validity of each ticket to Ankgor Wat complex,
and improve international passengers routes. |
| Cambodia |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Payment
of 60% of minimum wage ($190) for furloughed workers in the garment sector,
with a third paid by employer and the rest by the state. |
| Cambodia |
Other finance |
Targeted
(sector or region) expenditure programs |
Targeted
capital injection to support smaller firms and microfinance institutions |
| Cambodia |
Regulations |
Reduced
compliance requirements (including no face to face, only electronic),
fewer/no inspections |
Regulatory
forbearance with banking sector stimuli |
| Cambodia |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Tax
relief and exemption from contribution to social security contribution for
hardest hit industries (tourism, garment and footwear). |
| Canada |
Debt finance |
New
lending – under concessional terms |
Business
Credit Availability Program (BCAP) will allow the Business Development Bank
of Canada (BDC) and Export Development Canada (EDC) to provide more than CAN
10 billion of additional support. Other credit and liquidity support through
financial Crown corporations, Bank of Canada (reduced its interest rate to
0.75%), OSFI, CMHC and commercial lenders – estimated cost in the range of
CAD 500 billion. |
| Canada |
Employment support |
Subsidies
for employee sick leave |
Relax
sick leave policies to support employees in self-isolating when ill. This
includes suspending the need for medical notes and reduces the burden on an
already stressed health care system. waiving the one-week waiting period for
Employment Insurance sickness benefits. |
| Canada |
Employment support |
Support to
self-employed persons |
Emergency
support benefit for self-employed and part-time workers who do not qualify
for Employment Insurance. The federal government will provide workers who
lose income because of the COVID-19 pandemic $2,000 a month for the next four
months under the Canada Emergency Response Benefit (CERB). |
| Canada |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Government
of Canada will provide up to $27 billion in direct support to Canadian
workers and businesses. The measures allows for eligible employers to retain
skilled employees and workers to remain employed during the temporary
downturn in business due to COVID-19 |
| Canada |
Other finance |
Supply
chain finance, factoring, leverage online platforms for conducting reverse
factoring transactions that can facilitate supply-chain finance to MSMEs and
shorten the maturity of the payments involved |
Purchase
Order Financing through Business Development Bank of Canada |
| Canada |
Tax |
Corporate
tax – rate reductions, credits, waivers, and/or deferrals |
Canada
Revenue Agency will allow all businesses to defer, until after August 31,
2020, the payment of any income tax. |
| Chile |
Debt finance |
Capital
buffer safeguards requirements on banks |
The
Commission initiated the revision of the timetable for the implementation of
the Basel III standards in order to avoid accentuating the negative effects
of the current economic cycle. |
| Chile |
Debt finance |
Credit
guarantees - new schemes, more generous guarantee levels |
the
use of mortgage guarantees to safeguard SME loans |
| Chile |
Debt finance |
Existing
lending with reduced or no interest loans, delayed repayments, lower
collateral requirements |
Central
Bank has lowered interest rates by .75 to 1%. |
| Chile |
Debt finance |
Increasing
liquidity in banking sector |
The
Central Bank announced a historic drop in interest rates to 1% |
| Chile |
Debt finance |
New
lending – under concessional terms |
A
new capitalization plan of Banco Estado for 500 million dollars to grant more
credits and the extension of state guarantees for loans |
| Chile |
Employment support |
Support
informal sector workers |
A
special bond of $130 million to be launched for 2 million people without
formal work and a $100 million fund will be set up for SMEs affected and
managed by municipalities. . |
| Chile |
Employment support |
Support to
self-employed persons |
Creation
of COVID-19 Bonus, which will be given to 2 million workers of informal
sector, the measure is worth USD 130 million |
| Chile |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Salary
guarantee for people who cannot go to work or do telework. |
| Chile |
Tax |
Corporate
tax – rate reductions, credits, waivers, and/or deferrals |
Several
measures for support for SMEs (tax payment deferrals, increased liquidity for
banks to lend to SMEs etc.) are under discussion. |
| Chile |
Tax |
Corporate
tax – rate reductions, credits, waivers, and/or deferrals |
Suspension
of the profit tax for companies in the next three months. It has a value of
USD 2400 million |
| Chile |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Deferral
of VAT payment for the next 3 months for all companies with sales below UF
350.00 and Transitory reduction of stamp tax to 0% for all credit operations
during the next 6 months. With a value of USD 1920 million |
| China |
Business climate |
Reduce
import restrictions (NTBs, duties) on intermediate goods |
Commercial
insurance companies will be supported in offering short-term export credit
insurance and lowering premium rates. |
| China |
Business climate |
Reduce
import restrictions (NTBs, duties) on intermediate goods |
Simplified
import procedures to encourage firms to expand imports of medical supplies
and daily necessities |
| China |
Business climate |
Reduce
import restrictions (NTBs, duties) on intermediate goods |
Tariff
exemptions for imported supplies for coronavirus control (e.g. reagents,
sterilization items, ambulances, emergency command vehicles) and Port
construction fee for imported and exported goods will be exempted and 20%
reduction in all other government port charges, from March 1, 2020 to June
30, 2020 |
| China |
Business climate |
Simplified
foreign exchange arrangements (for those countries where this is an issue) |
Simplified
foreign exchange arrangements |
| China |
Business costs |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Exemption
of a wide range of consumer services from VAT on a nationwide basis.
So-called ‘lifestyle services’, which include medical services, catering and
accommodation services, and sundry personal services |
| China |
Business costs |
Reduction
or waiver of administrative and government fees. |
Several
administrative fees waived for SMEs |
| China |
Business costs |
Rent/leasing
- reductions (if government is landlord), direct payment or indirect (e.g.
tax concession for suppliers/ landlords) |
Affected
SMEs in some localities (e.g. Shanghai, Beijing, Guangdong) are exempt from
paying rent in February and March on state-owned assets for production and
operation (50% exemption of rent for office use) subject to number of
layoffs. |
| China |
Business costs |
Rent/leasing
- reductions (if government is landlord), direct payment or indirect (e.g.
tax concession for suppliers/ landlords) |
Encourage
local governments to cut or waive property tax and land use tax as an
incentive for property owners to cut rents for individual business tenants. |
| China |
Business costs |
Utilities
– reductions, direct payment or indirect (e.g. tax concession for
suppliers/landlords) |
The
NDRC lowered companies’ electricity price by 5 percent (except high energy
consuming industries) and adopted off-season gas price, with estimated saving
of RMB 63 billion |
| China |
Business upgrading |
Support
for corona-related production - e.g. healthcare products (grants,
procurement, et al), either to ramp up existing capability or for new
capability |
Support
for corona-related production - e.g. healthcare products (grants,
procurement, et al), either to ramp up existing capability or for new
capability |
| China |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Epidemic-hit
SMEs and micro firms, including small business owners and individual
household businesses, can make applications with banks to defer repayment of
principal and interest expenses payable from January 25 to June 30, 2020.
Overdue loan repayments in the period will not be subject to penalties. |
| China |
Debt finance |
Existing
lending with reduced or no interest loans, delayed repayments, lower
collateral requirements |
Interest
rate (-10bp) |
| China |
Debt finance |
Existing
lending with reduced or no interest loans, delayed repayments, lower
collateral requirements |
Liquidity
support (1.3% of GDP) |
| China |
Debt finance |
Existing
lending with reduced or no interest loans, delayed repayments, lower
collateral requirements |
Refinancing
facility (0.8% of GDP) |
| China |
Debt finance |
New
lending – under concessional terms |
Measures
to ease SME liquidity constraints (1.2 % of GDP) |
| China |
Debt finance |
New
lending – under concessional terms |
PBC
offered RMB 300 billion in special re-lending program for impacted business
at subsidized rate of 1.3 percent, and another RMB 500 billion via
re-lending/re-discount facility to support SMEs financing with interest rate
lowered to 2.5 percent, |
| China |
Debt finance |
New
lending – under concessional terms |
The
NDRC allowed high-quality SMEs to issue corporate bonds for repaying loans
and replenishing operating capitals. |
| China |
Debt finance |
New
lending – under concessional terms |
To
help SMEs stabilize their hiring, preferential loan application policies will
be offered to individuals and small and micro-sized businesses that have lost
sources of income during the outbreak. |
| China |
Employment support |
Cap
on layoffs |
For
companies with a workforce of less than 30 people, the maximum layoff rate
was set at 20%. |
| China |
Employment support |
Increased
labor training subsidies |
Local
incentives to support companies to carry out online vocational skills
training (e.g. Hebei, Zhejiang). SMEs in Beijing and Shanghai can receive
subsidies up to 95% for employee
training during suspension of operations and purchasing teleworking service
products. |
| China |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
As
part of general guidance to provinces, China is encouraging the use of
unemployment insurance funds to provide wage and job subsidies to
enterprises, in particular for SMEs. The amount varies by locality, but for
example in Nanjing, it has been 100 yuan per worker per day |
| China |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Introduction
of salary guarantees for all workers, especially those ill or in quarantine. |
| China |
Other finance |
Grants,
Insurance |
Special
funds available for startup companies |
| China |
Other finance |
Incentives
for investors (e.g. angel investors), new or enhanced incentives |
Renewed
commitment to shorten the negative list of foreign investment and expand the
catalog of industries where foreign investment is encouraged and Measures to
restore confidence of foreign investors, including local government support
to address obstacles to resume business operations and investment projects |
| China |
Regulations |
Reduced
compliance requirements (including no face to face, only electronic),
fewer/no inspections |
Based
on mutual agreement, employers and employees can enter into an electronic
labor contract with reliable electronic signatures. |
| China |
Regulations |
Reduced
compliance requirements (including no face to face, only electronic),
fewer/no inspections |
Expanded
possibility for firms to carry out certain administrative procedures
electronically (e.g. registrations for tax refund and exemption,
export/import licenses, approval of investment projects) |
| China |
Regulations |
Reduced
compliance requirements (including no face to face, only electronic),
fewer/no inspections |
Regulatory
forberance |
| China |
Tax |
Corporate
tax – rate reductions, credits, waivers, and/or deferrals |
Exemption
for small-scaled taxpayers in Hubei province and reduced the VAT collection
rate to 1% (currently 3%) for small-scaled taxpayers in other areas |
| China |
Tax |
Corporate
tax – rate reductions, credits, waivers, and/or deferrals |
Loss
carry-over extensions by eight years for the most vulnerable sectors
(transport, catering, hotel, and tourism). |
| China |
Tax |
Corporate
tax – rate reductions, credits, waivers, and/or deferrals |
Several
extensions of deadlines to file business taxes due in February and March, as
well as local measures |
| China |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Accommodation
and catering SMEs exempt from social security contribution |
| China |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Firms
in accommodation/catering and personal services exempt from VAT. Firms in the
4 industries of transport, catering, accommodation and tourism are allowed to
carry forward their 2020 losses for up to 8 years. Full refund of carried
forward excess input VAT balances may be granted to enterprises engaged in
production of supplies for coronavirus protection and containment |
| China |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Large
firms required to pay only half of social security contributions. |
| China |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Lowered/exempted
employers' contributions to social security
by an estimates RMB 650 billion |
| China |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
VAT
reduced from 3 percent to 1 percent (exempted in Hubei province) for small
businesses until the end of May. |
| Colombia |
Business costs |
Rent/leasing
- reductions (if government is landlord), direct payment or indirect (e.g.
