CSIS G20 COVID-19 Fiscal Relief Tracker, CSIS Economics Program, Last Updated June 29,2020

Data focus on major, national, discretionary responses in G20 countries and thus do not reflect the full extent of support deployed by these countries in response to Covid-19, such as monetary and regulatory tools (rate cuts, repurchase operations, quantitative easing), automatic spending mechanisms, and additional support from subnational government.

Data include tax cuts and cancellations in tax relief but do not assign a monetary value to tax deferrals.

Data below reflect 100% "fiscal cost" for guarantees, map data assign 50% "fiscal cost" for guarantees

Data updated through June 29, 2020

2019 GDP (USD Billions, IMF 2019)

Size of Stimulus (Nominal, local currency, billions, new spending)

Size of stimulus (USD billions, FX conversion)

Loan guarantee

March-June

33 billion in health spending, including on a $12 billion bonus for health workers, increased health ministry spending, and budget transfers to hospitals [excludes 7.7 billion in itemized programs listed above]

https://www.imf.org/external/datamapper/FM-covid19.pdf

Foregone revenue ($75 billion) Most affected sectors granted 95% reduction in employers’ contributions to the pension system [60 billion included earlier]

https://www.imf.org/external/datamapper/FM-covid19.pdf

from IMF report: Additional spending (AR $710 bn): One-off additional allowances for pensioners, beneficiaries of child, pregnancy, and other social allowances, as well as food stamps; Emergency family allowance for monotributistas, informal workers, and unemployed; Assistance to community kitchens (comedores) and retiree centers for food distribution; Transfers to provincial governments; Wage subsidies and complementary wages for affected SMEs; Higher spending on public works/infrastructure, particularly in the health sector; Unemployment insurance increased by AR $4K to AR $10K; Financing for infrastructure in industrial parks.[excludes $576 billion in itemized spending]

https://www.imf.org/external/datamapper/FM-covid19.pdf

$5.5 billion of foregone revenue including exemption from import duties and reduction in April-June social security payments

https://www.imf.org/external/datamapper/FM-covid19.pdf

The Government makes the PyMEs Plus line available, with a subsidized rate of 24 percent, for more than 140,000 micro and small companies that have not had access to financing, for a total amount of 38,000 million pesos. These loans, which will have a guarantee provided by FOGAR, which will support 100% of the requested capital.

https://www.argentina.gob.ar/noticias/el-gobierno-pone-en-marcha-la-linea-pymes-plus-que-apunta-respaldar-mas-de-140000-empresas

The Ministry of Productive Development implements, together with Banco Nación, a special line of credits for working capital at a final rate of 18 percent for work cooperatives, with a total amount of 2,000 million pesos. With this credit, guaranteed by the State and with a subsidized rate, assistance is extended to cooperatives that by their constitution did not have a payroll of employees.

https://www.argentina.gob.ar/noticias/el-gobierno-lanza-una-linea-especial-de-creditos-para-cooperativas-de-trabajo-una-tasa

Launched the federal program Argentina Construye, which includes the construction of 5,500 new homes, the financing of 42,900 parts that include gas, electricity and sanitary infrastructure works, the granting of microcredits for the acquisition of construction materials and the carrying out of small-scale works, as well as the conditioning of community spaces in popular neighborhoods. The initiative provides for an investment of 29 billion pesos that foresees the generation of 750 thousand direct and indirect jobs between 2020 and 2021

https://www.argentina.gob.ar/noticias/el-presidente-encabezo-la-presentacion-de-argentina-construye-un-plan-federal-que-generara

The government will pay for half of April wages in all private-sector firms affected by the quarantine up to a ceiling of two minimum wages (33,750 pesos), irrespective of the size of the company’s payroll, an outlay amounting to some 107 million pesos

https://www.boletinoficial.gob.ar/detalleAviso/primera/227988/20200420

https://www.batimes.com.ar/news/economy/government-launches-aid-package-will-pay-wages-for-private-sector-firms.phtml

https://www.casarosada.gob.ar/informacion/actividad-oficial/9-noticias/46838-coronavirus-el-gobierno-amplia-el-paquete-de-asistencia-economica-que-ya-asciende-a-850-000-millones-de-pesos

Created the Provincial Financial Emergency Program, which allocates ARS 120 billion to provincial administrations from the National Treasury Contribution Fund and the Fund Trustee for Provincial Development. The objective of the measure was to sustain provincial finances and meet the needs caused by the COVID-19 pandemic.

https://www.argentina.gob.ar/coronavirus/medidas-gobierno

the National Government provides for the creation of a Specific Affectation Fund that will have 30 billion pesos that the State will transfer to the Argentine Guarantee Fund. The guarantees granted will have the objective of facilitating the repayment of the loans for working capital, including payments of wages, contributions and employer contributions, and coverage of deferred checks, and will be aimed at those companies registered in the MiPyMES Registry.

https://www.argentina.gob.ar/coronavirus/medidas-gobierno

The national government, through the Ministry of the Interior, began to turn over the first funds to the provinces to help alleviate the effects of the Covid-19 pandemic. Within this framework, 3,000 million pesos and 3,000 more are being transferred this week in the first days of April through Contributions from the National Treasury

https://www.argentina.gob.ar/noticias/el-gobierno-nacional-habilito-6000-millones-las-provincias-para-empezar-afrontar-la

