Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Australia 03 03 - Direct long-term lending AUD
Australia 03A 03A - Long-term lending AUD Government of Australia. https://www.smartraveller.gov.au/COVID-19/covid-19-overseas-financial-assistance (accessed 3 September 2020).

No amount/estimate: 2 September 2020, Government announced interest-free loans to Australians who are stranded overseas and in financial distress.

Australia 03B 03B - Forbearance AUD
Austria 03 03 - Direct long-term lending EUR 150,000,000 165,929,204
Austria 03A 03A - Long-term lending EUR 150,000,000 165,929,204 European Commission. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1275 (accessed 8 July 2020).

6 July 2020, EUR150 million subordinated loan from the Austrian government to support Austrian Airlines for damages suffered due to coronavirus outbreak. This loan is convertible into a grant depending on the full-year results of Austrian Airlines.

Austria 03B 03B - Forbearance EUR Bundesministerium Finanzen. https://www.bmf.gv.at/presse/pressemeldungen/2020/juni/kreditmoratorium-verlaengert.html (accessed 04 June 2020); OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 15 April 2020).

No amount/estimate: Austrians are allowed to defer interest payments on bank loans. 2 June 2020, Extended the loan deferrals available for private and micro-enterprises by four months, which allows beneficiaries to defer repayment obligations for principal or interest payments without suffering legally.

Belgium 03 03 - Direct long-term lending EUR 287,000,000 317,477,876
Belgium 03A 03A - Long-term lending EUR 287,000,000 317,477,876 European Commission. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1507 (accessed 7 September 2020).

(i) 21 August 2020, European Commission approved the EUR287 million Belgian loan to SN Airholding and its sole subsidiary, Brussels Airlines in the context of the coronavirus outbreak.

Belgium 03B 03B - Forbearance EUR Belgian Government. https://news.belgium.be/fr/le-gouvernement-federal-se-prononce-en-faveur-dun-vaste-plan-de-soutien-socio-economique (accessed 19 November 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 30 July 2020).

No amount/estimate: Postponement of debt repayment due to banks and insurers by affected households and companies to 30 September 2020. As of 24 July 2020, this has been extended to end-December 2020. As of 11 November 2020, the Minister of Finance will extend, in consultation with the financial sector, the current moratorium for loans to companies.

Canada 03 03 - Direct long-term lending CAD 49,705,000,000 35,624,440,065
Canada 03A 03A - Long-term lending CAD 49,705,000,000 35,624,440,065 Department of Finance Canada. https://www.canada.ca/en/department-finance/economic-response-plan.html (accessed 10 June 2020).

(i) CAD25 billion - Expanding the Canada Emergency Business Account (CEBA) to businesses that paid between CAD20,000 and CAD1.5 million in total payroll in 2019 (updated in (ii)); (ii) 11 August 2020: From the Canadian Government's "Fiscal Summary" cited in 5B below, Canada student loans--CAD1.93 billion; Alternative Credit Support for Businesses Unable to Access other Emergency Measures--CAD1.232 billion; Canada Emergency Business Account--CAD41.25 billion; Credit support for the agricultural sector--CAD5.2 billion; National Ecosystem Fund--CAD93 million.

Canada 03B 03B - Forbearance CAD Bank of Canada. https://www.cmhc-schl.gc.ca/en/finance-and-investing/mortgage-loan-insurance/the-resource/covid19-understanding-mortgage-payment-deferral (accessed 10 June 2020). Canada Department of Finance https://www.canada.ca/en/department-finance/news/2020/06/government-announces-extension-of-rent-relief-program-for-small-businesses.html (accessed 1 July 2020).

(i) No amount/estimate: Mortgage Payment Deferral from the Canada Mortgage and Housing Corporation, in which interest on mortgage deferrals is added to the principal; (ii) Canada Emergency Commercial Rent Assistance (CECRA) for small businesses. This program will lower rent by 75% for small businesses that have been affected by COVID-19. On 30 June 2020, CECRA was extended by one month to cover small business rents for July and, to simplify the application process, the government is removing the requirement to claw-back insurance proceeds and provincial rent supports from the CECRA forgivable loan amount for both existing and new applicants. This will provide important relief for small businesses that continue to experience financial hardship, and also allow property owners to maintain rental income and keep tenants in their commercial properties as the economy gradually restarts; (iii) No amount/estimate: Deferring payments for tourism operators on commercial leases and licenses of occupation.

