March 19, 2020 / 9:47 AM / 14 days ago

Germany plans billions in grants to tide small businesses through coronavirus: Der Spiegel

BERLIN (Reuters) - The German government plans a 40 billion euro rescue package for small businesses and the self-employed to tide them through the collapse in demand brought on by the coronavirus epidemic, Der Spiegel magazine reported on Thursday.

The “Solidarity Fund” represents a definitive break from Germany’s long-standing no-new-debts policy, since it will be structured as a government-backed vehicle with the power to borrow at the very low rates available to the German government.

There will be a total of 10 billion euros in direct grants available to small businesses, and a further 30 billion euros available in the form of loans.

Reporting by Thomas Escritt, editing by Scot W. Stevenson

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