Martin Guzman told reporters in Buenos Aires the country would channel an additional 100 billion pesos ($1.58 billion) toward public works to help bolster an economy that has been mired in recession over the past two years.

https://business.financialpost.com/pmn/business-pmn/argentina-rolls-out-tax-breaks-infrastructure-spending-to-combat-coronavirus-crisis

https://www.argentina.gob.ar/noticias/los-ministros-de-economia-y-de-desarrollo-productivo-anunciaron-un-paquete-de-medidas-para

A series of soft credit lines for about $ 350,000 million are launched to guarantee the production and supply of food and basic supplies, boost activity and finance the operation of the economy at this juncture: a line for $ 320,000 million that will provide capital for I work for companies at preferential rates for a period of 180 days with an interest rate of 26% per year; $ 25,000 million in loans from Banco de la Nación Argentina at differential rate for producers of food, personal hygiene and cleaning, and producers of medical supplies; $ 8,000 million in financing for the production of technological equipment to guarantee teleworking and $ 2,800 million for financing infrastructure in industrial parks, with resources from the Ministry of Productive Development.

https://www.imf.org/en/Publications/FM/Issues/2020/04/06/fiscal-monitor-april-2020

https://www.argentina.gob.ar/noticias/covid-19-medidas-economicas-para-paliar-los-efectos-de-la-pandemia

Spending measures (ARS $290 bn): Support for workers and vulnerable groups, including through increased transfers to poor families, increased social security benefits (especially to low-income beneficiaries), higher unemployment insurance benefits, and payments to minimumwage workers.(excludes $100bn ARS in demand support, including spending on public works, that is counted in IMF ARS290bn)

https://www.imf.org/en/Publications/FM/Issues/2020/04/06/fiscal-monitor-april-2020

https://www.argentina.gob.ar/noticias/covid-19-medidas-economicas-para-paliar-los-efectos-de-la-pandemia

Revenue measures (AR$ 60bn): Support for hard-hit sectors, including an exemption from social security contributions.

https://www.imf.org/en/Publications/FM/Issues/2020/04/06/fiscal-monitor-april-2020

National government created a special fund of 1.7 billion pesos to strengthen response to COVID-19

https://www.argentina.gob.ar/noticias/gobierno-nacional-creo-fondo-especial-de-1700-millones-de-pesos-para-fortalecer-respuesta

Thousands of jobs across Australia’s arts industry will be backed with a new $250 million targeted package to help restart the creative economy and get the entertainment, arts and screen sectors back to work, as they rebuild from the impacts of COVID-19.

https://www.pm.gov.au/media/250-million-jobmaker-plan-restart-australias-creative-economy

Today I am committing a further $1.5 billion to immediately start work on small priority projects identified by the states and the territories as part of our partnership. As part of this package, $1 billion will be allocated to priority projects which are shovel-ready, and being smaller projects they’re ready to go. And with $500 million reserved specifically to target road safety works. This is an important opportunity to make our roads safer right across the country, not just in rural and regional areas where it is critically important but also in other parts of the country.

https://www.pm.gov.au/media/address-%E2%80%93-ceda%E2%80%99s-state-nation-conference

In addition to the CCS, the Government will pay child care services a Transition Payment of 25 per cent of their fee revenue during the relief package reference period (17 February to 1 March) from 13 July until 27 September. Importantly, the last two payments scheduled for September will be brought forward to help with the transition and cash flow. This additional Transition Payment of $708 million replaces JobKeeper and applies important conditions on child care providers.

https://ministers.dese.gov.au/tehan/return-child-care-subsidy

The Morrison Government is supporting jobs in the residential construction sector with the introduction of the new HomeBuilder program.From today until 31 December 2020, HomeBuilder will provide all eligible owner-occupiers (not just first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. Construction must be contracted to commence within three months of the contract date. The program is expected to provide around 27,000 grants at a total cost of around $680 million.

https://www.pm.gov.au/media/homebuilder-program-drive-economic-activity-across-residential-construction-sector

new $500 million Local Road and Community Infrastructure Program

https://www.pm.gov.au/media/1-8-billion-boost-local-government

Announced $48.1 million in funding for the National Mental Health and Wellbeing Pandemic Response Plan. The plan will support services available in homes, workplaces, aged care, schools and other community sites with a specific focus on vulnerable groups

https://www.pm.gov.au/media/update-coronavirus-measures-15may20

the Australian Government will provide an additional $63.3 million for the legal assistance sector

https://www.pm.gov.au/media/update-coronavirus-measures-050520

Additional funding support package of $205 million for the aged care sector.

https://www.pm.gov.au/media/new-covid-19-payment-keep-senior-australians-residential-aged-care-safe

Qantas and Virgin Australia Groups will operate a minimum domestic network servicing the most critical metropolitan and regional routes in Australia thanks to a significant investment from the Federal Government of up to an initial $165 million.

https://minister.infrastructure.gov.au/mccormack/media-release/federal-government-guarantees-domestic-aviation-network

To reduce the regulatory and cost burden on Australia’s education and training providers at this time, the Government will waive the majority of fees and charges currently charged by these agencies, returning almost $72 million to the sector.

https://www.dese.gov.au/covid-19/higher-education/higher-education-faq

While the $198 million to support the network will assist airlines, there are critical standing costs for each airline’s safety function, regulatory compliance and minimum operational capability to be met. An additional $100 million is available to provide direct financial support to smaller regional airlines during this unprecedented downturn in aviation activity should it be needed.