Denmark 03 03 - Direct long-term lending DKK 1,500,000,000 222,073,276
Denmark 03A 03A - Long-term lending DKK 1,500,000,000 222,073,276 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 15 April 2020).

19 March 2020, DKK1.5 billion expected increase in the utilization of Danish students’ Loan Scheme that was temporarily extended.

Denmark 03B 03B - Forbearance DKK

(xxiii) No amount/estimate: June 4, Banned predatory mortgage loan providers, and created rules to facilitate settlement of those loans;

Finland 03 03 - Direct long-term lending EUR 14,200,000,000 15,707,964,602
Finland 03A 03A - Long-term lending EUR 14,200,000,000 15,707,964,602 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 18 May 2020).

(i) EUR 14.2 billion (increased from EUR10 billion) to expand Finland’s Export Credit Agency's lending and guarantee capacity to small and medium enterprises; (ii) No amount/estimate: 20 March 2020, Easier re-borrowing of pension contributions allowed.

Finland 03B 03B - Forbearance EUR
France 03 03 - Direct long-term lending EUR 84,780,000,000 93,783,185,841
France 03A 03A - Long-term lending EUR 84,780,000,000 93,783,185,841 OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020); Economie. https://www.economie.gouv.fr/coronavirus-startup-mesures-de-soutien-economique (accessed 15 April 2020); Economie. https://www.economie.gouv.fr/covid19-soutien-entreprises/soutien-filiere-livre (accessed 29 June 2020); Economie. https://www.economie.gouv.fr/covid19-soutien-entreprises/nouvelles-mesures-soutien-tresorerie-entreprises (accessed 5 July 2020); Economie. https://www.economie.gouv.fr/3-projet-loi-finances-rectificative-plfr-iii-2020# (accessed 4 July 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_2398 (accessed 11 December 2020).

(i) See item (i) of Loan Guarantees in Measure 2; (ii) 25 March 2020, EUR80 billion in loans for startups; (iii) EUR3 billion loan to Air France; (iv) No amount/estimate: 2 July 2020, Repayable advances and loans for SME companies with liquidity problems; (v) EUR1.6 billion tourism loan offered by Bpifrance and the Groupe Caisse des Dépôts et Consignations; (vi) Additional EUR100 million loan for startups. (vi) 11 December 2020: (a) EUR18 million of soft loan and (b) EUR62 million of participating loan as part of France’s EUR106.7 million state aid measure.

France 03B 03B - Forbearance EUR
Germany 03 03 - Direct long-term lending EUR 3,550,000,000 3,926,991,150
Germany 03A 03A - Long-term lending EUR 3,550,000,000 3,926,991,150 Reuters. https://reut.rs/3djjklp (accessed 2 May 2020); Federal Ministry of Finance. https://bit.ly/2YPVHf6 (accessed 31 May 2020).

(i) 27 April 2020, EUR550 million loan to Condor, a German leisure airline; (ii) 25 May 2020, Lufthansa gets a EUR9 billion support, of which EUR3 billion is a KfW syndicated loan (private banks will contribute EUR600 million).

Germany 03B 03B - Forbearance EUR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 21 May 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); Die Bundesregierung. https://www.bundesregierung.de/breg-de/themen/coronavirus/insolvenzaussetzungsgesetz-1781394 (accessed 19 September 2020).

No amount/estimate: (i) March 2020, A law suspended the obligation to file for insolvency for companies that have become ripe for bankruptcy as a result of the COVID-19 pandemic. The suspension expires on 30 September 2020. On 18 September 2020, The suspension was extended until 31 December 2020; (ii) May 2020, A payment moratorium on consumer loans established before 15 March is granted until 30 June if the debtor is financially affected by the COVID-19 crisis; (iii) 1 July 2020, New insolvency law making cheaper and easy to file for insolvency for companies and consumers; (iv) 7 July 2020, Improved financing conditions for new export transactions (e.g., reduced down payments and delayed repayments for certain transactions). This is part of the package of measures announced to support the export industry.

