Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Australia 02C 02C - Loan guarantees AUD 40,000,000,000 24,871,999,983 Department of Treasury. https://treasury.gov.au/coronavirus/sme-guarantee-scheme (accessed 16 April 2020); Department of Treasury. https://treasury.gov.au/sites/default/files/2020-05/Overview-Economic_Response_to_the_Coronavirus_3.pdf (accessed 3 June 2020); Department of the Treasury. https://ministers.treasury.gov.au/ministers/josh-frydenberg-2018/media-releases/supporting-small-business-adapt-grow-and-create-jobs (accessed 22 July 2020).

April, Under a new Coronavirus SME Guarantee Scheme, the Government will guarantee 50% of new loans issued by eligible lenders to SMEs with total lending capacity of AUD40 billion. On July 20, The government announced that it plans to expand the SME Guarantee Scheme to help small businesses to adapt, grow and create jobs. The changes include widening the range of investments that can be funded, increasing maximum loan size, and increasing the maximum long term to five years, among others. The second phase of the Scheme will start on October 2020 and will be available until June 2021.

Austria 02C 02C - Loan guarantees EUR 9,000,000,000 9,955,752,212 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 15 April 2020).

EUR9 billion in credit guarantees.

Belgium 02C 02C - Loan guarantees EUR 52,000,000,000 57,522,123,894 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 30 April 2020).

(i) EUR50 billion (over 11% of GDP) of guarantees for new bank loans to companies and self-employed; (ii) Regional governments announced further bank-loan guarantees (around EUR2 billion, or 0.4% of GDP); (iii) No amount/estimate: A Reinsurance scheme for short-term trade credit insurance and other socio-economic measures further support these efforts.

Canada 02C 02C - Loan guarantees CAD Department of Finance Canada. https://www.canada.ca/en/department-finance/economic-response-plan.html (accessed 10 June 2020).

No amount/estimate: Loan Guarantee for Small and Medium-Sized Enterprises through the Business Credit Availability Program, Export Development Canada (EDC) is working with financial institutions to guarantee 80% of new operating credit and cash flow term loans of up to CAD6.25 million to small and medium-sized enterprises (SMEs).

Denmark 02C 02C - Loan guarantees DKK 95,400,000,000 14,123,860,366 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 24 June 2020).

(i) March 17, DKK1.20 billion credit guarantee for Scandinavian Airlines. Total support credit guarantee to the airlines amounting to SEK3.5 billion equally split between the Danish and Swedish governments; (ii) March 19, DKK35.7 billion loan guarantees scheme for large firms; (iii) DKK25 billion loan guarantee scheme for SMEs; (iv) DKK1.25 liquidity guarantee in new loans to SMEs with export activities; (v) DKK2.25 billion government guarantee for the Travel Guarantee Fund, to be repaid by the travel industry in the coming years; (vi) April 18, DKK30 billion government guarantee (to insurance companies) for companies' trade and export activities; (vii) No amount/estimate: May 20, For startups, loan guarantees by the Ministry of Finance on 70 % of new corporate loans that are issued to cover losses directly relating to COVID-19.

Finland 02C 02C - Loan guarantees EUR 4,080,000,000 4,513,274,336 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020); Finnvera. https://www.finnvera.fi/finnvera/uutishuone/uutiset/finnve (accessed 18 May 2020); MInistry of Finance, Finland. https://vm.fi/artikkeli/-/asset_publisher/valtioneuvosto-myonsi-valtiontakausjarjestelyn-finnairin-lainalle (accessed 24 May 2020); Ministry of Finance. https://vm.fi/artikkeli/-/asset_publisher/valtio-takaa-tyollisyysrahaston-lainoja (acccessed 19 June 2020); DBEI. https://dbei.gov.ie/en/News-And-Events/Department-News/2020/July/14072020.html (accessed 16 July 2020).

(i) Mar 20, EUR600 million of state guarantee for Finnair. On May 20, the fund was finally established for a maximum loan guarantee fund of EUR540 million (the EU Commission authorized only a 90% guarantee on loan, nevertheless, added in the amounts column is the EUR600 million, the total loans available under this fund) ; (ii) EUR600 million of state guarantee for shipping companies; (iii) No amount/estimate: May 7, Finnvera (official export credit agency) increased its guarantee share for SME loans from 80% to 90%; (iv) June 11, EUR880 million, state guarantee for loans and interest from the Employment Fund; (v) July 14, The new COVID-19 Credit Guarantee Scheme (CGS) amounting to EUR2 billion will make low cost loans available to businesses impacted by the pandemic. It will ensure that SMEs, primary producers and small Mid-Caps can access liquidity to keep their businesses operating, as the economy continues to reopen and more and more people get back to work. It will be available for a wide range of products including overdrafts, term loans and working capital .