tax concession for suppliers/ landlords) |
Free
water services for vulnerable families; households will be permitted to
refinance their debt and mortgages with banks for a two-month period |
| Colombia |
Business costs |
Utilities
– reductions, direct payment or indirect (e.g. tax concession for
suppliers/landlords) |
water
prices will be frozen for the duration of the state of emergency; bringing
forward to April of a measure foreseen for 2021. |
| Colombia |
Debt finance |
Credit
guarantees - new schemes, more generous guarantee levels |
The
Minister of Finance said that the Government has about $11.9 billion in
public banking available to provide credit guarantees to SMEs and households
through the financial system. |
| Colombia |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
The
President announced that financial relief includes small and medium-sized
enterprises for payment of their loans over the next two months, and
extension of repayment terms and refinancing options to mortgage loans at
maturity without reporting at credit risk agencies. |
| Colombia |
Debt finance |
Increasing
liquidity in banking sector |
Bank
of the Republic purchase about 10
trillion pesos (US$2.4 billion) of private securities issued by credit
institutions with remaining maturity of less than or equal three years, as
well as the purchase of government bonds denominated in pesos, known as TES. |
| Colombia |
Debt finance |
Increasing
liquidity in banking sector |
To
ensure the proper supply of liquidity to the market, the Bank of the Republic
increased the repos quota against private debt from $5 to $8 trillion, in
installments between 7 and 30 days. |
| Colombia |
Debt finance |
New
lending – under concessional terms |
Credit
line a new credit line for the tourism and aviation sector. National
Guarantee Fund for the provision of loans to support the continuity of small
and medium enterprises. |
| Colombia |
Debt finance |
New
lending – under concessional terms |
The
Government takes additional steps to alleviate the tourism and aviation
sector by using a Bancoldex credit line for liquidity with a quota of USD
250,000, and extension of deadlines for the sector's contribution. |
| Colombia |
Employment support |
Subsidies
for employee sick leave |
Workers
who request unpaid leave during this time will be allowed access to their
severance pay. |
| Colombia |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Government
decided to postpone the payment of the VAT and income taxes for the tourism
and aviation sectors. reduce the import tariffs for some inputs related to
the health and aviation sectors, on a temporary basis |
| Cook Island |
Employment support |
Increased
labor training subsidies |
To
assist businesses in upskilling their employees to improve their productivity
for recovery phase. The training subsidy is based on minimum wage for
35hrs/weekly over an additional period of 3 months, available only to those
businesses qualified for the wage subsidy. Employees have to be enrolled in
an official training by the 1 July 2020 and to commence by 30 July 2020. |
| Cook Island |
Employment support |
Subsidies
for employee sick leave |
This
support will only cover self-isolation as defined under the public health
guidelines, where the employee is: (i) not sick, cannot perform work remotely
and has been advised by the Ministry of Health to self-isolate; (ii) not sick
but has to care for dependents who are required to self-isolate or who are
sick with COVID-19. |
| Cook Island |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Wage
subsidy is based on minimum wage for 35hrs/weekly over a period of 3 months:
- $266 per week for a full-time employee working 20 hours per week or more; -
$133 per week for a part-time employee working between 5 and 19 hours per
week |
| Costa Rica |
Business costs |
Utilities
– reductions, direct payment or indirect (e.g. tax concession for
suppliers/landlords) |
Industrial
and commercial companies with more than 2,000
KwH will be able to pay 50%
consumption in March, April and May. |
| Costa Rica |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
By
guideline, President Alvarado will instruct the commercial banks of the State
to restructure the debtor's loans, including a possible moratorium on the
payment of the principal and/or interest for three months, in particular for
the sectors most affected. |
| Costa Rica |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Flexibility
in credit conditions and interest rates. |
| Costa Rica |
Debt finance |
Increasing
liquidity in banking sector |
Reduction
of the monetary policy rate to make credit cheaper |
| Costa Rica |
Debt finance |
New
lending – under concessional terms |
Central
Bank makes available RD$ 10 billion (USD 188 million) for loans to
households, MSMEs and trade. |
| Costa Rica |
Demand |
Targeted
(sector or region) expenditure programs |
Insurance
for the tourism sector to deal with COVID-19 quarantines. |
| Costa Rica |
Other finance |
Grants,
Insurance |
An
insurance for the tourism sector to face quarantines. |
| Costa Rica |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
A
three-month moratorium on the payment of the Value Added Tax (VAT), income
taxes and customs duties |
| Costa Rica |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Draft
law of the Ministry of Finance with three-month moratory to pay value-added
taxes (VAT), corporate income and customs duties. |
| Costa Rica |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Several
measures have been announced to defer the payment of taxes and social
security contributions. Public banks will be asked to readjust loans,
including a possible moratorium on the payment of principal and / or interest
for three extendable months, particularly for the most affected sectors. |
| Croatia |
Debt finance |
New
lending – under concessional terms |
Liquidity
relase in the amount of EUR million
174 |
| Czech Republic |
Debt finance |
New
lending – under concessional terms |
Liquidity
relase in the amount of EUR million
294 |
| Czech Republic |
Employment support |
Support to
self-employed persons |
The
state will pay 424 crowns per day, i.e. just under 14,000 crowns per month,
to all self-employed persons taking care of children aged 6 to 13 |
| Czech
Republic |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Employees
ordered into quarantine will receive 60 % of their salaries and the
government will reimburse the company in full, and employers, who had to
close or reduce operations because of the crisis measures, will pay employees
their full salaries, and the state will reimburse employers 80 % of the
costs. |
| Czech
Republic |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
The
government approved a proposal to modify the Antivirus program. Applying for
wages and salaries will be easy. The Antivirus employment protection program
is designed to help businesses protect their jobs. The state will use the
Labor Office of the Czech Republic to compensate companies for the funds paid
out. This measure will help employers better manage the current situation and
will not have to resort to layoffs. |
| Czech
Republic |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Introduction
of the institute of tax return retroactivity - entrepreneurs will be able to
recover any loss reported in 2020 in their tax bases in 2019 and 2018,
thereby obtaining a refund from the Financial Administration. |
| Denmark |
Debt finance |
New
lending – under concessional terms |
Liquidity
relase in the amount of EUR million 18 |
| Denmark |
Employment support |
New
working schemes |
Social
partners have agreed on exceptions from collective agreements to allow
employers to force people to go on holiday |
| Denmark |
Employment support |
Subsidies
for employee sick leave |
Sick
leave benefits for people with COVID-19 will be fully covered by the
government. |
| Denmark |
Employment support |
Support to
self-employed persons |
Self-employed
and freelancers experiencing a drop in turnover of more than 30% can get cash
support amounting to 75% of the loss (max EUR 3 100 per month). |
| Denmark |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
For
firms experiencing large falls in demand, the employees can be sent home and
the government will cover 75% of the salary (maximum EUR 3 100) |
| Denmark |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
The
Danish government would cover 75% of employees’ salaries if firms committed
not to lay off workers. This program will last for three months, or until 9
June 2020. The subsidy will cover a maximum of 23,000 Danish krone/month
($3,418). |
| Denmark |
Other finance |
Support
for firms which need to close or have reduced their activities |
Firms
with a drop in turnover of more than 30% can get cash support to cover part
of their fixed costs ( 75% but maximum EUR 3 100), full compensation of fixed
costs are provided to firms forced to temporarily close due to the lockdown. |
| Dominican
Republic |
Debt finance |
Central
Bank lending to financial institutions |
Liquidity
provision measures of RD$52 billion (USD 963 million) to financial
institutions |
| Dominican
Republic |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Authorization
to financial institutions to freeze ratings and provisions and restructuring
of credits. Authorization to be considered unexpired loans disbursed against
lines of credit for a period of 60 days. Extension for 90 days of the period
granted to the debtor for updating guarantees of appraisals |
| Dominican
Republic |
Debt finance |
Increasing
liquidity in banking sector |
Reduction
of interest rates from 4.50% to 3.50% per year and other bank rates to inject
liquidity. Disminution the interest rate of Repos at 1 day from 6.00% to
4.50% per year and Overnight from 3.00% to 2.50% per year. |
| Dominican
Republic |
Debt finance |
New
lending – under concessional terms |
The
government announces that 10 billion pesos will be allocated to loans to
households and micro, small and medium-sized enterprises in the trade sector
and some 12 billion pesos will be allocated to productive sectors, such as
tourism and the imported sector, at interest rates not more than 8% per year. |
| Ecuador |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Banks
deferred payments of loans, government deferred payments of some taxes, labor
regulations have been relaxed to accommodate for remote and reduced work,
extra support to digital platforms |
| Egypt |
Employment support |
Support
informal sector workers |
An
exceptional, one-off payment of EGP 500 is planned for informal workers
registered in the workforce directorates databases of governorates. |
| El Salvador |
Business costs |
Utilities
– reductions, direct payment or indirect (e.g. tax concession for
suppliers/landlords) |
The
government has granted a waiver for utility bills payments for individuals
and legal entities directly affected by curfew enacted because of COVID-19
for three months. Utilities include electricity, water, telephone, cable, and
internet |
| El Salvador |
Debt finance |
New
lending – under concessional terms |
Credit
facilities for micro, small, medium and large companies for productive credit
to the agricultural sectors, construction, services, tourism, manufacturing
industry, home acquisition, trade, electricity, gas, water, health services,
transport, storage and communications. |
| El Salvador |
Employment support |
Support
informal sector workers |
The
government of President Nayib Bukele has pledged to give $300 to some 1.5
million households (75 percent ) who work in the informal economy such as
house cleaners and street vendors who lack a financial safety net. |
| El Salvador |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Support
to employers for the payment of contribution fees to SAP. |
| El Salvador |
Other finance |
Incentives
for investors (e.g. angel investors), new or enhanced incentives |
Fiscal
incentives for investment in new productive projects, creation of angel capital funds and co-investment. |
| El Salvador |
Regulations |
Reduced
compliance requirements (including no face to face, only electronic),
fewer/no inspections |
simplification
of procedures for my MYPE account |
| Estonia |
Debt finance |
New
lending – under concessional terms |
Liquidity
relase in the amount of EUR million 73 |
| Estonia |
Employment support |
Unemployment
benefit |
The
Estonian Unemployment Insurance Fund will compensate 70% of the average wages
from the last 12 months but no more than Euro 1,000. The compensation is paid
to those workers with no work to carry out, or whose wages were already cut
because of the lack of workload. The cost of the decreased wages compensation
measure is Euro 250M6 |
| Estonia |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
New
benefit to support employers in sectors which are currently hit the hardest
by the crisis in order to avoid/postpone redundancies and partial cover
salaries. |
| Finland |
Debt finance |
Credit
guarantees - new schemes, more generous guarantee levels |
Loan
guarantees for firms (4% of GDP), most notably via Finnvera |
| Finland |
Debt finance |
New
lending – under concessional terms |
Liquidity
relase in the amount of EUR million 24 |
| Finland |
Employment support |
Support to
self-employed persons |
Temporary
recognition of entrepreneurs and freelancers as unemployment benefit
recipients. Elimination of waiting period for unemployment |
| Finland |
Employment support |
Unemployment
benefit |
Workers
laid off can claim income-linked benefits, provided they are a member of an
unemployment fund through their trade union or independently. In addition,
the government will eliminate the waiting period before people can claim
unemployment benefits, and allow freelancers and sole traders to claim
unemployment benefits without shutting down their businesses |
| Finland |
Other finance |
Grants,
Insurance |
Increase
of grants (0.1% of GDP): the public funding agency Business Finland's grant
authorisations will be increased to permit immediate business support
measures. |
| France |
Business advice |
Mediation
services (contracts, financial etc) |
State-backed
credit mediator available for repayment issues |
| France |
Business costs |
Utilities
– reductions, direct payment or indirect (e.g. tax concession for
suppliers/landlords) |
SMEs
facing difficulties would stop paying rent, electricity, gas and water bills. |
| France |
Debt finance |
New
lending – under concessional terms |
Liquidity
relase in the amount of EUR million
312 |
| France |
Employment support |
Subsidies
for employee sick leave |
Coverage
of paid sick-leave (without firm cost-sharing) of workers who will have to
stay home to take care of their children |
| France |
Employment support |
Support to
self-employed persons |
A
transfer of EUR 1,500 will be provided to the self-employed and other SMEs as
part of the solidarity fund |
| France |
Employment support |
Support to
self-employed persons |
Coverage
of self-employed workers experiencing
a very sharp drop in turnover (70% loss between March 2020 and March 2019) |
| France |
Employment support |
Unemployment
benefit |
Unemployed
people will continue receiving their benefits and the confinement period will
not be counted in the calculations of unemployment benefit rights |
| France |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Extension
of short-time work schemes (including domestic work) through higher coverage
of workers’ payments |
| France |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Special
unemployment benefits for employees who stop working. The company compensates
70% of gross wages (about 84% of net). Minimum wage earners or less are
compensated 100%. The company will be fully reimbursed by the state for those
earning up to 6,927 euros gross monthly— that is, 4.5x minimum wage7 |
| France |
Other finance |
Support
for firms which need to close or have reduced their activities |
Coverage
of very small businesses (turnover < €1M), and micro entrepreneurs
experiencing a very sharp drop in turnover (70% loss between March 2020 and
March 2019) or subject to administrative closure. |
| France |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Postponements
of social security contributions and corporate/personal income tax payments
for firms and entrepreneurs |
| Germany |
Business climate |
Consider
bankruptcy/business closure/insolvency business restructuring regulation
changes |
Insolvency
application will be suspended for a period up to September 30, 2020 for
companies in virus related difficulties |
| Germany |
Debt finance |
New
lending – under concessional terms |
Liquidity
relase in the amount of EUR million
328 |
| Germany |
Debt finance |
New
lending – under concessional terms |
the
entire federal government.Germany authorized its state bank (a bank run by
the government, but not a central bank), KfW, to lend out as much as $610
billion to companies to cushion the effects of the coronavirus. |
| Germany |
Employment support |
New
working schemes |
Further
extensions to Kurzarbeit regulations (short-time work) allow companies to
keep employees instead of laying them off. Employees work a reduced number of
hours and get 60% of salary from the employer for up to 12 months (and the
government pays their public social insurance contributions). Workers with
children get 67% of the salary7 |
| Germany |
Employment support |
New
working schemes |
Reduced
hours compensation benefit will also be available to temporary/agency
workers. Complete reimbursement of social security contributions by the
Federal Labour Office |
| Germany |
Employment support |
Subsidies
for employee sick leave |
Where
the Infection Protection Act applies, for the first six weeks the amount
provided as sick leave corresponds to the net salary, after which the amount
equals to sick leave benefits. |
| Germany |
Employment support |
Support to
self-employed persons |
Freelancers
such as artists and nurses are to receive direct grants of up to Euro 15,000
over 3 months. A total of Euro 50B is planned for this purpos |
| Germany |
Employment support |
Support to
self-employed persons |
Self-employed
persons and freelancers will receive compensation for loss of earnings based
on the profits established in the tax declaration of the previous calendar
year. |
| Germany |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Employees
who can not work will continue to receive a salary and employers will be
reimbursed by the Federal Government. The wages are also paid during the
quarantine. |
| Greece |
Business costs |
Rent/leasing
- reductions (if government is landlord), direct payment or indirect (e.g.