Ireland 03 03 - Direct long-term lending EUR 1,611,600,000 1,782,743,363
Ireland 03A 03A - Long-term lending EUR 1,611,600,000 1,782,743,363 OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020); IE. https://www.gov.ie/en/press-release/97e147-minister-humphreys-announces-major-expansion-of-business-supports-fo/ (accessed 15 December 2020); DBEI. https://dbei.gov.ie/en/News-And-Events/Department-News/2020/April/08042020.html (accessed 2 May 2020); DBEI. https://dbei.gov.ie/en/News-And-Events/Department-News/2020/August/20200831.html (accessed 10 September 2020); DBEI. https://dbei.gov.ie/en/News-And-Events/Department-News/2020/July/30072020.html (accessed 1 August 2020); DBEI. https://dbei.gov.ie/en/News-And-Events/Department-News/2020/October/20201013a.html (accessed 17 October 2020).

(i) 9 March 2020, EUR200 million for the Rescue and Restructuring Scheme available through Enterprise Ireland for vulnerable but viable firms. The scheme would offer loans repayable over a period of 18 months; (ii) 8 April 2020, EUR650 million for the SBCI's working capital and longer-term loan schemes; (iii) 8 April 2020, EUR180 million Sustaining Enterprise Fund for firms in the manufacturing and international services sectors; (iv) EUR7.6 million funding support for online trading; (v) EUR20 million for Microfinance Ireland for COVID-19 loans with interest rates dropped from 7.8% to 4.5%. 31 August 2020, The Tánaiste and Minister for Enterprise, Trade and Employment, announced that EUR15 million is being made available to re-open the COVID-19 Loan Fund which assists businesses with fewer than ten employees, which have been impacted negatively by COVID-19. It provides much-needed funding to help microenterprises meet payments for stock, working capital requirements and other overhead expenses through the provision of low-cost lending facilities, which include a six-month repayment free moratorium and the equivalent of one-year interest free (subject to terms and conditions) with rates as low as 4.5% for the remaining period of the loan. The COVID-19 Loan scheme has seen a very strong uptake in recent months, with EUR18.6 million sanctioned to 683 businesses up to 31 July 2020; (vi) 30 July 2020, EUR500 million expansion to the Future Growth Loan Scheme, the government’s scheme to support SMEs, farmers and fishing. The additional funding will be provided by the European Investment Bank Group; (vii) 13 October 2020, Government presented 2021 budget including additional measures for COVID response: EUR39 million in continued access to low cost loans for business.

Ireland 03B 03B - Forbearance EUR
Italy 03 03 - Direct long-term lending EUR 450,000,000 497,787,611
Italy 03A 03A - Long-term lending EUR
Italy 03B 03B - Forbearance EUR 450,000,000 497,787,611 Invitalia. https://www.invitalia.it/ (accessed 18 April 2020); OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020).

(i) EUR50 million allocation for one-year suspension in repayment of loans to Invitalia (national development agency owned by the Ministry of Economy) to support SMEs in the most affected municipalities; (ii) EUR400 million for households, moratorium on debt payments, including mortgages.

Japan 03 03 - Direct long-term lending JPY
Japan 03A 03A - Long-term lending JPY IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020)

Concessional loans from public and private financial institutions (included in the amount of the Emergency Economic Package Against COVID-19; see Measure 5).

Japan 03B 03B - Forbearance JPY
Luxembourg 03 03 - Direct long-term lending EUR 1,000,000,000 1,106,194,690
Luxembourg 03A 03A - Long-term lending EUR 1,000,000,000 1,106,194,690 SNCI. https://www.snci.lu/newsfeed/publications/covid-19-special-anti-crisis-financing/ (accessed 13 April 2020); European Commission. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_516 (accessed 11 April 2020); Mutualite de Cautionnement. https://www.cautionnement.lu/actualites/detail/pme-grandes-entreprises-et-independants-lancement-de-laide-remboursable-covid-19-de-500000-euros/ (accessed 13 April 2020)

(i) EUR700 million new loan facility by Societe Nationale de Credit et d'Investissement (SNCI, a public bank) in collaboration with commercial banks, with maximum duration of 5 years; (ii) 25 March 2020, EUR300 million for repayable advances to companies, as well as liberal professions, to cover operating costs (repayment will begin 12 months after obtaining the repayable advance).