France 02C 02C - Loan guarantees EUR 330,200,000,000 365,265,486,726 OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020) EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_779 (accessed 2 May 20200; Le Figaro https://www.lefigaro.fr/flash-eco/le-gouvernement-annonce-390-millions-d-euros-pour-le-transport-routier-20200417 (accessed 2 May 2020); European Commission https://ec.europa.eu/commission/presscorner/detail/en/IP_20_796 (accessed 14 May 2020); Economie. https://www.economie.gouv.fr/3-projet-loi-finances-rectificative-plfr-iii-2020# (accessed 4 July 2020).

(i) EUR300 billion in the state guarantee mechanism for new liquidity loans granted by credit institutions between 16 March and 31 December 2020 to companies registered in France; (ii) EUR15 billion (from EUR12 billion) in specific guarantees for export insurance and credit insurance ; (iii) April 29, EUR5 billion loan guarantee for Renault; (iv) May 6, EUR4 billion state guarantee on loans and a subordinated shareholder loan to Air France-KLM by the French state; (v) No amount/estimate: June 6, the State guarantee system for credit insurance is strongly reinforced to allow companies to keep their cover. This measure is very important for construction companies whose cash flow is very dependent on inter-company credit. The measure will be implemented immediately by decree for SMEs and medium-sized enterprises; (vi) EUR6.2 billion loan guarantees for tourism industry .

Germany 02C 02C - Loan guarantees EUR 483,840,000,000 535,221,238,938 Federal Ministry of Finance. https://bit.ly/3el63tR (accessed 17 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#G (accessed 17 April 2020); Federal Ministry of Economy and Energy. https://www.bmwi.de/Redaktion/DE/Pressemitteilungen/2020/20200707-altmaier-mit-5-punkte-massnahmepaket-unterstuetzen-wir-deutsche-exportwirtschaft.html (accessed 12 July 2020); European Commission. https://bit.ly/2PMOtoh (accessed 8 August 2020).

(i) March 23, EUR400 billion under the WSF to provide guarantees to companies' debt (up to 60 months) and EUR63 billion in guarantees by Länder; (ii) July 7, The federal government supports the financing of German exports with export credit guarantees (annual guarantee volume is EUR20 billion). This is part of the package of measures announced to support the export industry; (iii) July 31, European Commission approves EUR840 million German guarantee scheme to cover vouchers issued by travel operators for cancelled travel packages booked prior to 8 March 2020. Any traveller that accepts a voucher issued by a travel operator will be able to either use it or receive a full refund (https://bit.ly/2PMOtoh).

Ireland 02C 02C - Loan guarantees EUR 2,000,000,000 2,212,389,381 DBEI. https://dbei.gov.ie/en/News-And-Events/Department-News/2020/May/02052020.html (accessed 9 May 2020); DBEI. https://dbei.gov.ie/en/News-And-Events/Department-News/2020/July/21072020.html (accessed 23 July 2020).

EUR2 billion COVID-19 Credit Guarantee Scheme (CGS) to support lending to SMEs for terms ranging from 3 months to 6 years, which will be below market interest rates. July 21, the Government introduced the Credit Guarantee (Amendment) Bill to the Dáil at second stage, an important step in bringing into effect the €2 billion COVID-19 CGS. This will ensure the availability of loans of up to six years at a discounted rate with the State acting as guarantor for 80% of each individual loan .

Italy 02C 02C - Loan guarantees EUR 431,480,000,000 477,300,884,956 OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020); Reuters. https://www.reuters.com/article/health-coronavirus-italy-decree/update-1-italy-announces-guarantees-for-bank-loans-worth-over-400-bln-euros-idUSL8N2BU5T8 (accessed 16 April 2020); Ministry of Economy and Finance. http://www.mef.gov.it/covid-19/ (accessed 31 May 2020); Banca D'Italia.https://www.bancaditalia.it/media/notizia/ulteriori-misure-di-ampliamento-dello-schema-acc-della-banca-d-italia-in-risposta-all-emergenza-covid-19/ (accessed 16 June 2020).