tax concession for suppliers/ landlords) |
Companies
that have closed because of COVID will
pay only 60% of their rent in March and April. |
| Greece |
Employment support |
Support to
self-employed persons |
800
euros payment (to be made in the first half of April) to self-employed
workers |
| Greece |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
800
euros payment (to be made in the first half of April) to about 500 000
employees in the companies/businesses closed because of COVID (Government
decision) and payment of their social security contributions. |
| Greece |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
A
transfer of Euro 800 (to be made in the first half of April) to about 500,000
employees in companies/businesses closed because of COVID (also selfemployed
workers); this also includes payment of their social security contributions. |
| Greece |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Social
contributions payments and tax obligations due in March have been postponed
by 4 months for the affected companies/businesses. |
| Guatemala |
Debt finance |
Central
Bank lending to financial institutions |
Facilitate
lines of credit to the banking sector, probably through the Central Bank, to
allocate it to the most vulnerable companies. |
| Guatemala |
Debt finance |
Credit
guarantees - new schemes, more generous guarantee levels |
Support
to MSMEs through a US$ 15m Guarantee Fund managed by the state bank Crédito
Hipotecario Nacional. |
| Guatemala |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Monetary
Board has temporarily eased (180-day period) credit risk management
regulations to enable loan restructuring, loan payments moratorium, and the
use of generic provisions |
| Guatemala |
Debt finance |
Increasing
liquidity in banking sector |
Bank
of Guatemala lowered its policy rate by 50 basis points to 2.25 percent |
| Guatemala |
Other finance |
Support
for firms which need to close or have reduced their activities |
Provision
of a Q100 million fund (USD 12.93 million) for MSMEs. |
| Guatemala |
Tax |
Expedited
tax reimbursements |
Accelerate
processing of US$ 300 m in tax returns to exporting companies |
| Haiti |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Central
bank ease loan repayment obligations
for three months |
| Haiti |
Debt finance |
Increasing
liquidity in banking sector |
The
central bank moved immediately to ease conditions in the financial system,
including reducing the refinance and
reference rates, reducing reserve requirements on domestic currency
deposits, and suspending fees on interbank transactions |
| Honduras |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Banhprovi
will freeze funding quotas for three months, |
| Honduras |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
The
government issued a decree mandating all supervised financial institutions to
provide temporary debt service relief to companies and individuals whose
incomes have been affected by the crisis. Debt service of affected sectors
will be suspended until end-June, without penalties or impact on credit
classification. |
| Honduras |
Debt finance |
Increasing
liquidity in banking sector |
The
central bank cut the policy rate by 75 bps to 4.5 percent and The BCH also
announced the suspension of issuance of oneday BCH bills, resulting in
liquidity increase of L10,600 mn( |
| Honduras |
Debt finance |
New
lending – under concessional terms |
Branhprovi
will make available to banks the first installment of 200 million lempiras
(USD 7.99 million), additional to a total of 4 billion (UD 16 million) to
revive the construction industry. This will benefit 200 families and generate
around a thousand direct jobs. |
| Honduras |
Debt finance |
New
lending – under concessional terms |
Support
to micro and small entrepreneurs through Crédito Solidario and the
Entrepreneurship Service (SENPRENDE) to make available 51 million lempiras to
serve 5,000 entrepreneurs. |
| Honduras |
Debt finance |
New
lending – under concessional terms |
To
serve micros and small entrepreneurs through solidarity credits totaling 51
million lempiras (USD 2.04 million) for five thousand entrepreneurs. |
| Hungary |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Loan
repayment moratorium (both principal and interest) for both private
individuals and companies until the end of the year |
| Hungary |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Stop
on Individuals and company loan payments until December 2020 and short term
company loans get automatically elongated until June 30. |
| Hungary |
Debt finance |
New
lending – under concessional terms |
Liquidity
relase in the amount of EUR million
855 |
| Hungary |
Tax |
Corporate
tax – rate reductions, credits, waivers, and/or deferrals |
‘Small
taxpayer’ Enterprises (Kisadózó vállalkozások) working in personal transport
industry (taxis etc.) have some corporate tax exemptions |
| Hungary |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Employers
in tourism and hospitality, entertainment movie making and performing arts,
gambling, event management, those providing sport services are exempt from
paying social security contributions after their employees between March and
June. |
| Hungary |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Sectors
particularly affected by the crisis (tourism, hospitality, entertainment,
sport, cultural services, personal transportation/taxi companies) are
exempting employers from paying social security contributions. Employees’
contributions are significantly reduced until 30 June; also, the health
insurance premium is reduced to the statutory minimum. |
| Iceland |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Up
to 75% of salary for short-term workers or unemployed |
| Iceland |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Deferral
of tax payments; financial support for tourism sector; refund of VAT for
construction projects. |
| India |
Employment support |
Retirement
funds frontloading |
Amending
its pension regulations, so that workers can draw up to 75% for their
contingency expenditure non-refundable advance or three months of wages in
advance, whichever is less. |
| India |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
For
formal employees, the government has
committed to pay employee provident fund contributions on behalf of employees
and employers (12% each) for the next three months, for firms with up to 100
employees, where 90% of them are earning less than INR15,000 per month. |
| India |
Tax |
Corporate
tax – rate reductions, credits, waivers, and/or deferrals |
Tax
deferral |
| Indonesia |
Business climate |
Reduce
import restrictions (NTBs, duties) on intermediate goods |
Relaxation
of import and export restrictions and prohibitions on certain goods (Lartas)
and of other trade procedures, especially for 735 reputable traders with a
good track record of regulatory compliance, notably to accelerate imports of
raw and semi-finished materials for local manufacturers. |
| Indonesia |
Business climate |
Reduce
import restrictions (NTBs, duties) on intermediate goods |
The
government aims to develop and expand its network of economic linkages
through new free trade and double tax agreements with international partners. |
| Indonesia |
Business costs |
Utilities
– reductions, direct payment or indirect (e.g. tax concession for
suppliers/landlords) |
State-run
oil company will give discounts on jet fuel equivalent to 265 billion rupiah
(US$18 million) at nine airports to support airlines provide the 30 percent
airfare discounts. |
| Indonesia |
Debt finance |
Capital
buffer safeguards requirements on banks |
Capital
buffer safeguards requirements on banks |
| Indonesia |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Rules
governing loan restructuring for SMEs will be eased, allowing local banks to
restructure loans regardless of credit ceiling limits. |
| Indonesia |
Debt finance |
Existing
lending with reduced or no interest loans, delayed repayments, lower
collateral requirements |
Interest
rate (-25bp) |
| Indonesia |
Debt finance |
New
lending – under concessional terms |
SMEs
with good credit history and capacity to pay back are eligible for loans of
up to 10 billion rupiah (US$655,000) |
| Indonesia |
Demand |
Targeted
(sector or region) expenditure programs |
103
billion rupiah (US$7.1 million) towards tourism marketing and promotion and
an estimated 72 billion (US$5 million) to social media influencers to also
promote the country’s tourist hotspots. |
| Indonesia |
Regulations |
Reduced
compliance requirements (including no face to face, only electronic),
fewer/no inspections |
Accelerate
the integration of the Indonesia National Single Window (online platform for
paying trade-related duties and taxes) with Inaportnet (platform for
processing trade permits and licensing). |
| Indonesia |
Regulations |
Reduced
compliance requirements (including no face to face, only electronic),
fewer/no inspections |
Regulatory
forbearance with banking sector stimuli |
| Indonesia |
Tax |
Corporate
tax – rate reductions, credits, waivers, and/or deferrals |
A
key dispositions of the stimulus package is to reduce corporate tax payments
for manufacturing companies |
| Indonesia |
Tax |
Corporate
tax – rate reductions, credits, waivers, and/or deferrals |
Corporate
income tax reduced by 30% |
| Indonesia |
Tax |
Corporate
tax – rate reductions, credits, waivers, and/or deferrals |
Hotel
and restaurant tax suspended in Bali and nine other tourist destinations for
the next six months. Local governments will be compensated by the central
government for the loss of taxes which is estimated to total US$230 million |
| Indonesia |
Tax |
Corporate
tax – rate reductions, credits, waivers, and/or deferrals |
Import
tax payment deferred for businesses in 19 selected manufacturing industries
for the next six months |
| Indonesia |
Tax |
Expedited
tax reimbursements |
Expedited
tax refunds to increase businesses’ cash at hand. |
| Indonesia |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Granted
tax deferment facilities |
| Indonesia |
Tax |
Targeted
(sector or region) expenditure programs |
A
IDR 120 trillion (USD 8.1b) stimulus package, representing 0.8% of GDP. A key
disposition includes exempting some manufacturing workers from income tax. |
| Ireland |
Business advice |
Support
subsidized business advice (e.g. through vouchers) and information (e.g.