https://minister.infrastructure.gov.au/mccormack/media-release/additional-new-support-critical-regional-aviation-services-through-covid-19

(revised down to $70bn total cost) The Morrison Government will provide a historic wage subsidy to around 6 million workers who will receive a flat payment of $1,500 per fortnight through their employer, before tax.The $130 billion JobKeeper payment will help keep Australians in jobs as tackle the significant economic impact from the coronavirus.The payment will be open to eligible businesses that receive a significant financial hit caused by the coronavirus.The payment will provide the equivalent of around 70 per cent of the national median wage. For workers in the accommodation, hospitality and retail sectors it will equate to a full median replacement wage.The payment will ensure eligible employers and employees stay connected while some businesses move into hibernation.

https://treasury.gov.au/media-release/jobkeeper-update

https://www.pm.gov.au/media/130-billion-jobkeeper-payment-keep-australians-job

Includes individual income support (A14.1bn), household payment (A8.83bn), cash flow payments (A31.9bn), apprentinceships + trainees (A1.265bn), support for impacted regions, (A1bn)

https://treasury.gov.au/sites/default/files/2020-03/Overview-Economic_Response_to_the_Coronavirus_2.pdf

https://treasury.gov.au/sites/default/files/2020-03/Overview-Economic_Response_to_the_Coronavirus_0.pdf

Establish a loan guarantee arrangement between the Government and participating banks to cover the immediate cash flow needs of SME up to 20bn

https://treasury.gov.au/sites/default/files/2020-03/Overview-Economic_Response_to_the_Coronavirus_2.pdf

https://parlinfo.aph.gov.au/parlInfo/download/legislation/ems/r6521_ems_84ea9dda-1a44-44b8-878b-68c376cbed56/upload_pdf/734816.pdf;fileType=application%2Fpdf

Provided the Australian Office of Financial Management with an investment capacity of $15 billion to invest in structured finance markets used by smaller lenders

https://treasury.gov.au/sites/default/files/2020-03/Overview-Economic_Response_to_the_Coronavirus_2.pdf

https://treasury.gov.au/sites/default/files/2020-03/Overview-Economic_Response_to_the_Coronavirus_0.pdf

https://parlinfo.aph.gov.au/parlInfo/download/legislation/ems/r6521_ems_84ea9dda-1a44-44b8-878b-68c376cbed56/upload_pdf/734816.pdf;fileType=application%2Fpdf

The Morrison government has set aside another $40 billion to spend on measures such as purchasing emergency medical supplies, boosting the front-line health response, and another round of economic assistance as the coronavirus crisis intensifies in the months ahead.

https://www.afr.com/politics/federal/morrison-ready-to-unleash-another-40b-20200323-p54cu1

In addition, the Commonwealth government has committed to spend an extra A$3.6 billion (0.1 percent of GDP) to strengthen the health system and protect the vulnerable people from the outbreak of COVID-19. Temporary measures to ensure the continuity of aged care, amounting to an additional A$444.6 million, have been introduced.This is in addition to more than $100 million that the Government previously announced to support the aged care workforce.

https://treasury.gov.au/sites/default/files/2020-03/Overview-Economic_Response_to_the_Coronavirus_2.pdf

Includes A1.15bn in temporary early release of superannuation; A0.876bn lowering of social security rates; A0.7bn increasing asset write-off; A3.2bn investment tax credit; 0.715bn in tax support to airports and airlines

https://treasury.gov.au/sites/default/files/2020-03/Overview-Economic_Response_to_the_Coronavirus_2.pdf

March-June

Additional spending (BRL 374.8 bn-243.8 itemized in other rows): Targeted assistance for the elderly, poor, and unemployed, including (i) expanding the cash transfer program Bolsa Família to accommodate 1.2 million new beneficiaries; (ii) introducing a new “Covid-19” voucher payment of BRL600 a month (USD40) to 54 million poor families for three months, which is expected to be expanded by two more months; (iii) allowing temporary suspension of private sector employees or their working hours (and wages), with a government-paid income compensation proportional to the unemployment benefit entitlement; and (iv) providing electricity consumption subsidies for poor families. The Federal Government is also providing transfers to subnational governments to cover social assistance costs, as well as revenue loss.

https://www.imf.org/external/datamapper/FM-covid19.pdf

The federal government launched this Wednesday morning (10/6), the Operations Guarantee Fund (FGO), with resources from the National Treasury in the amount of R $ 15.9 billion, which will guarantee loans for micro and small companies in the National Support Program for Micro and Small Enterprises (Pronampe).

https://www.gov.br/economia/pt-br/assuntos/noticias/2020/junho/governo-lanca-fundo-garantidor-de-operacoes-para-avalizar-emprestimos-do-pronampe

With the publication of Provisional Measure the 975 1 the June 2020 , the Ministry of Economy is authorized immediately to contribute $ 5 billion in the Emergency Program for Access to Credit. The Program will be operated by BNDES, along the lines of the Investment Guarantee Fund (FGI). New Treasury contributions may be made until the end of 2020, in the total amount of up to R $ 20 billion, by decision of the ME, according to the performance of the Program and the need to grant guarantees.