(i) EUR10 billion state guarantee for new loans for medium-large firms (based in 500 million 1:20); (ii) EUR21.48 billion for the SMEs Guarantee Fund (based in 1.5 billion 1:14 aprox); (iii) April 9, EUR400 billion in guarantees including EUR200 billion from Treasury to shield banks from losses on 90% of loans to companies of all sizes, and EUR200 billion guarantees from Cassa Depositi e Prestiti CDP (Italy's state lender) and its export agency Sace; (iv) no amount/estimate: further guarantees for firms most affected by the virus. Facilitate guarantees for self-employed workers, freelancers and individual entrepreneurs; (v) No amount/estimate: 9 June, Adopted further measures to extend the Additional Credit Claims (ACC) scheme. The Bank of Italy introduced the possibility of granting guarantees to both consumer and mortgage loans offered to households. These measures will enter into force on June 17, 2020 .

Japan 02C 02C - Loan guarantees JPY
Luxembourg 02C 02C - Loan guarantees EUR 6,100,000,000 6,747,787,611 OECD. https://www.oecd.org/coronavirus/en/ (accessed 19 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 9 May 2020).

(i) March 25: EUR2.5 billion (3.9% of 2019 GDP) loan guarantee facility of the State of 85% of credit lines granted by selected banks between 18 Mar and 31 Dec 2020; (ii) No amount/estimate: Export guarantees provided by the Office du Ducroire; (iii) No amount/estimate: Companies with cash flow difficulties can request guarantees from the “mutualités de cautionnement”; (ii) April 30, EUR3.6 billion from extending credit guarantees for new bank loans and special anti-crisis financing for SMEs and large companies.

Netherlands 02C 02C - Loan guarantees EUR 27,263,000,000 30,158,185,841 OECD. http://www.oecd.org/coronavirus/en/ (accessed 14 May 2020). Finnvera. https://www.finnvera.fi/finnvera/uutishuone/uutiset/finnveran-takausosuus-jopa-90-prosenttia-jos-rahoituksen-jarjestyminen-sita-edellyttaa (accessed 24 May 2020). NL Government. https://www.government.nl/topics/coronavirus-covid-19/news/2020/06/26/government-offers-financial-support-to-klm-as-a-result-of-the-corona-crisis (accessed 29 June 2020)

(i) No amount/estimate: March 30, The government increased export credit insurance for firms through the credit insurer Atradius. The share of the working capital that companies need for their export production was raised from 80% to 95%; (ii) April 9, Budget for guarantee facility for SME loans via BMKB was raised to EUR1.5 billion, while the premium for SME loans has been reduced from 3.9 to 2%; (iii) Increase to EUR10 billion (from EUR400 million) in the ceiling of the GO business loan guarantee scheme; (iv) The government provides EUR12 billion guarantees for the credit insurance market to ease lending to small firms; (v) April 17, EUR650 million (increased from EUR400 million) additional temporary guarantee for working capital and other type of support for agricultural and horticultural companies; (vi) May 14, EUR713 million in guarantees for bridging loans for small companies under the Small Credits Corona Guarantee Scheme. The guarantee covers 95% of bank loans, and funding is provided for a maximum of five years at an interest rate of 4% for company with positive profits over the last three years; (vii) No amount/estimate: May 7, Finnvera (official export credit agency) increased its guarantee share for SME loans from 80% to 90%; (viii) June 26, EUR2.4 billion in guarantees for bank loans made by KLM Airlines.

New Zealand 02C 02C - Loan guarantees NZD 6,250,000,000 3,780,089,513 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020).

April, NZD6.25 billion business finance guarantee scheme for small and medium enterprises (SME) loans, in which the government covers 80% of the credit risk.

Norway 02C 02C - Loan guarantees NOK 50,500,000,000 4,941,214,667 Ministry of Finance. https://www.regjeringen.no/en/aktuelt/economic-measures-in-norway-in-response-to-covid-192/id2695355/ (accessed 12 April 2020). Innvation Norway. https://www.innovasjonnorge.no/no/om/nyheter/2020/risikoavlastning-til-banker-skal-bidra-til-naringsvekst/ (accessed 19 June 2020).

(i) March 27, In the state guarantee scheme for bank loans to small and medium-sized enterprises the state guarantees 90% of the loans within a total guarantee framework of NOK50 billion; (ii) May 20, Extended the loan guarantee scheme to apply to loans granted before June 1, 2020, and permitted banks to provide guaranteed loans even after June 1, 2020; (iii) Existing guarantee scheme for 90% corporate loans will be extended until further notice for the year; (iv) June 2, Agreement between Innovation Norway and the European Investment Fund to expand Norway's Growth Guarantee Scheme (GGS). For 2 years, the GGS will cover up to 75% of the loss of 14 Norwegian banks extending loans to innovative Norwegian companies. The GGS was already expanded by NOK 500 million, bringing the total program funding to NOK 1.9 billion.