through chambers, industry organizations, accountants, etc.) on emergency
support measures, and business operations |
“Finance
in focus” grant of up to LCU 7,200 available to Enterprise Ireland and Údarás
na Gaeltachta clients to support financial planning |
| Ireland |
Debt finance |
New
lending – under concessional terms |
A
€200m Working Capital scheme for eligible businesses impacted by COVID-19 and
a €200m Package for Enterprise Suppors including a Rescue and Restructuring
Scheme for viable but vulnerable firms that need to restructure or transform
their businesses |
| Ireland |
Debt finance |
New
lending – under concessional terms |
Liquidity
relase in the amount of EUR million 1 |
| Ireland |
Employment support |
Subsidies
for employee sick leave |
A
worker who is diagnosed with COVID-19, or is suspected of having COVID-19 and
is medically required to self-isolate, can get income support without having
to wait for 6 days and at a hgiher rate than before. |
| Ireland |
Employment support |
Subsidies
for employee sick leave |
Eligible
people will be paid €305 per week (as compared with the normal Illness
Benefit rate of €203). This is available to employees and the self-employed. |
| Ireland |
Employment support |
Support to
self-employed persons |
Legislation
in preparation to allow workers required to self-isolate to get income
support where Self-employed will also
be covered. |
| Ireland |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Payment
for companies whose income has dropped by 25% but still want to retain their
staff. In these cases, the State will pay 70% of employee salaries up to €410
per week, whis measure is worth €3.7 billion including unemployment insurance |
| Ireland |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
The
COVID-19 Wage Subsidy allows employers to pay their employees during the
current pandemic. Employers will be refunded up to 70 percent of an
employee's wages - capped at a maximum weekly tax free payment of €410 per
employe |
| Ireland |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Deferral
to stamp duty and extensive supports for SMEs. |
| Israel |
Debt finance |
Credit
guarantees - new schemes, more generous guarantee levels |
The
fund for state guaranteed loans to support mainly SMEs with cash-flow
problems was increased from NIS 4 billion to NIS 8 billion. |
| Israel |
Employment support |
Unemployment
benefit |
All
employees on unpaid leave for at least 30 days will be able to claim
unemployment benefits immediately. |
| Italy |
Business advice |
Vouchers
for remote business services (e.g. purchasing teleworking service products) |
Simplification
of the rules applied to tenders for purchasing laptops for teleworking in the
public sector. |
| Italy |
Debt finance |
Credit
guarantees - new schemes, more generous guarantee levels |
Increased
generosity of the public credit guarantee fund for SMEs (including an ease of
eligibility criteria, the increase of the maximum guarantee to EUR 5 million,
the removal of fees) |
| Italy |
Debt finance |
New
lending – under concessional terms |
Liquidity
relase in the amount of EUR million
853 |
| Italy |
Employment support |
New
working schemes |
Short-time
work schemes extended to all companies. |
| Italy |
Employment support |
Subsidies
for employee sick leave |
Parents
of children younger than 12 are allowed to take leave for up to 15 (combined)
days starting from 5 March 2020 while receiving 50% of the salary paid by the
state. Absence from quarantine would be considered as sick leave, with the
costs paid by the state |
| Italy |
Employment support |
Subsidies
for employee sick leave |
Quarantine,
if imposed by medical authorities, and work leave for
disabled/immunocompromised individuals is considered as sick leave; payments
usually covered by the employers are charged to the State. |
| Italy |
Employment support |
Support to
self-employed persons |
Lump
sum of 600 euro, tax exempt, for the vast majority of the self-employed,
seasonal workers in the touristic sector, agricultural employees, workers in
performing arts; 100 euro for employees with income below 40K. |
| Italy |
Employment support |
Targeted
(sector or region) expenditure programs |
One-off
€600 bonus to self-employed and professional workers, including agricultural,
tourism, cultural sector workers. Applications are open as of April 1. |
| Italy |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
To
discourage layoffs during the crisis, employees of companies that have
interrupted their activities will be entitled to receive a benefit in the
amount of 80% of the salary paid by the state. The measure would be valid for
up to nine weeks – and no longer than August 2020 |
| Italy |
Other finance |
Support
for firms which need to close or have reduced their activities |
EUR
700 million in measures to support the troubled airlines (and income support
for their workers), Alitalia, and Air Italy. |
| Jamaica |
Debt finance |
Increasing
liquidity in banking sector |
the
total value of liquidity assistance provided by the Bank to the via its
short-term lending facilities and its asset purchase programme amounted to
$57B. |
| Jamaica |
Employment support |
Unemployment
benefit |
Temporary
cash transfer to individuals when loss of employment can be verified since
March 10 |
| Jamaica |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Several
incentives are planned to mitigate employment losses, including direct
transfers to businesses to maintain employees |
| Jamaica |
Other finance |
Support
for firms which need to close or have reduced their activities |
temporary
cash transfers to businesses in targeted sectors based on the number of
workers employed |
| Jamaica |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Reduction
in the VAT rate from 16.5% to 15%. |
| Japan |
Business advice |
Vouchers
for remote business services (e.g. purchasing teleworking service products) |
Vouchers
for remote business services (e.g. purchasing teleworking service products) |
| Japan |
Debt finance |
New
lending – under concessional terms |
Firms
whose sales have been declining by at least 5% due to Covid-19 can get loans
at a low interest rate of up to 60 million yen. |
| Japan |
Debt finance |
New
lending – under concessional terms |
Providing
MSMEs (especially the Tourist industry) with emergency loan and safety-net
($5b), low or zero interest rate for 3 years |
| Japan |
Employment support |
Subsidies
for employee sick leave |
Subsidy
provided to firms to cover for employees unable to work (due to
infections/school closures etc.) up to $83.3 per employee |
| Japan |
Employment support |
Support to
self-employed persons |
Subsidy
for self-employed and freelanced workers unable to work up to $41 per person |
| Japan |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
A
planned subsidy will reimburse two-thirds of the leave allowance for an SME
employer, or half for a large enterprise. The subsidy is capped at JPY8,335 a
day per employee on leave as of late February 2020 |
| Japan |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Expanding
Employment Adjustment Subsidy Scheme for firms with decreased level of
business activities to maintain employment |
| Japan |
Regulations |
Reduced
compliance requirements (including no face to face, only electronic),
fewer/no inspections |
Establishment
of “special help desks” (face-to-face, email, phone consultation services) |
| Jordan |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Companies
will have the option of stop contributing for the Old Age Program (keeping
only disability and health insurance). In the case where firms will choose to
do so (they can do it for all or some employees only), they will only pay
5.25% as contribution rate, instead of 21.75%. |
| Korea |
Business advice |
Vouchers
for remote business services (e.g. purchasing teleworking service products) |
Additional
export vouchers were made available to support exporting firms affected by
COVID-19. Vouchers are for remote business services, including support for
MSMEs' transition to online shopping platforms and identifying potential
buyers in countries with travel restrictions. |
| Korea |
Business climate |
Reduce
import restrictions (NTBs, duties) on intermediate goods |
Expedite
customs procedures for raw and intermediate products |
| Korea |
Business climate |
Reduce
import restrictions (NTBs, duties) on intermediate goods |
Helping
to expedite customs procedures for raw and sub-materials |
| Korea |
Business climate |
Reduce
import restrictions (NTBs, duties) on intermediate goods |
Import
duty relief |
| Korea |
Business costs |
Rent/leasing
- reductions (if government is landlord), direct payment or indirect (e.g.
tax concession for suppliers/ landlords) |
Promote
the lowering of commercial rents by providing landlords with a 50 percent
income tax break in the first half of the year |
| Korea |
Debt finance |
Central
Bank lending to financial institutions |
The
Monetary Policy Board of the Bank of Korea decided to lower the Base Rate by
50 basis points from 1.25% to 0.75%, effective March 17 and the interest rate
on the Bank Intermediated Lending Support Facility from 0.50%-0.75% to 0.25%,
effective March 17. |
| Korea |
Debt finance |
Credit
guarantees - new schemes, more generous guarantee levels |
Expansion
of existing programs through additional funding, expansion of coverage (e.g.
duration of loans, coverage of guarantees, fast-tracking application process)
and lowered fees. |
| Korea |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Defer
loan repayment for SMEs and small businesses: At least six months of
deferment to be offered by banks and nonbanking financial institutions |
| Korea |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
The
state-owned Export-Import Bank will suspend payments on 11.3 trillion won in
loans of 877 companies that are to expire within six months. The suspension
will last a maximum of one year. Domestic banks to allow loan repayment
deferral and suspend interest payments for a minimum of 6 months for SMEs
that cannot afford payment when due |
| Korea |
Debt finance |
Existing
lending with reduced or no interest loans, delayed repayments, lower
collateral requirements |
Suspend
loan interest payments for SMEs and small businesses: For six months starting
on April 1 |
| Korea |
Debt finance |
New
lending – under concessional terms |
A
total of 12 trillion won to be spent on emergency funding for business
operation and low interest rate loans |
| Korea |
Demand |
Targeted
(sector or region) expenditure programs |
Promote
consumption: Give a 70 percent individual consumption tax cut for car
purchases, and a 10 percent refund for the purchases of high
energy-efficiency home appliances and
by issuing discount coupons to be used for purchasing cultural events and
farm products, as well as for tourism expenses and paychecks |
| Korea |
Employment support |
Subsidies
for employee sick leave |
Employees
who are (self-)qurantined or hospitalised are entitled to paid leave from the
employer or living allowance from the government and KRW 50 000/day is paid
up to 5 days to workers whose 1) grandparents, parents, partner, partner’s
parents, grand children are confirmed of Covid19 or show symptoms of Covid19 |
| Korea |
Employment support |
Support to
self-employed persons |
Subsidies
to intermediate governments which will be used for employment protection
programmes for non-regular workers and daily workers. |
| Korea |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
500
billion won ($406 million) through June for wage subsidies for affected
firms in all sectors keeping employees on the payroll, up to 90% of wages for
SMEs and 67% for large companies |
| Korea |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Provide
employment support for businesses hit hard, such as tourism |
| Korea |
Other finance |
Grants,
Insurance |
Underwriting
greater level of accounts receivable insurance and lowering insurance
premiums |
| Korea |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
National
and local government tax relief, it is part of a stimulos package of 16 billion USD |
| Korea |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
National
and local government tax relief, it is part of a stimulus package of 16
billion USD |
| Kosovo |
Business costs |
Utilities
– reductions, direct payment or indirect (e.g. tax concession for
suppliers/landlords) |
Rent
subsidy up to 50% of the rent value for small and medium enterprises for
April and May, a measure amounting to €12M |
| Kosovo |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Covering
of expenditures for the monthly salaries in the amount of €170 for April and
May, a measure amounting to €41M |
| Latvia |
Debt finance |
New
lending – under concessional terms |
Liquidity
relase in the amount of EUR million
118 |
| Lithuania |
Debt finance |
New
lending – under concessional terms |
Liquidity
relase in the amount of EUR million
222 |
| Lithuania |
Employment support |
Support to
self-employed persons |
Lump
sum transfer of EUR 257 for self employed workers who contributed to social
security over the last 3 months |
| Lithuania |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Maximum
sickness benefit of 100 percent from net pay for sick workers |
| Lithuania |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Wage
(pension) subsidy for grandparents taking care of children |
| Lithuania |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Wage
subsidy of 60% of the salary and up to 600 Euros to promote home working |
| Lithuania |
Tax |
Corporate
tax – rate reductions, credits, waivers, and/or deferrals |
An
economic stimulus plan (EUR 2.5 billion) to mitigate the effects of the
coronavirus. Measures include postponement of the payments date of tax
arrears for the affected taxpayers and subsidies to preserve jobs. |
| Luxemburg |
Debt finance |
New
lending – under concessional terms |
Liquidity
relase in the amount of EUR million 1 |
| Luxemburg |
Employment support |
Subsidies
for employee sick leave |
Wage
(pension) subsidy for grandparents taking care of children and sick persons |
| Luxemburg |
Other finance |
Grants,
Insurance |
Firms
can request grants in case of calamity |
| Malaysia |
Business advice |
Vouchers
for remote business services (e.g. purchasing teleworking service products) |
The
government will allocate 40 million ringgit (US$9 million) to help SMEs in
the agriculture sector to sell their products on e-commerce platforms and
therefore to a larger pool of consumers. |
| Malaysia |
Business costs |
Utilities
– reductions, direct payment or indirect (e.g. tax concession for
suppliers/landlords) |
RM
500 million allocated for a 15% discount on monthly electricity bills for six
categories of businesses (hotel operators, travel agencies, local airlines
offices, shopping malls, convention centres and theme parks) from April to
September 2020, and 2% for commercial, industrial, agricultural sectors (Feb.