https://www.gov.br/economia/pt-br/assuntos/noticias/2020/junho/governo-federal-e-bndes-oferecerao-garantia-emergencial-para-reduzir-risco-de-pequenas-e-medias-empresas

Strengthen the revenue of states, municipalities and the Federal District by R $ 60.15 billion to combat the effects of the coronavirus

https://www.gov.br/economia/pt-br/assuntos/noticias/2020/maio/programa-federativo-de-combate-ao-novo-coronavirus-soma-r-125-8-bilhoes

Budgeted up to R $ 2 billion in federal aid for holy, non-profit philanthropic hospitals and hospitals that act in a complementary way to the Unified Health System (SUS) . The money should be used in actions to combat the Covid-19 pandemic

https://www.gov.br/economia/pt-br/assuntos/noticias/2020/maio/sancionada-lei-que-garante-auxilio-de-r-2-bilhoes-a-santas-casas-e-hospitais-filantropicos

March-June

Credit lines from public banks to SMEs, microfirms, and individuals (BNDES: BRL 39bn, Caixa: BRL 154bn, Banco do Brasil: BRL100)

https://www.gov.br/economia/pt-br/centrais-de-conteudo/publicacoes/boletins/covid-19/timeline/abril/20-de-abril-de-2020

https://www.imf.org/external/datamapper/FM-covid19.pdf

allocation of R $ 40 billion in direct transfers to states and municipalities

https://www.gov.br/economia/pt-br/assuntos/noticias/2020/abril/ministerio-da-economia-apresenta-proposta-de-ajuda-a-estados-e-municipios

The government announced the exemption from the Tax on Financial Operations (IOF) for credit operations for 90 days. The tax is paid when a citizen makes a loan, buys foreign currency or takes out insurance, for example. The measure is in line with the broad program of special credit lines that the government will offer to the productive sector, with reduced interest rates. In practice, the measure will further reduce the cost of credit operations. The total impact of the exemption is R $ 7 billion.

https://www.gov.br/economia/pt-br/assuntos/noticias/2020/marco/confira-as-medidas-tomadas-pelo-ministerio-da-economia-em-funcao-do-covid-19-coronavirus

Elimination of the financial transactions tax for 3 months.

https://www.imf.org/external/datamapper/FM-covid19.pdf

Forgone revenue (BRL 6.5 bn): a temporary (3 month) reduction in taxes on selected imported and domestic goods to combat Covid19

https://www.imf.org/external/datamapper/FM-covid19.pdf

The Bill institutes emergency aid of R$ 600 for informal workers, unemployed, individual microentrepreneurs (MEIs) of low income families and intermittent workers who are currently inactive and therefore without pay. Mothers who are solely responsible for supporting their families may receive up to R$ 1200; The measure costs more than R $ 51 billion.

https://www.gov.br/economia/pt-br/assuntos/noticias/2020/marco/confira-as-medidas-tomadas-pelo-ministerio-da-economia-em-funcao-do-covid-19-coronavirus

A low-interest financing line for micro and small companies in the amount of R $ 40 billion was announced. Of the total resources of the program, 85% come from the National Treasury (R $ 34 billion) and 15% from private banks.The objective is to pay these companies' payroll and guarantee jobs. Under the initiative, the government will pay employees' salaries of up to two minimum wages (R $ 2,090) for two months.

https://www.gov.br/economia/pt-br/assuntos/noticias/2020/marco/confira-as-medidas-tomadas-pelo-ministerio-da-economia-em-funcao-do-covid-19-coronavirus

https://www.bcb.gov.br/en/pressdetail/2324/nota

An additional R $ 3.4 billion in extraordinary credit was released for the ministries: Science and Technology; Foreign Affairs; Defense and Citizenship

https://www.gov.br/economia/pt-br/assuntos/noticias/2020/marco/confira-as-medidas-tomadas-pelo-ministerio-da-economia-em-funcao-do-covid-19-coronavirus

the Union will complement R $ 16 billion in the next four months the funds transferred to states and municipalities, taking into account the expected loss of revenue due to the crisis; Distribution of R $ 2 billion for the Social Assistance Budget to provide the private health insurance companies with funding for investment in assistance infrastructure

https://www.gov.br/economia/pt-br/assuntos/noticias/2020/marco/confira-as-medidas-tomadas-pelo-ministerio-da-economia-em-funcao-do-covid-19-coronavirus

We raised resources for emergency measures to R $ 179.6 billion with the inclusion of an additional R $ 10 billion in the Anti-unemployment Program

https://www.gov.br/economia/pt-br/assuntos/noticias/2020/marco/confira-as-medidas-tomadas-pelo-ministerio-da-economia-em-funcao-do-covid-19-coronavirus

We increased the amounts allocated to emergency measures up to R $ 147.3 billion, initially, to R $ 169.6 billion. Of this total, R $ 11.8 billion will go directly to fight the pandemic; up to R $ 98.4 billion to assist the most vulnerable population; and up to R $ 59.4 billion for job maintenance; (includes 22.3bn R increasein spending)

https://www.gov.br/economia/pt-br/assuntos/noticias/2020/marco/confira-as-medidas-tomadas-pelo-ministerio-da-economia-em-funcao-do-covid-19-coronavirus

released more than R $ 5 billion in credit for micro and small companies for programs maintained with resources from the Workers' Support Fund (FAT). The amount will be passed on to public banks so that they grant loans aimed at working capital of micro and small companies.