Portugal 02C 02C - Loan guarantees EUR 3,863,000,000 4,273,230,088 OECD. http://www.oecd.org/coronavirus/en/ (accessed 9 May 2020). European Commision. https://ec.europa.eu/commission/presscorner/detail/en/IP_20_1489 (accessed 29 August 2020).

(i) Direct state guaranteed credit support to companies that are most affected (EUR400 million) and for microenterprises in the tourism sector (EUR60 million); (ii) State guaranteed credit through the banking system: for restaurants (EUR600 million, EUR270 million for SMEs), tourism (EUR200 million, EUR75 million for SME), tourism accommodation (EUR900 million, EUR300 million for SME), industry (EUR1,300 million, EUR400 million for SME), fishing and aquiculture sectors (EUR20 million). Increased ceilings for export credit insurance schemes for metallurgic, mould, metal and mechanical industries (EUR100 million), construction abroad (EUR100 million), short-term exports (EUR50 million); (iii) August 18, EUR133 million in public guarantee on temporary loan for urgent liquidity needs of SATA airline. [update]

Spain 02C 02C - Loan guarantees EUR 153,220,000,000 169,491,150,442 OECD. http://www.oecd.org/coronavirus/en/ (accessed 14 May 2020, 21 May 2020); European Commission. https://bit.ly/2NfaZ7Q (accessed 25 May 2020); Ministry of Economic Affairs and Digital Transformation. https://bit.ly/3dy8loe (accessed 25 June 2020); La Moncloa. https://www.lamoncloa.gob.es/lang/en/gobierno/councilministers/Paginas/2020/20200703council-extr.aspx (accessed 12 July 2020); La Moncloa. https://www.lamoncloa.gob.es/lang/en/presidente/news/Paginas/2020/20200618tourism-plan.aspx (accessed 12 July 2020); Ministry of Transport, Mobility, and Urban Agenda. https://www.mitma.gob.es/el-ministerio/sala-de-prensa/noticias/mar-07072020-1430 (accessed 20 July 2020); Third Government Vice Presidency - Ministry of Economic Affairs and Digital Transformation. https://www.mineco.gob.es/portal/site/mineco/menuitem.ac30f9268750bd56a0b0240e026041a0/?vgnextoid=5b686ae35d493710VgnVCM1000001d04140aRCRD&vgnextchannel=864e154527515310VgnVCM1000001d04140aRCRD (accessed 30 July 2020).

(i) March 17, EUR100 billion in Instituto de Crédito Oficial (ICO), Spain's official financial agency, credit guarantee programs for companies and the self-employed, both for refinancing and new credit. The first tranche is up to EUR20 billion, divided into the following subtranches: (a) EUR10 billion for renewals and new loans granted to the self-employed and small and medium-sized enterprises (SMEs) and (b) EUR10 billion for renewals and new loans granted to companies that do not to qualify as an SME. The second tranche of guarantees (EUR 20 billion) for SMEs and self-employed only, for whom the guarantee will cover 80% of new loans and renewals. May 5, Third tranche (EUR24.5 billion) of the EUR100 billion ICO guarantee: EUR10 billion for SMEs and self-employed, EUR10 billion for other companies, EUR 4 billion for the issue of promissory notes of NFCs in fixed income markets, and EUR0.5 billion for CERSA. May 19, Fourth tranche, at EUR20 billion, which is part of the EUR100 billion guarantees via ICO in item (i), for SMEs and the self-employed only. June 16, Fifth tranche, at EUR15.5 billion earmarked as follows: (a) EUR7.500 billion to guarantee loans from SMEs and the self-employed and 5,000 million for the rest, (b) EUR2.5 billion to boost tourism sector by guaranteeing loans to SMEs and the self-employed for liquidity or investments; and (c) EUR500 million to boost the automotive sector; (ii) March 17, EUR2 billion in guarantees through the Spanish Export Insurance Credit Company; (iii) March 31, Allocate EUR1.2 billion from the existing loan guarantee line to the guarantee of loans for tenants; (iv) March 31, Compania Espanola de Reafianzamiento (CERSA) will assume around EUR1 billion of risk that will allow mobilizing EUR2 billion benefiting some 20,000 SMEs and the self-employed; (v) April 21, No amount/estimate: Expand the coverage of the previously announced guarantee line to Alternative Fixed Income Market commercial paper; (vi) Strengthen counter-guarantees granted by CERSA to increase the capacity of regional mutual guarantee entities; (vii) May 6, To guarantee the liquidity of companies in the culture sector, the government injected EUR20 million to CREA to guarantee loans of up to EUR880 million; (viii) July 3, Creation of a new guarantee for lines of credit from ICO for EUR40 billion, designed to boost investment activity and promote it in areas that create the greatest added value, based on two main cornerstones - environmental sustainability and digitalisation. This is within the framework of the Agreement on Economic Reactivation and Employment; (ix) July 7, The Royal Decree on the economic reactivation measures to face the impact of COVID-19 in the areas of transport and housing includes a provision to increase debt capacity of Renfe (national rail transport) to EUR1 billion (contingent liability) in order to compensate for the drop in demand and boost the recovery of services; (x) July 28, The Government launches the new line of guarantees, amounting to EUR8 bllion, of which EUR5 billion will be used to guarantee investments by the self-employed and SMEs, and EUR3 billion from other companies. The State guarantee covers 80% of new self-employment and SME loans, and 70% for other companies. The guarantee line will be managed by ICO.