27); Extra RM530 million to provide a gradual discount of 15% to 50% on
electricity usage with a maximum limit of 600 kilowatts per month |
| Malaysia |
Debt finance |
Central
Bank lending to financial institutions |
Bank
Negara Malaysia (the central bank) will provide 3 billion-ringgit (US$693
million) worth in loans for SMEs to be distributed through commercial banks
at an interest rate capped at 3.5 percent per annum |
| Malaysia |
Debt finance |
Credit
guarantees - new schemes, more generous guarantee levels |
Government
to provide a RM50 billion guarantee scheme with a guarantee of up to 80 per
cent of the loan amount for the purpose of financing working capital
requirements for applications by businesses in all sectors |
| Malaysia |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
A
six-month moratorium will be granted on all consumer loans from April 2020 to
September 2020. |
| Malaysia |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Allow
banks to do restructuring and rescheduling (R&R) under specific and
exceptional circumstances. |
| Malaysia |
Debt finance |
Existing
lending with reduced or no interest loans, delayed repayments, lower
collateral requirements |
Interest
rate (-50bp) |
| Malaysia |
Debt finance |
New
lending – under concessional terms |
A
total of 300 million ringgit (US$68 million) in loans has been prepared for
SMEs looking to digitalize or automate their business |
| Malaysia |
Demand |
Targeted
(sector or region) expenditure programs |
A
special income tax relief worth 1,000 ringgit (US$226) is available to
individuals for expenses on domestic tourism from March 1, 2020, to August
31, 2020, for a total of RM500 million |
| Malaysia |
Demand |
Targeted
(sector or region) expenditure programs |
To
support the tourism industry, the government has allocated US$113 million in
the form of: (i) 30 million ringgit (US$6 million) will be provided to
Tourism Malaysia, the country’s tourism board, to increase promotion on
Malaysian tourism in the Middle East, Europe, ASEAN, and South Asia, and (ii)
the government, in collaboration with airlines, resorts, and hotels, will
offer travel discount vouchers of to 100 ringgit (US$22) per person, starting
March 2020. |
| Malaysia |
Employment support |
Support to
self-employed persons |
One-off payment of RM600 (US$144) to taxi,
tourist and trishaw drivers and tourist guides. |
| Malaysia |
Employment support |
Support to
self-employed persons |
RM60
million for e-hailing drivers to receive a one-off payment of RM500 each |
| Malaysia |
Other finance |
Incentives
for investors (e.g. angel investors), new or enhanced incentives |
To
sustain economic growth and private consumption, the government will provide
incentives to encourage more private investments, while also accelerating
public investments. |
| Malaysia |
Tax |
Corporate
tax – rate reductions, credits, waivers, and/or deferrals |
Travel
agencies, hotels, airlines, as well as businesses in the tourism industry,
will be given a deferment of their monthly tax installments for six months
and SMEs allowed to postpone payment of income tax installments for a period
of three months beginning April 1, 2020 |
| Malaysia |
Tax |
Incentives
for capital expenditure (larger/wider limits, accelerated depreciation,
broader range of products eligible) |
To
incentivize businesses to undertake investments in 2020, qualifying capital
expenditures on machinery and equipment including ICT equipment are given
Accelerated Capital Allowance which can be claimed within a two-year period
for expenses incurred from 1 March 2020 to 31 December 2020 |
| Malaysia |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Options
for delaying payments, restructuring and rescheduling employer contributions
to the Employees Provident Fund. to provide cash flow savings estimated at
RM10 billion to 480,000 SMEs |
| Malta |
Debt finance |
New
lending – under concessional terms |
Liquidity
relase in the amount of EUR million 9 |
| Mexico |
Debt finance |
Capital
buffer safeguards requirements on banks |
Bank
of Mexico (central bank) reduced the Monetary Regulation Deposit by MXN 50
billion, which will be channeled to support active transactions of commercial
and development banks, thus improving their liquidity and their capacity to
grant credits and to maintain or expand their credit lines. |
| Mexico |
Debt finance |
New
lending – under concessional terms |
Good-faith
loans ('crédito a la palabra') of up to MXN 25 thousand with an interest rate
of 6.5%, with a target of 500,000 informal micro-enterprises owned by
low-income families ('Tandas para el Bienestar'). Recently announced by the
President of Mexico. Operation rules and mechanism still under designed. |
| Mexico |
Other finance |
Financial
regulation |
The
banking regulator (CNBV) issued special accounting criteria so that credit
institutions can grant a partial or total deferment of principal and / or
interest payments for up to 6 months for clients affected by the crisis. CNBV
also issued recommendations to banking institutions to refrain from paying
dividends or buying back shares or adopting any other mechanism aimed at
rewarding shareholders. |
| Mongolia |
Business climate |
Reduce
import restrictions (NTBs, duties) on intermediate goods |
Exemption
of import tax (customs and VAT) on food items including wheat, seeds, all
types of rice, sugar, and vegetable oil. |
| Mongolia |
Business costs |
Rent/leasing
- reductions (if government is landlord), direct payment or indirect (e.g.
tax concession for suppliers/ landlords) |
Reduce
income tax on landlords who reduce their rents on spaces in market places,
malls, and other service-related areas. |
| Mongolia |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
The
Bank of Mongolia indicated that banks may restructure their clients’ loans
upon to postpone interest payments. |
| Mongolia |
Debt finance |
Increasing
liquidity in banking sector |
Measures
to increase liquidity in the banking sector, including reduction of interest
rate and relaxation of capital requirements |
| Mongolia |
Demand |
Procurement
- Increase purchases from SMEs and/or Increase margin for SME-sourced
product; ease procurement processes |
Accelerate
process of tendering for public investment projects |
| Mongolia |
Demand |
Procurement
- Increase purchases from SMEs and/or Increase margin for SME-sourced
product; ease procurement processes |
Accelerating
the process of tendering the public investment projects to stimulate the
economy in the short term |
| Mongolia |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
The
Government will provide a wage subsidy of RM600/month (50% of the minimum
wage) for three months, targeted to workers earning RM4,000 or less and have
experienced a 50% wage reduction since 1 January 2020. Employers will be
disallowed from laying off these workers and from reducing workers’ existing
wages. This is expected to benefit 3.3 million workers costing RM5.9 billion |
| Mongolia |
Tax |
Corporate
tax – rate reductions, credits, waivers, and/or deferrals |
The
government will waive personal income taxes for 526,000 entities and
individuals between April 1 and October 1, with the exception of public
servants, employees of state and local state-owned enterprises, and companies
that have received government tenders |
| Mongolia |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
The
government will exempt businesses and entities from paying social insurances
fees between April 1 and October 1, however, health insurance fees will need
to be paid. |
| Mongolia |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Waive
penalties on employers who fail to pay the CIT and social security
contributions in time, during the period of heightened emergency. |
| Myanmar |
Debt finance |
New
lending – under concessional terms |
COVID-19
Fund will be established at the Myanmar Economic Bank with a capital of
MMK100 billion (US$71 million) to provide loans to businesses in the apparel,
hospitality and tourism sectors and SMEs owned by Myanmar nationals which are
suffering the most negative economic consequences |
| Myanmar |
Tax |
Corporate
tax – rate reductions, credits, waivers, and/or deferrals |
Payments
for the income tax for the second quarter due on 31 March 2020 and for the
third quarter due on 30 June for the 2019-2020 fiscal year will have the
payment period extended to 30 September |
| Namibia |
Employment support |
Support to
self-employed persons |
Tax-back loan scheme for tax registered and
tax paying (PAYE) employees and self-employed individual persons who have
lost income or part thereof. |
| Nepal |
Business costs |
Utilities
– reductions, direct payment or indirect (e.g. tax concession for
suppliers/landlords) |
Selected
industries to get 30-50% discount on electricity consumed (to make use of
excess capacity during lockdown/economic slowdown). |
| Nepal |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Firms
to get a one-month extension for the following: - payments of loan (interest
+ capital) against provident fund and citizen |
| Nepal |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Social
Security Fund (contributory SI program) payment for both employee and
employer (total of 31% of wages/salaries) for this month to be provided by
the government |
| Nepal |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Companies
can benefit from the suspension of social security contributions for the
period from March 1 to June 30, 2020 with graceful remission of late payment
increases for this period for employers in difficulty |
| Nepal |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
irms
to get a one-month extension for entry and payment of trimestral installments
of VAT, excise duty, income tax, and other fees (education service,
telecommunication service etc.); |
| Netherlands |
Business costs |
Rent/leasing
- reductions (if government is landlord), direct payment or indirect (e.g.
tax concession for suppliers/ landlords) |
The
Dutch government has moved to stop eviction during the COVID-19 period, and
is preparing legislation to extend time-limited rental contracts. |
| Netherlands |
Debt finance |
New
lending – under concessional terms |
Liquidity
relase in the amount of EUR million 14 |
| Netherlands |
Debt finance |
New
lending – under concessional terms |
Temporary
bridging loans for small and medium-sized enterprises. One-off €4,000
compensation for entrepreneurs in specific sectors affected by temporary
public bans (restaurants, "contact professions"). |
| Netherlands |
Debt finance |
New
lending – under concessional terms |
Working
capital at reduced interest rate for self employed. |
| Netherlands |
Employment support |
New
working schemes |
Employers
can apply for a permit for a reduction in working time (werktijdverkorting)
at the Ministry of Social Affairs and Employment, i.e., employees will
temporarily work on a reduced schedule. Employees can receive a temporary
unemployment benefit for hours not worked, while they remain fully employed. |
| Netherlands |
Employment support |
Support to
self-employed persons |
Self-employed
persons can receive additional income support for subsistence for a period of
three months through an accelerated procedure |
| Netherlands |
Employment support |
Support to
self-employed persons |
The
government announced a three-month provision for self-employed persons with
financial problems.Implemented by municipalities, it can be applied for in
the form of an additional allowance for living expenses and/or operating
capital |
| Netherlands |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
If
revenue falls below 20%, firms can claim wage subsidies for up to 90% up to 3
momths |
| New Zealand |
Business costs |
Rent/leasing
- reductions (if government is landlord), direct payment or indirect (e.g.
tax concession for suppliers/ landlords) |
Ban
rent increases and look to extend no-cause contract terminations. Introduce
"significant support for mortgage holders". More details will be
unveiled in coming days. |
| New Zealand |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
A
total of $5.1 billion in wage subsidies was committed for affected businesses
in all sectors and regions. Full-time workers (more than 20 hours/week) will
receive $585/week under the scheme, with $350 paid to part-time workers. The
subsidy is paid as a lump sum and covers 12 weeks per employee |
| New Zealand |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
NZD
12.1 billion (4% of GDP) fiscal support to help businesses cope with the
economic effects of the pandemic (it includes wage subsidies). |
| New Zealand |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Payments
to self-isolated people: $585.50 per
worker per week for full-time workers and $350 per worker per week for
part-time workers. Recommend to employers to provide paid special leave
beyond this period, or when workers are self-isolating. |
| New Zealand |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Wage
subsidies will be available for all employers that are significantly impacted
by COVID-19 and are struggling to retain employees as a result |
| Nigeria |
Debt finance |
New
lending – under concessional terms |
Central
Bank of Nigeria (CBN) introduced the N50 billion Targeted Credit Facility
(TCF). N 25 Bn for SMES, N 3 bn for househods. Working capital included |
| North
Maceonia |
Employment support |
Support
informal sector workers |
Unemployed
and informal sector workers will receive an average of 7,000 denars (US$124)
per household. The estimated coverage is about 20,000 new households from the
informal economy and 30,000 existing beneficiaries |
| North
Maceonia |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
The
government is subsidizing social contributions for employees in companies
from sectors of tourism, transport, catering and other affected companies,
for April, May, and June of 2020, with a subsidy of contributions per
employee up to 50% of the average salary paid in 2019. |
| Norway |
Employment support |
Unemployment
benefit |
The
Norwegian parliament agreed on temporary amendments to the rules on
unemployment benefit for workers who are laid off from their jobs.