Luxembourg 03B 03B - Forbearance EUR Clifford Chance. https://www.cliffordchance.com/content/dam/cliffordchance/briefings/2020/03/Covid-19-Luxembourg-government-takes-economic-measures.pdf (accessed 15 April 2020)

No amount/estimate: (i) The SNCI has announced the relaxation of repayment conditions for existing loans granted by it, suspending principal repayments for direct and indirect loans at the March 31 and June 30 maturities. The duration of all these financings will be automatically extended by 6 months; (ii) April, Commitment by Luxembourg banks to offer a 6-month moratorium on loans for SMEs, self-employed and liberal professionals.

Netherlands 03 03 - Direct long-term lending EUR 1,365,000,000 1,509,955,752
Netherlands 03A 03A - Long-term lending EUR 1,365,000,000 1,509,955,752 OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020). Ministry of Economic Affairs and Climate. https://www.rijksoverheid.nl/ministeries/ministerie-van-economische-zaken-en-klimaat/nieuws/2020/05/28/uitbreiding-op-ondernemersregelingen-noodpakket-banen-en-economie (accessed 29 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) European Commission. https://nltimes.nl/2020/05/29/government-backs-travel-vouchers-refunds-another-eu150-million (accessed 31 July 2020

(i) EUR200 million available for bridging loans to start-ups, scale-ups and innovative small and medium enterprises. These loans will be provided through regional development companies in the Netherlands; (ii) Loans at reduced interest rates are available under the scheme in (ii) of Non-health, Measure 5; (iii) June 26, EUR1 billion in direct loans to KLM Airlines, to be given in tranches through to 2025; (iv) EUR165 million in subsidized loans to the five Dutch Travel Guarantee Funds that operate package travel guarantee schemes, subject to the following conditions: (a) the reduced interest rates will be above the minimum levels set in the Temporary Framework; (b) the loan contracts will be signed by 31 December 2020 at the latest; and (c) the maturity of the loans will not exceed six years.

Netherlands 03B 03B - Forbearance EUR OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020). Rijksoverheid. https://www.rijksoverheid.nl/actueel/nieuws/2020/06/16/kabinet-treft-maatregelen-om-toename-mensen-met-schulden-op-te-vangen (accessed 18 June 2020)

(i) No amount/estimate: The banking sector has responded by giving an automatic 6-month payment holiday (interest and amortization) for all business loans of less than EUR2.5 million; (ii) No amount/estimate: 7-8 April 2020, Ban on forced home sales of homeowners who are temporarily unable to meet their mortgage obligations due to the corona crisis until 1 July 2020 and automatic extension of temporary rent contracts until the end of June; (iii) No amount/estimate: 17 June 2020, Proposed the temporary deferral of debt payments by four months.

New Zealand 03 03 - Direct long-term lending NZD 900,000,000 544,332,890
New Zealand 03A 03A - Long-term lending NZD 900,000,000 544,332,890 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); Inland Revenue. https://www.ird.govt.nz/covid-19/business-and-organisations/small-business-cash-flow-loan (accessed 18 May 2020).

(i) April 2020, NZD0.9 billion debt funding agreement (convertible to equity) with Air New Zealand to ensure continued freight operations, domestic flights, and limited international flights; (ii) No amount/estimate: May 2020, The New Zealand government provides loans of up to NZD100,000 to small businesses that employ 50 or less employees.

New Zealand 03B 03B - Forbearance NZD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); RBNZ. https://www.rbnz.govt.nz/news/2020/08/reserve-bank-extending-mortgage-deferral-scheme (accessed 24 August 2020).

No amount/estimate: April 2020: (i) NZL government, RBNZ, and the New Zealand Bankers Association announced a six-month principal and interest repayment deferrals to mortgage holders and SMEs affected by COVID-19; (ii) The government has also committed to a temporary law change to enable businesses to put existing debt into hibernation for 6 months; (iii) 17 August 2020, RBNZ announced an extension of the regulatory guidance for the mortgage deferrals program. The extension will apply until 31 March 2021, at which point the usual treatment will resume. Banks will still be able to offer deferrals to borrowers after this date, but they will not have the same concessionary regulatory treatment.