Sweden 02C 02C - Loan guarantees SEK 55,075,000,000 5,599,699,045 OECD. http://www.oecd.org/coronavirus/en/ (accessed 21 May 2020); Riksgalden. https://bit.ly/2Cl9Rx7 (accessed 17 May 2020); Ministry of Enterprise and Innovation. https://bit.ly/3elHixL (accessed 4 June 2020)

(i) SEK5 billion in guarantee for airlines; (ii) SEK50 billion increase of the ceiling for credit guarantees from EKN (the agency which insures export companies and banks against the risk of non-payment in export transactions) (to SEK500 billion from SEK450 billion), same amount as during the 2008 financial crisis, and the coverage is extended to sea shipping; (iii) SEK75 million of government guarantees on 70% of new bank loans to companies experiencing financial difficulty but otherwise robust; (iv) May 5, Within the SEK5 billion guarantee for airlines already computed, the Debt Office issued a credit guarantee of SEK1.5 billion to Scandinavian Airlines System Aktiebolag (together with Denmark, for the same amount); (v) May 27, Together with the Centre Party and the Liberal Party, the Government proposed an additional SEK400 million for Almi Invest. The additional funding is aimed at bridging the crisis in small innovative businesses and avoiding the loss of structural capital and intangible assets in the life science sector and others. The amount will be added to the package once approved.

Switzerland 02C 02C - Loan guarantees CHF/CHE/CHW 42,652,000,000 44,547,274,396 Federal Council. https://www.efd.admin.ch/efd/en/home/dokumentation/nsb-news_list.msg-id-79695.html (accesssed 02 July 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 19 April 2020, 25 June 2020); Federal Department of Finance. https://www.efd.admin.ch/efd/de/home/dokumentation/nsb-news_list.msg-id-78872.html (accessed 2 May 2020). Federal Council. https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-78944.html (accessed 29 April 2020).

(i) March 13, CHF580 million for loan guarantees to SMEs; (ii) March 20, A guarantee program up to CHF20 billion to support bridging loans to SMEs; (iii) April 3, The Federal Council announced doubling the size of the loan guarantee program from CHF20 billion to CHF40 billion; (iv) April 22, Extended the SME loan guarantee program to include start-ups. The new procedure for startups will begin by April 30, 2020. The federal government can guarantee up to 65% of the loan, and the rest can be covered by cantons. In total, the Confederation can guarantee up to CHF 100 million, and together with the cantons, loans of up to CHF 154 million can be guaranteed. Therefore, the total amount guaranteed has gone up to 100 million; (v) April 29, the FC announced CHF1.9 billion credit guarantee support to airlines and aviation-related businesses to help it through the liquidity crisis; (vi) As of mid-June, the take-up of bridge loans under the federal guarantee program is lower than budgeted; (vii) July 1, FC granted SR Technics Switzerland AG a deficiency guarantee of 60% on a bank loan of CHF 120 million in order to bridge a liquidity shortage. The remaining 40% of the credit risk is assumed by the banks.

Turkey 02C 02C - Loan guarantees TRY 25,000,000,000 4,131,706,258 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 16 April 2020).

TRY25 billion for doubling the credit guarantee fund.