https://www.gov.br/economia/pt-br/assuntos/noticias/2020/marco/confira-as-medidas-tomadas-pelo-ministerio-da-economia-em-funcao-do-covid-19-coronavirus

4.5 billion reais will go to directly combating the coronavirus (expanded to 8bnRs on 3/23)

https://www.reuters.com/article/us-brazil-economy-budget/brazil-government-to-inject-30-billion-into-economy-to-combat-coronavirus-hit-idUSKBN213411

https://www.gov.br/economia/pt-br/assuntos/noticias/2020/marco/confira-as-medidas-tomadas-pelo-ministerio-da-economia-em-funcao-do-covid-19-coronavirus

https://www.gov.br/economia/pt-br/assuntos/noticias/2020/marco/confira-as-medidas-tomadas-pelo-ministerio-da-economia-em-funcao-do-covid-19-coronavirus

Allocated R $ 83.4 billion regarding the second installment of the 13th salary for the month of May, to be paid to retirees and pensioners of the National Social Security Institute (INSS)

https://www.reuters.com/article/us-brazil-economy-budget/brazil-government-to-inject-30-billion-into-economy-to-combat-coronavirus-hit-idUSKBN213411

https://www.gov.br/economia/pt-br/assuntos/noticias/2020/marco/confira-as-medidas-tomadas-pelo-ministerio-da-economia-em-funcao-do-covid-19-coronavirus

https://www.gov.br/economia/pt-br/assuntos/noticias/2020/marco/ministerio-da-economia-anuncia-medidas-para-diminuir-o-impacto-do-coronavirus-no-pais

Feb-June

As of May 28, 4,927 budgeted for protecting health and safety. (does not include 160M in existing resources and 281M in tariff waivers that we list in tax relief)

https://www.canada.ca/en/department-finance/economic-response-plan/fiscal-summary.html

Feb-June

Tariff waiver on critical medical goods (as of May 28)

https://www.canada.ca/en/department-finance/economic-response-plan/fiscal-summary.html

Feb-June

Total direct support measures totalled 174.099 bn as of 6/26 (our figure lists 5.515bn in GST credit seperately and does not include existing resources of 16mn)

https://www.canada.ca/en/department-finance/economic-response-plan/fiscal-summary.html

Feb-June

Includes 5.515bn GST credit

https://www.canada.ca/en/department-finance/economic-response-plan/fiscal-summary.html

Feb-June

Includes 40bn Small and Medium-sized Enterprise Loan and Guarantee program and 27.5bn Canada Emergency Business Account (CEBA) (13.75bn excluded from CEBA and listed as direct support since 25% is forgivable)

https://www.canada.ca/en/department-finance/economic-response-plan/fiscal-summary.html

https://www.canada.ca/en/department-finance/programs/financial-sector-policy/business-credit-availability-program.html

5.2 bn in Credit and liquidity support for the Agricultural Sector

https://www.canada.ca/en/department-finance/economic-response-plan/fiscal-summary.html

the government work report pointed out that this year it is planned to arrange 3.75 trillion yuan of local government special bonds, an increase of 1.6 trillion from last year (we only include the 1.6 trillion in new issuance)

http://www.gov.cn/premier/2020-05/22/content_5513757.htm?mc_cid=eda4261765&mc_eid=ab3d30d2a3

Jan-June

Road tolls and some service fees charged by airports and railways were exempted or reduced; the price of electricity was cut by 5 percent. The authorities estimate the cost of the toll exemption was about RMB 140 bn. Railway logistic fee lowered by 50% until Jun 30 with an estimated cost of RMB 350 mn.

https://www.imf.org/external/datamapper/FM-covid19.pdf

the scale of newly added reguarantee business by the national financing guarantee fund should be no less than 400 billion yuan in 2020

http://www.china.org.cn/china/2020-04/07/content_75904020_7.htm

Jan-June

Additional spending (RMB 147 bn): Expenditure to improve epidemic prevention and control and the national public health emergency management system

https://www.imf.org/external/datamapper/FM-covid19.pdf

Jan-June

Additional spending (RMB 2.9 tn): Help local governments finance employment initiatives, meet basic living needs, and protect market entities. Increase the coverage and benefits of Dibao: extending social assistance programs to cover families affected by the COVID-19 and falling into poverty. Companies that do not lay off employees or minimize layoffs receive a refund of 2019 insurance premiums. Two-year extension of NEV (New Emission Vehicle) subsidy on purchases to the end of 2022. Extend unemployment benefits or "minimum living guarantees" (e.g. social transfers) to migrant workers. Increasing ceiling on special local government bond issuance, which can be spent on investment projects.

https://www.imf.org/external/datamapper/FM-covid19.pdf

Jan-June

Forgone revenue (RMB 1.1 tn): VAT exemptions for goods and services related to epidemic control and for small taxpayers in Hubei; and VAT rate cut from 3% to 1% in other regions until the year end. Corporate income tax relief for businesses in affected sectors through a longer tax loss carryover to 8 years or oneoff 100 percent investment expensing deduction.Social security contributions by employers in Hubei province and SMEs (50 percent for large firms) in the other provinces are waived until June (April).