Employees will retain 100% of their
pay from day 3 up to and including day 20 of the layoff period, for salaries
up to approximately 600 000 NOK ($56,700). The employer-financed period (the
period during which the employer must pay laid-off workers) has been reduced
from 15 to 2 days. After this, the state will take over responsibility for
income security for employees who are laid off |
| Oman |
Debt finance |
Capital
buffer safeguards requirements on banks |
Reduce
Capital Conservation Buffers for banks to 1.25% from 2.5%; |
| Oman |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Accept
all requests for deferment of loan instalments / interest / profit for
affected borrowers, particularly SMEs, with immediate effect for the next 6
months. All package amounts to $20 bn package |
| Oman |
Debt finance |
Existing
lending with reduced or no interest loans, delayed repayments, lower
collateral requirements |
Repo
rate cut by 75bps to 0.5%;. the measure is inside of an $20bn incentive
package. |
| Panama |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Debt-service
relief (3 months) to the private sector by the financial secto and by the tax
administration (for national and subnational taxes). |
| Panama |
Debt finance |
New
lending – under concessional terms |
Banking
supervision agency allowing banks to tap into the banking sector reserve up
to about $1.4b to facilitate working capital to SMEs. |
| Panama |
Employment support |
Subsidies
for employee sick leave |
Paid
leave is paid to workers in quarantine or recovery |
| Panama |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Tax
amnesty expansion until June 30, 2020 and Forgiveness of 85% interest,
surcharges and fines for debts to the tax. |
| Paraguay |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Facilities
are granted to financial intermediaries by extending the time limits for the
disposal of assets awarded in payment of loans, postponing the obligation to set out
provisions on those assets. |
| Paraguay |
Debt finance |
Increasing
liquidity in banking sector |
Interest
rates have been lowered for the Longest Term Permanent Liquidity Facilities,
the FPL – First Tranche (Up to 30 days in time) and FPL – Second Tranche (30
additional days to the FPL – First Tranche). |
| Paraguay |
Debt finance |
New
lending – under concessional terms |
New
credit lines announced by public development banks |
| Paraguay |
Debt finance |
New
lending – under concessional terms |
Public
companies may request the National Development Bank or the PublicTreasury
lines of credit with the aim of financing temporary requirements resulting
from the decrease in their incomes |
| Paraguay |
Other finance |
Support
for firms which need to close or have reduced their activities |
Use
of 20% of uncapitalized profits of public companies allowed to support AFD
with lines of support to MSMEs, and allows 20% of the BNF's uncapitalized
profits to be used to create an AFD-managed MSMEs trust fund that can be used
by entities overseen by SBS and Incoop. |
| Paraguay |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Intention
is declared to eliminate import duties and reduce the VAT from 10 percent
(standard rate) to 5 percent. (march 18) |
| Peru |
Business costs |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Banks
to postpone debt payments of their clients. |
| Peru |
Debt finance |
Credit
guarantees - new schemes, more generous guarantee levels |
ensure
companies’ payment chains by granting credit guarantees |
| Peru |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Measures
have been taken to make it more flexible for banks to reschedule payments
held by individuals and businesses more than 12 billion suns (US$3.378
million). Sunat has also taken action in its sector, among others. |
| Peru |
Debt finance |
Increasing
liquidity in banking sector |
The
Central Reserve Bank of Peru (BCRP) held an auction of Repo of currencies for
S/ 400 million (USD 113 million) within one year, at an interest rate of 3.1
percent. It injected liquidity into the financial market for S/500 million
(USD 141 million) within 6 months, through an auction of Repo of currencies
at an interest rate of 2.80%. Also has reducen the benchmark interest rate by 100 basis
points from 2.25 per cent to 1.25 per cent |
| Peru |
Debt finance |
New
lending – under concessional terms |
Business
credit support fund for S/ 300 million. |
| Peru |
Debt finance |
New
lending – under concessional terms |
Measures
have been taken to speed up the operation of the 800 million soles (US$225
million) Fund to speed up the 300 million soles to inject liquidity into
micro, small and medium-sized enterprises in the country. |
| Peru |
Debt finance |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
IT
and financial transaction tax payment extension for SMEs. |
| Peru |
Employment support |
Support
informal sector workers |
The
Government will give the equivalent of 380 suns (US$105) to each family
living in the informal sector and Self-employed workers living on the
"day-to-day" will be included as beneficiaries |
| Peru |
Other finance |
Foreign
exchange Interventions |
Include
interventions in the FOREX market with currency swaps and IR. Te availability
of 30% of GDP in IR support this measure. |
| Peru |
Production |
Expenditure
programs |
Support
to enterprises, for an approximate total of S/ 2.2 billion (US$ 620 million)
of additional spending. |
| Philippines |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Banks
and other financial institutions may be directed to implement a 30-day grace
period for the payment of all loans and credit card payments, falling due
within the period of the enhanced community quarantine. Interests, penalties,
fees, or other charges shall be waived |
| Philippines |
Debt finance |
Existing
lending with reduced or no interest loans, delayed repayments, lower
collateral requirements |
Interest
rate (-25 bp). Signaled an additional 25 bp cut later in the year |
| Philippines |
Debt finance |
Increasing
liquidity in banking sector |
Measures
to increase liquidity in the banking sector, including reduction of interest
rate and relaxation of capital requirements |
| Philippines |
Demand |
Targeted
(sector or region) expenditure programs |
Expansionary
budget, with a planned 12% y/y increase of spending. Additional spending for
tourism sector (0.03% of GDP). |
| Philippines |
Employment support |
Support
informal sector workers |
Informal
sector workers who have temporarily lost their livelihood due to the enhanced
community quarantine, can apply for temporary employment program, limited to
10 days of work involving disinfection/sanitation of their houses and
immediate vicinity. |
| Philippines |
Employment support |
Unemployment
benefit |
The
Social Security System mobilized existing P1.2 billion to cover unemployment
benefits for displaced workers. This will cover unemployment insurance
benefits to projected 30,000 to 60,000 workers who will lose their jobs as a
result of the possible layoffs in, or closures of, private companies hit by
the economic fallou |
| Philippines |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
The
Department of Labor and Employment (DOLE) is providing one-time financial
assistance equivalent to PHP 5,000 (USD 100) under COVID-19 Adjustment
Measures Program (CAMP) to affected workers in private establishments that
have adopted flexible work arrangements or temporary closure |
| Poland |
Debt finance |
New
lending – under concessional terms |
Liquidity
relase in the amount of EUR million
1125 |
| Poland |
Employment support |
Subsidies
for employee sick leave |
Wage subsidy for those taking care of children
and sick |
| Poland |
Employment support |
Support to
self-employed persons |
One-person
companies and people working based on civil law contracts could get up to 80%
of the minimum wage from governement |
| Poland |
Employment support |
Support to
self-employed persons |
One-time
cash payment PLN2000 for the self-employed in the case of substatial income
drop. If economic activity is stopped due to coronavirus a self-employed
receives sick-leave benefit. |
| Poland |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Employers
meeting specific criteria concerning turnover decline could lower employee's
working time to 80% (and get 40% of average wage covered by the state, with
firms covering the remaining 40%). In case of significant problems, companies
can use economic stoppage with wages reduced to 0.5 of regular level; the
government will cover almost half of the remuneration. |
| Poland |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Under
certain conditions companies can use short-time work schemes and the State
will cover half of the salary. State can finance up to 40% of employment cost
in the case of at least 15% income drop wihtin 3 months |
| Poland |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
No
interest on TAX and Social security arrears in specific cases. In the case of
downtime caused by the coronavirus, the state pays unemployment benefit (on
top) if employers pay at least minmum
wage to the employees. |
| Portugal |
Debt finance |
New
lending – under concessional terms |
Liquidity
relase in the amount of EUR million
405 |
| Portugal |
Debt finance |
New
lending – under concessional terms |
On
a case-by-case basis, deferral of social security contributions and taxes,
guaranteed treasury loans of 200 million Euros for SMEs. |
| Portugal |
Employment support |
Increased
labor training subsidies |
Support
for vocational training, in the amount of 50% of the worker's remuneration up
to the minimum wage, for workers not employed in productive activities for a
considerable period of time. |
| Portugal |
Employment support |
Subsidies
for employee sick leave |
Social
security takes care of sick workers under a sick leave scheme. |
| Portugal |
Employment support |
Support to
self-employed persons |
Parents
who are self-employed or independent workers and can no longer work to take
care of their kids (up to 12 again) because of school closure, receive 1/3 of
their average wage paid by Social Security. |
| Portugal |
Employment support |
Support to
self-employed persons |
Portugal
announced plans on 13 March 2020 to provide financial support for the
self-employed in the amount of Euro 438 for 6 months. This is designed for
parents with children up to 12 years old, and pays an amount of about 2/3 of
the average salary |
| Portugal |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Simplified lay-off regime for
companies (with activity substantially affected by COVID-19), whereby workers
will be entitled to gross wages equivalent to 2/3 of their wages, of which
30% supported by the employer and 70% by social security, up to a maximum of
6 months. |
| Portugal |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Wage
subsidy: workers will only receive 2/3 of their salary during that period.
These 2/3 of salary will be paid half-half by the employer and the Social
Security. |
| Portugal |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Companies
exempted from Social Security contributions in lay-off or closure determined
by the Health Authority, as well as on the first month after the resumption
of activity. Special support to self-employed (affected activity) and
deferral of social contributions |
| Qatar |
Business costs |
Rent/leasing
- reductions (if government is landlord), direct payment or indirect (e.g.
tax concession for suppliers/ landlords) |
Rent
exemption for 6 months |
| Qatar |
Business costs |
Utilities
– reductions, direct payment or indirect (e.g. tax concession for
suppliers/landlords) |
Utilities
bill exemption for SMEs, affected sectors. |
| Qatar |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Grace
period of six months |
| Romania |
Debt finance |
New
lending – under concessional terms |
Liquidity
relase in the amount of EUR million
491 |
| Romania |
Employment support |
Support to
self-employed persons |
Self-employed
will receive a special benefit equivalent to 75% of the gross average salary
at the national level l (RON 5,163 - approx. US$1,180, taxable) |
| Romania |
Employment support |
Unemployment
benefit |
During
the state of emergency, employees will receive a temporary unemployment
benefit supported from the Unemployment Social Insurance Budget and European
Funds for the days not worked while remaining fully employed (technological
unemployment) in the amount of 75% of the gross income, but not more than 75%
of the gross average salary at the national level (RON 5,163- approx.