United Kingdom 02C 02C - Loan guarantees GBP 330,000,000,000 408,573,750,000 Organisation for Economic Co-operation and Development (OECD). http://www.oecd.org/coronavirus/en/ (accessed 19 April 2020; 15 May 2020; 22 May 2020); GOV.UK. https://www.gov.uk/government/news/larger-businesses-to-benefit-from-loans-of-up-to-200-million (accessed 23 May 2020); Office for Budget Responsbility. https://obr.uk/coronavirus-analysis/ (accessed 5 June 2020)

March, GBP330 billion of temporary state loans and guarantee scheme for businesses. The Coronavirus Business Interruption Loan Scheme (CBILS) (17 March) will provide loans of up to GBP5 million for small and medium-sized businesses. The CBILS provides support to smaller businesses, with financing up to GBP5 million, wherein the government will provide the lender a partial guarantee (80%). As of 31 May, GBP8.9 billion had been approved. Starting July 30, businesses with fewer than 50 employees and a turnover of less than GBP 9 million can apply to CBILS In addition, the Coronavirus Large Business Interruption Loan Scheme (CLBILS) will provide a government guarantee of 80% to enable banks to make loans of up to GBP25 million to larger firms with an annual turnover of between GBP45 million and GBP500 million (3 March). The CLBILS will provide a government guarantee of 80% to enable banks to make loans of up to GBP25 million to larger firms with an annual turnover of between GBP45 million and GBP500 million. May 19, Extended maximum loan size available through the CLBILS from GBP50 million to GBP200 million. Companies receiving help through the CLBILS were also asked to agree to not pay dividends and to exercise restraint on senior pay. As of 31 May, GBP1.1 billion had been approved under under CLBILS. May 4, Bounce Back Loan Scheme (BBLS) is launched to help small firms get finance, with a 100% government-backed guarantee. As of May 31, GBP21.3 billion had been approved under BBLS, covering nearly 700,000 loans.

United States 02C 02C - Loan guarantees USD 1,085,500,000,000 1,085,500,000,000 Bloomberg. https://www.bloomberg.com/news/articles/2020-03-25/what-s-in-congress-2-trillion-coronavirus-stimulus-package (accessed 16 April 2020). Financial Times. https://www.ft.com/content/304a3b1f-f046-4912-ba33-ef510ad3c0fb (accessed 29 April 2020). US Treasury https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses (accessed 1 May 2020). SBA https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program (accessed June 27); Government Accountability Office https://www.gao.gov/products/GAO-20-625 (accessed June 26). Fed https://www.federalreserve.gov/newsevents/pressreleases/monetary20200728a.htm (accessed 30 July 2020). OCC https://www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-72a.pdf (accessed 7 August 2020)

(i) April 7, from the CARES Act, Small Business Paycheck Protection Program (PPP) provides USD349 billion in forgivable Small Business Administration loans and guarantees to help small businesses that retain workers; the program provides funds to pay up to 8 weeks of payroll costs including benefits; (ii) From the CARES Act, Treasury's first-loss position in Fed lending facilities of USD454 billion; (iv) April 24, The Paycheck Protection Program and Health Care Enhancement Act (PPPHCEA) appropriates an additional USD321 billion for the PPP; (v) As of August 6, total outstanding loans (that is, not including forgiven loans) from the PPP were USD523,421,099,011; (vi) June 25, the Government Accountability Office (GAO) reported that as of May 31 more than 170,000 PPP loans totaling about USD38.5 billion had been canceled; this amount is subtracted from category 2C and added to category 5B. (vii) No amount/estimate: July 28, the Federal Reserve announced an extension through December 31 of all lending facilities that were previously scheduled to expire on or around September 30; (viii) Not amount/estimate; August 6, the Small Business Administration announces that the Paycheck Protection Program will close at 11:59pm EDT on August 8, 2020.

Australia 02C 02C - Loan guarantees AUD 20,000,000,000 12,435,999,991 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020); Organisation for Economic Co-operation and Development (OECD). http://www.oecd.org/coronavirus/en/ (accessed 11  April 2020); Department of the Treasury, Government of Australia. https://treasury.gov.au/coronavirus/sme-guarantee-scheme (accessed 16 April 2020).

April, Under a new Coronavirus SME Guarantee Scheme, the Government will guarantee 50% of new loans issued by eligible lenders to SMEs with total lending capacity of AUD40 billion (2% of GDP) (AUD20 billion of the total AUD40 biilion is lumped in the AUD194 billion package. See Measure 9: No breakdown).