https://www.imf.org/external/datamapper/FM-covid19.pdf

€300 million: Fund to finance recruitment subsidies when employers hire an apprentice currently in training

http://www.assemblee-nationale.fr/dyn/15/textes/l15b3074_projet-loi.pdf

https://www.bruegel.org/publications/datasets/covid-national-dataset/#france

other emergency measures to deal with the crisis, in particular the plan for the automotive sector,for an additional € 3 billion (auto sector spending about 2 billion euros)

http://www.assemblee-nationale.fr/dyn/15/textes/l15b3074_projet-loi.pdf

https://www.economie.gouv.fr/files/files/directions_services/covid19-soutien-entreprises/DP-Plan_soutien_automobile26052020.pdf

Expand furlough scheme to 31 billion euros (from 24 billion)

https://minefi.hosting.augure.com/Augure_Minefi/r/ContenuEnLigne/Download?id=BEFA5371-3EDB-49B0-8CA0-5926978FED71&filename=2202-1050%20-%20Communiqu%C3%A9%20de%20presse%20-%203%C3%A8me%20projet%20de%20loi%20de%20finances%20rectificative.pdf

Expand solidarity fund to 8 bn euros

https://minefi.hosting.augure.com/Augure_Minefi/r/ContenuEnLigne/Download?id=BEFA5371-3EDB-49B0-8CA0-5926978FED71&filename=2202-1050%20-%20Communiqu%C3%A9%20de%20presse%20-%203%C3%A8me%20projet%20de%20loi%20de%20finances%20rectificative.pdf

an additional EUR 50 million of additional relief for road transport passengers, and the inclusion of tourist coaches and buses within the package.

https://minefi.hosting.augure.com/Augure_Minefi/r/ContenuEnLigne/Download?id=C6FAEA94-6A92-4013-A574-3E7A9FCD76F7&filename=1029.pdf

Solidarity fund expanded by 1 billion euros; state-sponsored furlough expanded from 20 billion to 24 billion; extra health aid increased from 7 to 8 billion

https://minefi.hosting.augure.com/Augure_Minefi/r/ContenuEnLigne/Download?id=6E53133E-549B-4F70-A016-71780B43B0A9&filename=Compte-rendu%20Conseil%20des%20ministres%20-%20Pr%C3%A9sentation%20du%20deuxi%C3%A8me%20PLFR.pdf

https://minefi.hosting.augure.com/Augure_Minefi/r/ContenuEnLigne/Download?id=72F1AAB6-A461-4ABA-A2E5-47F9186CA33B&filename=2126%20-%20Audition%20par%20la%20commission%20des%20finances%20-%20Pr%C3%A9sentation%20du%202%C3%A8me%20PLFR%20-%20Assembl%C3%A9e%20nationale.pdf

https://www.france24.com/en/20200415-france-announces-%E2%82%AC1-500-bonus-for-health-workers-on-covid-19-front-line

delay in the unemployment insurance reform and the extension of rights for job seekers, for ½ billion €

http://www.assemblee-nationale.fr/dyn/15/textes/l15b2820_projet-loi

Opening of € 2.5 billion in commitment authorizations and payment appropriations for the "Accidental and unpredictable expenses" allocation: the main purpose of this provision is to supplement the programs of the "Emergency plan in the face of the health crisis" mission. », Whose forecast for expenditure remains uncertain and may change depending on the duration of confinement and changes in the macroeconomic context.

http://www.assemblee-nationale.fr/dyn/15/textes/l15b2820_projet-loi

In order to preserve these strategic economic players for France, this amending finance bill opens an exceptional amount of € 20 billion in credits for strengthening the equity, quasi-equity and debt securities of these companies.A payment from the general budget to the “State financial contributions” special allocation account (+ € 20.0 billion), in order to give the State the opportunity to intervene in the capital of companies whose financial situation would require.

https://minefi.hosting.augure.com/Augure_Minefi/r/ContenuEnLigne/Download?id=72F1AAB6-A461-4ABA-A2E5-47F9186CA33B&filename=2126%20-%20Audition%20par%20la%20commission%20des%20finances%20-%20Pr%C3%A9sentation%20du%202%C3%A8me%20PLFR%20-%20Assembl%C3%A9e%20nationale.pdf

http://www.assemblee-nationale.fr/dyn/15/textes/l15b2820_projet-loi

https://www.bruegel.org/publications/datasets/covid-national-dataset/#france

in order to support companies with proven recovery prospects, this finance bill plans to increase the intervention capacity of the Economic and Social Development Fund (FDES) to € 1 billion. provides loans to fragile or struggling businesses. (925 million increase) Included in budget

https://minefi.hosting.augure.com/Augure_Minefi/r/ContenuEnLigne/Download?id=72F1AAB6-A461-4ABA-A2E5-47F9186CA33B&filename=2126%20-%20Audition%20par%20la%20commission%20des%20finances%20-%20Pr%C3%A9sentation%20du%202%C3%A8me%20PLFR%20-%20Assembl%C3%A9e%20nationale.pdf

https://www.bruegel.org/publications/datasets/covid-national-dataset/#france

http://www.assemblee-nationale.fr/dyn/15/textes/l15b2820_projet-loi

Firms are also using a state-subsidised furlough programme far more than expected, with nearly seven million workers covered at a cost of more than 20 billion euros, compared with the 8.5 billion budgeted in mid-March. At the same time, 342,000 small companies have tapped a special solidarity fund aimed at keeping them afloat at a cost now expected at 6 billion euros, up from 1 billion last month.

