German State Aid Program and New German Law to Combat Effects of Covid-19

German State Aid Program and New German Law to Combat Effects of Covid-19

April 7, 2020, Covington Alert

The German government has set up a protective shield for enterprises financially affected by the crisis, which, in addition to short-time work compensation (“Kurzarbeitergeld”), tax and social security deferrals and already existing federal state guarantee programs, establishes a KfW (the German state development bank) credit program and specific further financial measures under the German Economic Stabilisation Fund.