Austria 02C 02C - Loan guarantees EUR 9,000,000,000 9,955,752,212 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 15 April 2020).

EUR9 billion in credit guarantees.

Belgium 02C 02C - Loan guarantees EUR 52,000,000,000 57,522,123,894 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020).

(i) EUR50 billion (over 11% of GDP) of guarantees for new bank loans to companies and self-employed; (ii) regional governments announced further bank-loan guarantees (around EUR2 billion, or 0.4 % of GDP).

Canada 02C 02C - Loan guarantees CAD
Denmark 02C 02C - Loan guarantees DKK 64,650,000,000 9,570,688,379 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 30 April 2020).

(i) 17 March, DKK1.20 billion credit guarantee for Scandinavian Airlines. Total support credit guarantee to the airlines amounting to DKK3.5 billion equally split between the Danish and Swedish governments; 19 March (ii) DKK35.7 billion loan guarantees scheme for large firms; (iii) DKK25 billion loan guarantee scheme for SMEs; (iv) DKK1.25 billion liquidity guarantee in new loans to SMEs with export activities; (v) DKK 1.5 billion government guarantee for the Travel Guarantee Fund, to be repaid by the travel industry in the coming years.

Finland 02C 02C - Loan guarantees EUR 1,200,000,000 1,327,433,628 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020).

(i) Mar 20, EUR600 million of state guarantee for Finnair; (ii) EUR600 million of state guarantee for shipping companies.

France 02C 02C - Loan guarantees EUR 300,000,000,000 331,858,407,080 OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020).

EUR300 billion in the state guarantee mechanism for new liquidity loans granted by credit institutions between 16 March and 31 December 2020 to companies registered in France.

Germany 02C 02C - Loan guarantees EUR 463,000,000,000 512,168,141,593 Federal Ministry of Finance. https://www.bundesfinanzministerium.de/Web/EN/Meta/QuickAccess/quickaccess.html%20And%20other (accessed 17 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#G (accessed 17 April 2020).

(i) March 23, EUR400 billion under the WSF to provide guarantees to companies' debt (up to 60 months); and (ii) EUR63 billion in guarantees by Länder.

Ireland 02C 02C - Loan guarantees EUR
Italy 02C 02C - Loan guarantees EUR 431,480,000,000 477,300,884,956 OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020); Reuters. https://www.reuters.com/article/health-coronavirus-italy-decree/update-1-italy-announces-guarantees-for-bank-loans-worth-over-400-bln-euros-idUSL8N2BU5T8 (accessed 16 April 2020); http://www.mef.gov.it/covid-19/.

(i) EUR10 billion state guarantee for new loans for medium-large firms (based in 500 million 1:20); (ii) EUR21.48 billion for the SMEs Guarantee Fund (based in 1.5 billion 1:14 aprox); (iii) April 9, EUR400 billion in guarantees including EUR200 billion from Treasury to shield banks from losses on 90% of loans to companies of all sizes, and EUR200 billion guarantees from Cassa Depositi e Prestiti CDP (Italy's state lender) and its export agency Sace; (iv) no amount/estimate: further guarantees for firms most affected by the virus. Facilitate guarantees for self-employed workers, freelancers and individual entrepreneurs.

Japan 02C 02C - Loan guarantees JPY
Luxembourg 02C 02C - Loan guarantees EUR 2,500,000,000 2,765,486,726 OECD. https://www.oecd.org/coronavirus/en/ (accessed 30 April 2020).

(i) March 25: EUR2.5bn (3.9% of 2019 GDP) loan guarantee facility of the State of 85% of credit lines granted by selected banks between 18 Mar and 31 Dec 2020; (ii) No amount/estimate: Export guarantees provided by the Office du Ducroire; (iii) No amount/estimate: Companies with cash flow difficulties can request guarantees from the “mutualités de cautionnement”.

Netherlands 02C 02C - Loan guarantees EUR 24,150,000,000 26,714,601,770 OECD. http://www.oecd.org/coronavirus/en/ (accessed 18 April 2020).

(i) No amount/estimate: March 30, The government increased export credit insurance for firms through the credit insurer Atradius. The share of the working capital that companies need for their export production was raised from 80% to 95%; (ii) April 9, Budget for guarantee facility for SME loans via BMKB was raised to EUR1.5 billion, while the premium for SME loans has been reduced from 3.9 to 2%; (iii) Increase to EUR10 billion (from EUR400 million) in the ceiling of the GO business loan guarantee scheme; (iv) The government provides EUR12 billion guarantees for the credit insurance market to ease lending to small firms; (v) April 17, EUR650 million (increased from EUR400 million) additional temporary guarantee for working capital and other type of support for agricultural and horticultural companies.