US$1,180) |
| Russian
Federation |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Requirements
for banks to offer loan refinancing and suspension of interest payments for
people who become sick with Covid-19. |
| Russian
Federation |
Debt finance |
New
lending – under concessional terms |
Possibility
for SMEs to get preferential loans and restructuring of existing debt. |
| Russian
Federation |
Employment support |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Three-month
moratorium for SMEs on payments of mandatory insurance premia and leasing
payments for property to the state or municipal authorities as of 1/3/2020. |
| Russian
Federation |
Employment support |
Subsidies
for employee sick leave |
A
higher level for the sick leave pay will be introduced. Sick leave payments
will be equal to at least one minimum wage 12,130 (US$152) per month until
the end of this year |
| Russian
Federation |
Employment support |
Support to
self-employed persons |
Quarantined
citizens will be compensated, including freelancers and the self-employed,
for lost income. |
| Russian
Federation |
Tax |
Corporate
tax – rate reductions, credits, waivers, and/or deferrals |
Tax
breaks for airlines and firms in the tourism sector. |
| Russian
Federation |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Social
insurance contributions have been reduced for small and medium-sized
businesses from 30 to 15% on the portion of wages that is above the minimum
wage. |
| Saudi Arabia |
Debt finance |
New
lending – under concessional terms |
Saudi
Arabian Monetary Authority (SAMA) unveiled a SAR 50 billion (USD 13.3
billion) package (for loans for small and medium buisnesses, or cash strapped
retailers) |
| Saudi
Arabia |
Employment support |
Increased
labor training subsidies |
The
Saudi Human Resources Development Fund announced the allocation of SR2B to
support 100,000 job seekers in the private sector (in addition to offering
and activating remote work tools as available and alternative options for
regular work). A training support track includes SR800M to support 100,000
beneficiaries. And an additional SR1.5B has been allocated to add 100,000 new
job seekers in the program |
| Saudi Arabia |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Postponement
of VAT/ excise/ income tax/ Zakat payments, etc. |
| Saudi Arabia |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Support
the private sector including postponement of VAT/ excise/ income tax/ Zakat
payments, exemptions of govt dues etc. With a value of SAR 120bn |
| Serbia |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
The
government new package of support includes: - support to large enterprises:
50 percent of the minimum wage to all employees whose contract ended - cover
for three -months wages in Micro and SMEs |
| Singapore |
Business advice |
Vouchers
for remote business services (e.g. purchasing teleworking service products) |
SMEs
Go Digital program enhanced to include more digital solutions for business
continuity with up to 90% and 80% support under Enterprise Development Grant
(EDG) and Productivity Solutions Grant (PSG), respectively |
| Singapore |
Business costs |
Reduction
or waiver of administrative and government fees. |
Freeze
all government fees and charges for 1 year |
| Singapore |
Business costs |
Rent/leasing
- reductions (if government is landlord), direct payment or indirect (e.g.
tax concession for suppliers/ landlords) |
Up
to 2 months’ rental waiver for commercial and other non-residential tenants
in government properties. Full month rental waiver to stallholders located in
National Environment Agency (NEA) managed markets. |
| Singapore |
Debt finance |
New
lending – under concessional terms |
Increased
loan ceilings under Enterprise Financing Scheme (EFS) from S$5m to S$10m with
Government’s risk-share raised to 80% for Trade Loan |
| Singapore |
Debt finance |
New
lending – under concessional terms |
Temporary
Bridging Loan Programme expanded to cover all sectors and maximum supported
loan raised from S$1m to $5m |
| Singapore |
Employment support |
Increased
labor training subsidies |
SG
United Traineeships to co-fund wage costs of companies offering traineeships
to first-time jobseekers. |
| Singapore |
Employment support |
Increased
labor training subsidies |
Sustained
support for 200,000 eligible self-employed persons to make use of downtime to
train and upskill through Self-Employed Persons Training Support Scheme
extended till end-2020 with $48m set aside and enhanced training allowance
rate of S$10 per hour; |
| Singapore |
Employment support |
Increased
labor training subsidies |
Under
SkillsFuture Enterprise, businesses are given S$10,000 (US$7,134) to cover 90
percent of out-of-pocket expenses like skills training and job redesign. The
government hopes this grant will benefit 25,000 SMEs in the country. |
| Singapore |
Employment support |
Support to
self-employed persons |
The
new (second) stimulus package of S$48 billion ($33 billion) includes cash
transfers to self-employed and low-income people. |
| Singapore |
Employment support |
Support to
self-employed persons |
Under
Self-Employed Persons Income Relief Scheme (SIRS), eligible Singaporean SEPs
will receive S$1,000 a month for 9 months; |
| Singapore |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Employers
of workers in quarantine get SG$100 (US$68.5) per day throughout the duration
of their quarantine. The benefit will also be paid to self-employed workers
(Ministry of Manpower of Singapore 2020). |
| Singapore |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
The
government will help employers by paying 25% on the first S$4,600 of monthly
salaries for 9 months till end-2020. Wage offset brought up to 75% for
workers in air transport and tourism sectors |
| Singapore |
Other finance |
Support
for firms which need to close or have reduced their activities |
$350m
to provide cost relief for the aviation sector and maintain a minimum level
of connectivity, S$90m for tourism recovery and S$55m for arts & culture |
| Singapore |
Tax |
Corporate
tax – rate reductions, credits, waivers, and/or deferrals |
Automatically
defer income tax payments for 3 months for companies and self-employed
persons |
| Singapore |
Tax |
Corporate
tax – rate reductions, credits, waivers, and/or deferrals |
Corporate
Income Tax Rebate |
| Singapore |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
The
goods and services tax (GST), will no longer be increased in 2021, remaining
at seven percent. And enhanced Property Tax Rebate for 2020 of 100% for
certain commercial properties (hotels, serviced apartments, tourist
attractions, shops, restaurants), 60% for Integrated Resorts and 30% for
other non-residential properties. |
| Slovakia |
Business costs |
Utilities
– reductions, direct payment or indirect (e.g. tax concession for
suppliers/landlords) |
Postponement
of mortgage payments |
| Slovakia |
Debt finance |
New
lending – under concessional terms |
Liquidity
relase in the amount of EUR million
527 |
| Slovakia |
Employment support |
Subsidies
for employee sick leave |
The
first day of sick leave which is usually unpaid will be covered by the State
in the period between 11 March and 31 May. Days 2-14 usually paid by
employers will by paid by the State as well. |
| Slovakia |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
The
government has postponed the deadline
for tax returns by three months, both for
companies |
| Slovenia |
Debt finance |
New
lending – under concessional terms |
Liquidity
relase in the amount of EUR million
115 |
| Slovenia |
Employment support |
Subsidies
for employee sick leave |
Parents
who will stay home to care for their children in the coming days will be
entitled to 50% wage compensation |
| Slovenia |
Employment support |
Subsidies
for employee sick leave |
Sick
pay for all workers during the pandemic from the first day onwards will be
covered by the Health Insurance Institute of Slovenia, not the employer Pension. |
| Slovenia |
Employment support |
Support to
self-employed persons |
Self-employed
who are unable to operate due to the crisis or whose operations have been
significantly reduced will be entitled to a monthly cash transfer in the
amount of 70% of the net minimum wage. |
| Slovenia |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
All
contributions for temporarily laid-off employees paid into the healthcare and
pension insurance schemes will be covered by the state, and the insured
persons’ rights will be preserved. The measure is in place until May 31,
2020, with the possibility of an extension. |
| Slovenia |
Tax |
Corporate
tax – rate reductions, credits, waivers, and/or deferrals |
On
18/3/2020, the tax burden on business was eased with a 12 month deferral of
credit payments. |
| South Africa |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Debt
Relief Fund to help alleviate the economic impact of the coronavirus on small
businesses in South Africa is due to come into operation on Tuesday 24 March
2020. |
| South Africa |
Debt finance |
New
lending – under concessional terms |
The
Department of Tourism has made an additional R200m available to assist SMEs
in the tourism and hospitality sector who are under particular stress due to
the new travel restrictions. |
| South Africa |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Any
employee who falls ill through exposure at their workplace will be paid
through the Compensation Fund. |
| South Africa |
Tax |
Corporate
tax – rate reductions, credits, waivers, and/or deferrals |
Tax-compliant
businesses with a turnover of less than R50m will be allowed to delay 20% of
their pay-as-you-earn liabilities over the next four months and a portion of
their provisional corporate income tax payments without penalties or interest
over the next six months. |
| South Africa |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
A
tax subsidy of up to R500 per month for the next four months for those
private sector employees earning below R6,500 under the Employment Tax
Incentive will be provided. |
| Spain |
Business costs |
Rent/leasing
- reductions (if government is landlord), direct payment or indirect (e.g.
tax concession for suppliers/ landlords) |
Temporary
suspension of evictions. Moratorium on mortgage payments for workers. Utility
companies not permitted to cut services to vulnerable families. |
| Spain |
Debt finance |
Credit
guarantees - new schemes, more generous guarantee levels |
The
government announced the mobilisation of 200 billion euros (20% of GDP), of
which 117 billion will be public (100 billion for guarantees and 17 billion
to help those affected by the crisis) and the rest will be based on private
sources |
| Spain |
Debt finance |
New
lending – under concessional terms |
Liquidity
relase in the amount of EUR million
1161 |
| Spain |
Employment support |
New
working schemes |
Workers
allowed to adapt and reduce their working hours, by as much as 100% if
necessary, if they need to provide care to dependents |
| Spain |
Employment support |
Subsidies
for employee sick leave |
A
legal decree permits periods of isolation or infected workers as an
exceptional situation assimilated to a work accident (temporary incapacity).
This applies to the self-employed worker or an employee who is registered
with any of the Social Security regimes and will cover the date from which
the worker is in isolation or illness. Sick leave is issued after that date.
This is also extended to personnel under the Special Schemes for Civil
Servants. |
| Spain |
Employment support |
Subsidies
for employee sick leave |
Support
to families in vulnerable positions: 25 million euros to provide food to
children affected by school closures. Workers can stop working if necessary |
| Spain |
Employment support |
Support to
self-employed persons |
For
the self-employed, access to an extraordinary benefit in relation to
cessation of activity is eased when they have had to close their
establishments or suspend their services equal to 70% of the regulatory base
for one month or until the last day of the month when the mandated state of
alert ends. It will affect professionals who see their turnover fall by 75%
compared to the previous six months. |
| Spain |
Employment support |
Support to
self-employed persons |
Six
month moratorium on taxes for self-employed. Extraordinary allowance for
self-employed workers, affected by the suspension of economic activity.