https://www.reuters.com/article/us-health-coronavirus-france-budget/france-more-than-doubles-crisis-package-cost-to-100-billion-euros-idUSKCN21R2J2

https://minefi.hosting.augure.com/Augure_Minefi/r/ContenuEnLigne/Download?id=8E86B4BC-FDBC-4D92-B24C-C5052F73362B&filename=2117%20-%20Audition%20commission%20des%20Affaires%20%C3%A9conomiques.pdf

Extra healthcare spending is also getting hiked to 7 billion euros from 2 billion.

https://www.reuters.com/article/us-health-coronavirus-france-budget/france-more-than-doubles-crisis-package-cost-to-100-billion-euros-idUSKCN21R2J2

https://minefi.hosting.augure.com/Augure_Minefi/r/ContenuEnLigne/Download?id=8E86B4BC-FDBC-4D92-B24C-C5052F73362B&filename=2117%20-%20Audition%20commission%20des%20Affaires%20%C3%A9conomiques.pdf

160 million euro for BpiFrance to manage startup fundraising campaigns, a €150-million “French Tech Sovereignty” fund to reinforce France’s strategic autonomy in future technologies and key markets, €150 million to the Support Programme for Major Innovation (PSIM), €80 million for innovating startups and SMEs in the framework of the innovation contest i-Nov, €200 million of funding through various other programmes

https://minefi.hosting.augure.com/Augure_Minefi/r/ContenuEnLigne/Download?id=B26DE608-0E86-4287-8289-230D50A26F16&filename=128%20-Plan%20d%E2%80%99urgence%20de%20soutien%20d%C3%A9di%C3%A9%20aux%20start%20up.pdf

https://www.bruegel.org/publications/datasets/covid-national-dataset/#france

€1.3 billion of support to innovating companies through Bpifrance and €100 million of loans to provide treasury capacity to viable startups that could not get a State-guaranteed loan

https://www.economie.gouv.fr/coronavirus-startup-mesures-de-soutien-economique

https://www.bruegel.org/publications/datasets/covid-national-dataset/#france

An unprecedented measure of exemption from employer contributions and social contributions, combined with acontribution credit, for nearly € 3 billion, has been set up.

https://minefi.hosting.augure.com/Augure_Minefi/r/ContenuEnLigne/Download?id=BEFA5371-3EDB-49B0-8CA0-5926978FED71&filename=2202-1050%20-%20Communiqu%C3%A9%20de%20presse%20-%203%C3%A8me%20projet%20de%20loi%20de%20finances%20rectificative.pdf

8.5 billion euros has been earmarked to reimburse companies putting workers on reduced working schedules for two months. A 1 billion euro fund is also being set up to make direct cash payments to small firms like restaurants or in the tourism sector that have had to close.

https://finance.yahoo.com/news/france-mobilise-45-billion-euros-074100021.html

https://minefi.hosting.augure.com/Augure_Minefi/r/ContenuEnLigne/Download?id=234D488E-6EBB-4ACE-95F9-D189DB74C22E&filename=2079%20-%20Discours%20Bruno%20LE%20MAIRE%20-%20Pre%CC%81sentation%20PLFR%20-%20Assemble%CC%81e%20nationale.pdf

To these measures are added all the exceptional guarantee mechanisms put in place by the State, for nearly€ 327 billion

http://www.assemblee-nationale.fr/dyn/15/textes/l15b3074_projet-loi.pdf

https://minefi.hosting.augure.com/Augure_Minefi/r/ContenuEnLigne/Download?id=234D488E-6EBB-4ACE-95F9-D189DB74C22E&filename=2079%20-%20Discours%20Bruno%20LE%20MAIRE%20-%20Pre%CC%81sentation%20PLFR%20-%20Assemble%CC%81e%20nationale.pdf

http://www.assemblee-nationale.fr/dyn/15/textes/l15b2820_projet-loi

The VAT tax rate will be cut from 19% to 16%, with the lower band going from 7% to 5% from 1 July until the end of the year. This measure has a cost of approximately €20bn.

https://www.bundesfinanzministerium.de/Content/DE/Standardartikel/Themen/Schlaglichter/Konjunkturpaket/2020-06-03-eckpunktepapier.pdf?__blob=publicationFile&v=9

The government will also guarantee that social security contributions will not exceed 40% until the end of 2021. Costs that exceed this 40% cap will be covered by the federal budget. This will bolster the net incomes of employees while simultaneously providing a reliable framework for employers.{ Financial needs: 5.3 billion euros in 2020, needs in 2021can only be determined in the context of the HH list 2021 }

https://www.bundesfinanzministerium.de/Content/EN/Standardartikel/Topics/Public-Finances/Articles/2020-06-04-fiscal-package.html

https://www.bundesfinanzministerium.de/Content/DE/Standardartikel/Themen/Schlaglichter/Konjunkturpaket/2020-06-03-eckpunktepapier.pdf?__blob=publicationFile&v=9

€11 billion to reduce electricity prices for consumers by reducing EEG, a levy on electricity prices to subsidize renewable energy sources wind and solar.