New Zealand 02C 02C - Loan guarantees NZD 6,250,000,000 3,780,089,513 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 12 April 2020).

April, NZD6.25 billion business finance guarantee scheme for small and medium enterprises (SME) loans, in which the government covers 80% of the credit risk.

Norway 02C 02C - Loan guarantees NOK 50,000,000,000 4,892,291,750 Ministry of Finance. https://www.regjeringen.no/en/aktuelt/economic-measures-in-norway-in-response-to-covid-192/id2695355/ (accessed 12 April 2020).

27 March, In the state guarantee scheme for bank loans to small and medium-sized enterprises the state guarantees 90% of the loans within a total guarantee framework of NOK50 billion.

Portugal 02C 02C - Loan guarantees EUR 3,730,000,000 4,126,106,195 OECD. http://www.oecd.org/coronavirus/en/ (accessed 19 April 2020).

(i) Direct state guaranteed credit support to companies that are most affected (EUR400 million) and for microenterprises in the tourism sector (EUR60 million); (ii) State guaranteed credit through the banking system: for restaurants (EUR600 million, EUR270 million for SMEs), tourism (EUR200 million, EUR75 million for SME), tourism accommodation (EUR900 million, EUR300 million for SME), industry (EUR1,300 million, EUR400 million for SME), fishing and aquiculture sectors (EUR20 million). Increased ceilings for export credit insurance schemes for metallurgic, mould, metal and mechanical industries (EUR100 million), construction abroad (EUR100 million), short-term exports (EUR50 million).

Spain 02C 02C - Loan guarantees EUR 104,220,000,000 115,287,610,619 Organisation for Economic Co-operation and Development (OECD). http://www.oecd.org/coronavirus/en/ (accessed 18 April 2020).

(i) March 17, EUR100 billion in Instituto de Crédito Oficial (ICO), Spain's official financial agency, credit guarantee programs for companies and the self-employed, both for refinancing and new credit. The first tranche is up to EUR20 billion, divided into the following subtranches: (a) EUR10 billion for renewals and new loans granted to the self-employed and small and medium-sized enterprises (SMEs) and (b) EUR10 billion for renewals and new loans granted to companies that do not to qualify as an SME. The second tranche of guarantees (EUR 20 billion) for SMEs and self-employed only, for whom the guarantee will cover 80% of new loans and renewals. May 5, Third tranche (EUR24.5 billion) of the EUR100 billion ICO guarantee: EUR10 billion for SMEs and self-employed, EUR10 billion for other companies, EUR 4 billion for the issue of promissory notes of NFCs in fixed income markets, EUR0.5 billion for CERSA; (ii) March 17, EUR2 billion in guarantees through the Spanish Export Insurance Credit Company; (iii) March 31, Allocate EUR1.2 billion from the existing loan guarantee line to the guarantee of loans for tenants; (iv) March 31, Compania Espanola de Reafianzamiento (CERSA) will assume around EUR1 billion of risk that will allow mobilizing EUR2 billion benefiting some 20,000 SMEs and the self-employed.

Sweden 02C 02C - Loan guarantees SEK 55,075,000,000 5,599,699,045 OECD. http://www.oecd.org/coronavirus/en/ (accessed 17 April 2020)

(i) SEK5 billion in guarantee for airlines; (ii) SEK50 billion increase of the ceiling for credit guarantees from EKN (the agency which insures export companies and banks against the risk of non-payment in export transactions) (to SEK500 billion from SEK450 billion), same amount as during the 2008 financial crisis, the coverage is extended to sea shipping; (iii) SEK75 million of government guarantees on 70% of new bank loans to companies experiencing financial difficulty but otherwise robust.

Switzerland 02C 02C - Loan guarantees CHF/CHE/CHW 40,580,000,000 42,383,203,483 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#U (accessed 19 April 2020).

(i) March 13, CHF580 million for loan guarantees to SMEs; (ii) March 20, A guarantee program up to CHF20 billion to support bridging loans to SMEs; (iii) April 3, The Federal Council announced doubling the size of the loan guarantee program from CHF20 billion to CHF40 billion.

Turkey 02C 02C - Loan guarantees TRY 25,000,000,000 4,131,706,258 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 16 April 2020).

TRY25 billion for doubling the credit guarantee fund.