Own-account self-employed who have a turnover fall of at least 75% of that of
the previous semester can access the same subsidy for end of activity as
those closing their business, |
| Spain |
Tax |
Corporate
tax – rate reductions, credits, waivers, and/or deferrals |
Six
month moratorium on taxes for SMEs |
| Spain |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Defer
income, corporate, and VAT for 6 months |
| Spain |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Lifting
social security contribution requirements for small and medium businesses who
do not lay off workers, and adjusting the social security system
contributions made by self-employed workers |
| Sweden |
Business costs |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Self-employed
will received a reduction of individual contributions as that proposed for
firms. Deferal on VAT Taxes |
| Sweden |
Debt finance |
Credit
guarantees - new schemes, more generous guarantee levels |
The
proposal means that the central government will guarantee 70 per cent of new
loans banks provide to companies that are experiencing financial difficulty |
| Sweden |
Debt finance |
New
lending – under concessional terms |
Liquidity
relase in the amount of EUR million 23 |
| Sweden |
Employment support |
Subsidies
for employee sick leave |
Central
government assumes the entire cost of all sick pay during April and May. |
| Sweden |
Employment support |
Subsidies
for employee sick leave |
Government
assumes 2 momths of sick pay obligations |
| Sweden |
Employment support |
Subsidies
for employee sick leave |
Workers
will get sickness benefits from the moment they have to be absent from work
due to illness, and the state rather than employers will cover the cost of
the first day of leave. |
| Sweden |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Employers’
wage costs can be halved and the central government will cover a larger share
of the costs. This model is similar to short-time work, but the subsidy level
is significantly increased. |
| Sweden |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
A
temporary reduction of employers’ social security contributions has been
proposed which will be effective from March 1 to June 30 2020. This reduction
applies to up to 30 employees and when the monthly wage does not exceed SEK
25 000 (USD 2500). |
| Switzerland |
Employment support |
New
working schemes |
Unemployment
insurance funds can claim up to CHF 8B for short-time work allowances. The
waiting period for short-time work will be reduced to one day from March
until 30 September 2020. This means that companies only have to bear one
day's lost work independently before they are entitled to unemployment
insurance support. |
| Switzerland |
Production |
Expenditure
programs |
CHF10
billion ($10.6 billion) aid package aimed at helping companies survive the
economic downturn caused by coronavirus. |
| Thailand |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Measures
to postpone principal payments, reduce interest and extend repayment period
for affected debtors. |
| Thailand |
Debt finance |
Existing
lending with reduced or no interest loans, delayed repayments, lower
collateral requirements |
Interest
rate reduction (-25bp) |
| Thailand |
Debt finance |
New
lending – under concessional terms |
180
billion baht ($5.7b) of soft loans for directly or indirectly affected SMEs
(150 billion at 2 percent and 30 billion at 3 percent) |
| Thailand |
Demand |
Targeted
(sector or region) expenditure programs |
Thai
LCU 100 billion stimulus which target low-income families and tourism sector |
| Thailand |
Employment support |
Support to
self-employed persons |
Self-employed
traders and workers can seek government assistance of up to 5,000 baht per
month. |
| Thailand |
Regulations |
Reduced
compliance requirements (including no face to face, only electronic),
fewer/no inspections |
Regulatory
forbearance with banking sector stimuli |
| Thailand |
Tax |
Expedited
tax reimbursements |
Accelerate
VAT return to domestic entrepreneurs. |
| Thailand |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Reduced
contributions to social security funds of employers. |
| Thailand |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Withholding
taxes for businesses will be reduced to 1.5 per cent from 3.0 per cent, and
they will be offered 1.5 times tax deductions on interest rates, and three
times tax deductions on wage expenses |
| Trinidad and
tobago |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
liquidity
support to individuals and small businesses
via long repayment periods |
| Trinidad and
tobago |
Debt finance |
Increasing
liquidity in banking sector |
The
central bank reduced the policy rate by 150 bps to 3.5 percent, and the
reserve requirement on commercial bank deposits by 300 bps to 14 percent. |
| Trinidad and
tobago |
Debt finance |
New
lending – under concessional terms |
liquidity
support to individuals and small businesses via credit union loans at reduced
interest rates |
| Trinidad and
tobago |
Employment support |
Unemployment
benefit |
Salaries
for up to 3 months for temporarily unemployed workers |
| Trinidad and
tobago |
Other finance |
Support
for firms which need to close or have reduced their activities |
grants
to hoteliers to upgrade of their facilities. |
| Trinidad and
tobago |
Tax |
Expedited
tax reimbursements |
VAT
and income tax refunds to individuals and SME |
| Tunisia |
Employment support |
Support
informal sector workers |
One-off
cash transfer of TND200 (USD68) to 623,000 households working in the informal
sector, who are not covered by any social assistance program and who are
vulnerable to shocks |
| Tunisia |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
For
businesses and companies operating in the formal sector, a waiver of 3 months
is granted to the employer’s contribution to the social security scheme. |
| Turkey |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
A
Short-term Work Allowance provides income support for workers whenever
business is slowed down or suspended as a result of a general, sectoral or
regional crisis or another coercive condition. The allowance provides 1,752
TL/month (around $271) for those that receive minimum wage in the last 12
months |
| Turkey |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
The
conditions of use of the Short-Time Working Scheme will be eased (no further
details at this stage). The balancing period for working time rules will be
increased from two to four months. |
| Turkey |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
April,
May and June VAT and social security contributions will be postponed for six
months in selected sectors. |
| Turkey |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Postponed
for six months the VAT withholdings and Social Security Insurance for April,
May, and June for selected sectors. |
| Uganda |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
subsidy/waiver
The National Social Security Fund (NSSF) of Uganda has announced measures
that allow businesses/employers facing economic distress due to COVID-19 to reschedule NSSF contributions
for the next 3 months without accumulating a penalty |
| United Arab
Emirates |
Business costs |
Rent/leasing
- reductions (if government is landlord), direct payment or indirect (e.g.
tax concession for suppliers/ landlords) |
Rebates
(20%) on rental values for restaurants + tourism & entertainment sectors |
| United Arab
Emirates |
Business costs |
Utilities
– reductions, direct payment or indirect (e.g. tax concession for
suppliers/landlords) |
Stimulus
package (AED 1.5bn) to support businesses affected by Covid19 including 10%
reduction in utilities bills |
| United Arab
Emirates |
Debt finance |
New
lending – under concessional terms |
AED100bn
stimulus to facilitate temporary relief on private sector loans & promote
SME lending; |
| United
Kingdom |
Debt finance |
Existing
lending with reduced or no interest loans, delayed repayments, lower
collateral requirements |
Coronavirus
Business Interruption Loan Scheme, loan of up to £5 million, with the
government covering up to 80% of any losses with no fees. Businesses can
access the first 6 months of that finance interest free, as government will
cover the first 6 months of interest payments |
| United
Kingdom |
Debt finance |
New
lending – under concessional terms |
For
the very smallest businesses, unconditional cash grant of GBP3k. Big loan scheme for employers |
| United Kingdom |
Debt finance |
New
lending – under concessional terms |
Liquidity
relase in the amount of EUR million
244 |
| United
Kingdom |
Employment support |
Subsidies
for employee sick leave |
The
cost of providing 14 days of Statutory Sick Pay per employee will be refunded
by the government in full |
| United
Kingdom |
Employment support |
Subsidies
for employee sick leave |
The
Statutory Sick Pay (SSP), paid by the employers and refunded by the stat,
will now be available for eligible individuals diagnosed with COVID-19 or
those who are unable to work because they are self-isolating in line with
government advice. SSP will be made available from day one when
selfisolating, instead of day four |
| United
Kingdom |
Employment support |
Support to
self-employed persons |
The
Universal Credit standard allowance will increase by £1,000, for the next 12
months, as will the Working Tax Credit basic element. Self-employed people
will now have access, in full, to the Universal Credit at a rate equivalent
to Statutory Sick Pay for employees. |
| United
Kingdom |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Companies
and organisations will be able to apply for a grant from HMRC to cover the
wages of people who are not working due to coronavirus shutdowns, but who
haven’t been laid off |
| United
Kingdom |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Employers
will be able to contact HMRC (revenue and customs) for a grant to cover most
of the wages of people who are not working that are furloughed and kept on
payroll rather than being laid off. Government grants would cover 80% of the
salary of retained workers to a total of 2,500 pounds a month. |
| United
Kingdom |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Vat
payments have been deferred. |
| United States |
Business advice |
Support
subsidized business advice (e.g. through vouchers) and information (e.g.
through chambers, industry organizations, accountants, etc.) on emergency
support measures, and business operations |
SBA
Guidance for Businesses and Employers - prevent workplace exposures to acute
respiratory illnesses and help plan for more widespread, community outbreaks
of COVID-19 |
| United States |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
SBA
Debt Relief - provides a reprieve to small businesses of certain loans. |
| United States |
Debt finance |
Existing
lending with reduced or no interest loans, delayed repayments, lower
collateral requirements |
SBA
Express Bridge Loans - up to $25,000 for small businesses with a business
relationship with an SBA Express Lender |
| United States |
Debt finance |
New
lending – under concessional terms |
SBA
Economic Injury Disaster Loan - working capital loans of up to $2 million
that |
| United States |
Debt finance |
New
lending – under concessional terms |
SBA
Paycheck Protection - direct incentive for small businesses to keep their
workers on payroll through a loan of up to $10 million determined by 8 weeks
prior average payroll outlays |
| United
States |
Employment support |
Subsidies
for employee sick leave |
Two
weeks of paid sick leave at 100% of the person's normal salary, up to $511
per day. It would also provide up to 12 weeks of paid family and medical
leave at 67 percent of the person's normal pay, up to $200 per day. Gig and
self-employed workers also get these benefits in the form of a tax credit. |
| Uruguay |
Debt finance |
Credit
guarantees - new schemes, more generous guarantee levels |
The
financial system will be able to achieve guarantees from the National
Guarantee System for the Siga PYME line amounting to "up to $2.5
billion" for the granting of loans, and 70% of the commission will be
waived |
| Uruguay |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Central
Bank shall authorize financial intermediation institutions, financial
services firms and credit managers to extend the maturities of loans to the
non-financial sector, in agreement with their clients, for up to 180 days. |
| Uruguay |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Loan
payments for households and businesses that may be affected by the public
health measures are to be deferred for up to 180 days. |
| Uruguay |
Debt finance |
Existing
lending with reduced or no interest loans, delayed repayments, lower
collateral requirements |
the
rate of commission charged by the fund will be reduced substantially |
| Uruguay |
Debt finance |
New
lending – under concessional terms |
Banco
Republica will make available to companies a line of credit with
"soft" conditions for $50 million, to "deal with the epidemic
situation", with an emphasis on small and mediumsized enterprises. |
| Uruguay |
Debt finance |
New
lending – under concessional terms |
direct
credit program for micro and small enterprises will extend working capital
loans of up to 18 months to the affected businesses at subsidized rates |
| Uruguay |
Employment support |
Support to
self-employed persons |
With
regard to the Social Welfare Bank (BPS) there will be benefits for
"single-payers, single persons and personal companies with up to ten
employees, whose contribution regime is Industry and Commerce" |
| Uruguay |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
Facilitation
of access to unemployment benefits for some sectors. BPS will cover 70
percent of the other four. Sectors included are retail and services, tourism
and restaurants. |
| Uruguay |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
The
Social Security Bank (El Banco de Previsión Social (BPS)) is working to
implement the new special subsidy for partial unemployment for monthly
workers, arranged by the Ministry of Labor and Social Security. Companies
must, within the first 10 days of the month following the reduction in the
number of days or hours worked, send the BPS the list of workers who meet the
conditions of law. Payment of the subsidy will be made during the month
following this reduction |
| Uruguay |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
defer
the payment of the minimum VAT of
February and March to be paid to the Directorate-General for Tax (DGI)
in six "equal, consecutive and no interest payment" installments,
starting in May. |
| Uruguay |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
The
payment of employer contributions from owners and partners of personal
companies corresponding to March and April is deferred: 60% can be paid in
six installments from June and the remaining 40% "will be subsidized by
the State. |
| Uzbekistan |
Debt finance |
New
lending – under concessional terms |
Interest-free
loans for the payment of wages to employees of business entities that have
suspended their activities in connection with the announcement of quarantine. |
| Uzbekistan |
Employment support |
Subsidies
for employee sick leave |
Sick
leave is normally paid at the rate of 60-80% salary depending on the
employment history. For the duration of quarantine, it is increased to 100%
of the salary for everyone and covers parents whose child is in quarantine |
| Venezuela |
Employment support |
Wage
subsidies (can be broad, or targeted – e.g. apprentices) as alternative to
direct payments to individuals |
The
government will pay payroll for SMEs for six months (March to August),
through the same online platform used for social transfers (Sistema Patria
platform) |
| Vietnam |
Business climate |
Reduce
import restrictions (NTBs, duties) on intermediate goods |
Introduced
tax exemptions for essential medical equipment |
| Vietnam |
Debt finance |
Delayed
repayments. Deferral of payments, restructuring and rescheduling |
Central
bank instructed financial institutions to reduce credit repayment or reduce
the cost of temporary credit to most affected firms/sectors. |
| Vietnam |
Debt finance |
Increasing
liquidity in banking sector |
Central
Bank reduced interest rates and scrapped transaction fees. |
| Vietnam |
Debt finance |
New
lending – under concessional terms |
Credit
institutions have committed to soft loan packages (0.5-2 percent lower than
usual) totaled VND285 trillion (equivalent to approximately $1.2 billion) for
affected borrowers. |
| Vietnam |
Other finance |
Incentives
for investors (e.g. angel investors), new or enhanced incentives |
Facilitate
FDI reallocation from China to Vietnam |
| Vietnam |
Tax |
Corporate
tax – rate reductions, credits, waivers, and/or deferrals |
CIT
excemptions proposal |
| Vietnam |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Deferrals
of tax payments including social security contributions and zero VAT. |
| Vietnam |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
Temporary
suspension of social insurance contributions for COVID-19 affected firms and
entities for a maximum of 12 months. |
| Vietnam |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals |
the
government is considering delaying the tax payment deadline by five months
for businesses impacted by COVID-19 and delaying land-use fees until October
31, 2020 - costing the government VND27 trillion (US$1.16 billion) |
| Vietnam |
Tax |
Payroll/social
security/VAT taxes/land taxes - rate reductions, credits, waivers, and/or
deferrals
|
VAT
cut for restaurants, hotels, transport and tourism companies.
|
