Posted on 05/25/2020 8:36:56 AM PDT by Olog-hai
Germany’s economy ministry on Monday unveiled plans to ramp up support for hard-hit smaller companies, proposing as much as €50,000 in monthly aid to help the nation’s vaunted “Mittelstand” survive the coronavirus crisis.
The proposal, seen by AFP, is currently being discussed with the finance ministry and is aimed at helping firms cover their fixed costs from June to December as the pandemic pushes Europe’s top economy into its worst recession in decades.
“Time is running out for some companies,” a spokeswoman for Economy Minister Peter Altmaier said.
To qualify for the support, applicants must prove that their revenues plunged by at least 60 percent year-on-year in April and May, when the impact of the coronavirus lockdowns hit hardest. […]
The massive package includes state-backed loan guarantees, cash injections and schemes to put millions of workers on reduced hours to avoid layoffs. …
(Excerpt) Read more at thelocal.de ...
Wow
Wow, that seems like a lot of money. Isn’t a pound worth about one and a half dollars?
It’s a Euro, and it’s about 92¢ right now. So about $46,000.
Actually, I had the conversion backwards. Whoops :)
1 Euro is about $1.10, so about $55,000.
Right now, €1 = $1.09, so that huge sum works out to $54,479.
Well, if the state can do that now, why not just continue it indefinitely? Germany seems to have a lot of money. Let everyone stop trying to earn money. Instead, they can just collect money from the government and everyone will be rich!
Except that the money will lose its value faster than Penny on the Big Bang Theory lost her virginity.
They used to be so frugal. I remember when West Germans had to agree to push the retirement age out a year to help with Reunification costs. Perhaps having negative interest rates there makes them think this is a good time to take on more debt.
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