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ARTICLE · 28 MARCH 2020

COVID-19: State Aid Support To Business

A&O Shearman
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Member States of the EU and the U.K. are announcing massive support packages for companies affected by the coronavirus crisis. These interventions are on a vast scale.

United KingdomStrategy
James Webber
James Webber
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Member States of the EU and the U.K. are announcing massive support packages for companies affected by the coronavirus crisis. These interventions are on a vast scale. Unlike the 2008 financial crisis, the measures we are seeing this week are predominantly fiscal rather than monetary policy responses.

The British Government announced today it will do "whatever it takes" to get businesses through the crisis, including an initial package of £330bn of government-back loans and guarantees to all businesses, as well as cash grants of £25,000 to hospitality sector businesses which don't have insurance for pandemics such as coronavirus. Additionally, all businesses in the hospitality sector will pay no business rates for 12 months.

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