https://www.bundesfinanzministerium.de/Content/EN/Standardartikel/Topics/Public-Finances/Articles/2020-06-04-fiscal-package.html

https://www.bruegel.org/publications/datasets/covid-national-dataset/#france

raising the reduction factor for income from business operations to four times the trade tax measurement amount (0.3 billion EUR financial impact)

https://www.bundesfinanzministerium.de/Content/EN/Standardartikel/Topics/Public-Finances/Articles/2020-06-04-fiscal-package.html

https://www.bundesfinanzministerium.de/Content/DE/Standardartikel/Themen/Schlaglichter/Konjunkturpaket/2020-06-03-eckpunktepapier.pdf?__blob=publicationFile&v=9

A short-term aid programme will provide assistance to small and medium-sized businesses experiencing major revenue shortfalls due to the crisis. This aid will be available to all sectors of the economy but will also take into account the specific conditions affecting the most hard-hit sectors. This applies to event logistics companies, the fairground and amusement sector, nightclubs, travel agencies and many other businesses that are still impacted by ongoing closures. The government plans to earmark a total of €25 billion for this purpose. This aid programme will also provide eligible businesses with grants to help cover fixed operating costs during the three months from June to August 2020.

https://www.bundesfinanzministerium.de/Content/EN/Standardartikel/Topics/Public-Finances/Articles/2020-06-04-fiscal-package.html

https://www.bundesfinanzministerium.de/Content/DE/Standardartikel/Themen/Schlaglichter/Konjunkturpaket/2020-06-03-eckpunktepapier.pdf?__blob=publicationFile&v=9

An assistance programme for the cultural sector will provide financial support for cultural projects and cultural infrastructure in Germany. Financial requirement: 1 billion euros

https://www.bundesfinanzministerium.de/Content/EN/Standardartikel/Topics/Public-Finances/Articles/2020-06-04-fiscal-package.html

https://www.bundesfinanzministerium.de/Content/DE/Standardartikel/Themen/Schlaglichter/Konjunkturpaket/2020-06-03-eckpunktepapier.pdf?__blob=publicationFile&v=9

The federal government provides 700 million euros for the conservation and sustainable management of forests including the promotion of digitization in forestry and the support for investments in modern operating machines and devices.

https://www.bundesfinanzministerium.de/Content/EN/Standardartikel/Topics/Public-Finances/Articles/2020-06-04-fiscal-package.html

https://www.bundesfinanzministerium.de/Content/DE/Standardartikel/Themen/Schlaglichter/Konjunkturpaket/2020-06-03-eckpunktepapier.pdf?__blob=publicationFile&v=9

Municipalities, which cover a large share of public investments in Germany, will receive fiscal support from the federal budget amounting to an additional €4bn p.a. through a higher federal payments into social housing schemes. In addition, a Municipal Solidarity Pact 2020 will be launched to cover all losses in the corporate taxes accruing to municipalities, the estimated cost of this measure to the federal budget will be €5,9bn. Municipal public transport systems which suffered large revenue losses through passenger declines will receive additional grants from the federal budget of €2,5bn. Municipalities and states will receive other support amounting to .59 bilion EUR

https://www.bundesfinanzministerium.de/Content/EN/Standardartikel/Topics/Public-Finances/Articles/2020-06-04-fiscal-package.html

https://www.bundesfinanzministerium.de/Content/DE/Standardartikel/Themen/Schlaglichter/Konjunkturpaket/2020-06-03-eckpunktepapier.pdf?__blob=publicationFile&v=9

A "Children’s Bonus" of €300 per child will be paid to all families, this has a cost of €4,3bn

https://www.bundesfinanzministerium.de/Content/EN/Standardartikel/Topics/Public-Finances/Articles/2020-06-04-fiscal-package.html

https://www.bundesfinanzministerium.de/Content/DE/Standardartikel/Themen/Schlaglichter/Konjunkturpaket/2020-06-03-eckpunktepapier.pdf?__blob=publicationFile&v=9

To promote capacity expansion in the area of kindergartens, daycare centers and crèchesand to support extensions, conversions and new buildings will add an additional billion eurosfor expansion measures that will take place in 2020 and 2021.

https://www.bundesfinanzministerium.de/Content/EN/Standardartikel/Topics/Public-Finances/Articles/2020-06-04-fiscal-package.html

https://www.bundesfinanzministerium.de/Content/DE/Standardartikel/Themen/Schlaglichter/Konjunkturpaket/2020-06-03-eckpunktepapier.pdf?__blob=publicationFile&v=9

Single parents will receive additional relief and tax allowance amounting to €0,75bn

https://www.bundesfinanzministerium.de/Content/EN/Standardartikel/Topics/Public-Finances/Articles/2020-06-04-fiscal-package.html

https://www.bundesfinanzministerium.de/Content/DE/Standardartikel/Themen/Schlaglichter/Konjunkturpaket/2020-06-03-eckpunktepapier.pdf?__blob=publicationFile&v=9

There will be a new scheme to promote employee share programs, whereby the specific requirements for startup companies will be taken into account through a targeted program. (0.5 billion EUR) To support regional economic structures in the corona pandemicprograms from the GRW joint task increased by EUR 500 million.

https://www.bundesfinanzministerium.de/Content/EN/Standardartikel/Topics/Public-Finances/Articles/2020-06-04-fiscal-package.html

https://www.bundesfinanzministerium.de/Content/DE/Standardartikel/Themen/Schlaglichter/Konjunkturpaket/2020-06-03-eckpunktepapier.pdf?__blob=publicationFile&v=9