Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
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
United Kingdom 03 03 - Direct long-term lending GBP 520,000,000 643,813,182
United Kingdom 03A 03A - Long-term lending GBP 520,000,000 643,813,182 Bank of England. https://bit.ly/3fGui67 (accessed 13 April 2020); Bank of England. https://bit.ly/37JL1CO (accessed 13 April 2020); GOV.UK. https://www.gov.uk/government/news/157-billion-investment-to-protect-britains-world-class-cultural-arts-and-heritage-institutions (accessed 12 July 2020).

(i) May 20, Future Fund is launched. To bolster high-tech start-ups, the new GBP500 million Future Fund provides between GBP125,000 and GBP5 million for UK based-business as long as the cash is matched by private investors (i.e. government is committing GBP250 million, with the other GBP250 million expected to be raised by the private sector). The scheme is initially open until September and will be delivered by the British Business Bank. If the government loan is not repaid within three years, it gets automatically converted into an equity stake at 20% discount to the valuation set in the next funding round; (ii) July 5, The package in support for cultural organisations includes GBP270 million of repayable finance.

United Kingdom 03B 03B - Forbearance GBP Financial Conduct Authority (FCA). https://bit.ly/317ekOe (accessed 15 April 2020); FCA. https://www.fca.org.uk/news/press-releases/fca-confirms-further-support-motor-finance-and-high-cost-credit-customers (accessed 16 July 2020).

No amount/estimate: (i) April 9, The Financial Conduct Authority (FCA) introduced a package of targeted temporary measures to support customers affected by coronavirus, including by setting the expectation for firms to offer a payment freeze on loans and credit cards for up to three months; (ii) July 15, The FCA has confirmed the support that will be available for users of motor finance, buy-now pay-later (BNPL), rent-to-own (RTO), pawnbroking and high-cost short-term credit (HCSTC) products, who continue to face payment difficulties due to COVID-19. Measures include: (a) Firms should contact customers if they can resume payments – and if so, agree a plan on how the missed payments could be repaid, (b) For customers with still payment difficulties, firms will freeze or reduce payments to a level they can afford, on their motor finance, BNPL or RTO agreements for a further 3 months, (c) Customers that have not yet had a payment freeze or requested an extension of an existing payment freeze can request this up until 31 October 2020, (d) HCSTC customers can only apply for a payment freeze under this guidance once up to 31 October 2020, (e) The ban on repossessions will continue until 31 October 2020, and (f) Any payment freezes or partial payment freezes offered under this guidance should not have a negative impact on credit files.

United States 03 03 - Direct long-term lending USD 768,818,412,028 768,818,412,028
United States 03A 03A - Long-term lending USD 768,818,412,028 768,818,412,028 FED. https://www.federalreserve.gov/monetarypolicy/pmccf.htm (accessed 30 May 2020); FED. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200511a.htm , https://www.federalreserve.gov/newsevents/pressreleases/monetary20200512a.htm, https://www.federalreserve.gov/releases/h41/, https://www.federalreserve.gov/newsevents/pressreleases/monetary20200603a.htm (all accessed as of 16 June 2020). FED https://www.federalreserve.gov/newsevents/pressreleases/monetary20200811a.htm (accessed 18 August 2020);

(i) April 9, the Federal Reserve's Primary Market Corporate Credit Facility (PMCCF) will use the same SPV as the SMCCF in 2A to purchase corporate bonds in the primary market; the US Treasury will take the first USD50 billion in losses as per the CARES Act; the combined sizes authorized for the PMCCF and the Secondary Market Credit Facility (in 2A) will be USD750 billion (entered in 2A); (ii) The Federal Reserve established the Municipal Liquidity Facility (MLF) that will offer up to USD500 billion in lending to states and municipalities to manage cash flow stresses caused by the coronavirus pandemic; on April 27, the facility, as revised, will purchase notes issued by U.S. states (including the District of Columbia), U.S. counties with a population of at least 500,000 residents, and U.S. cities with a population of at least 250,000 residents; on May 15, the Treasury will accept the first USD35 billion in losses to the MLF as appropriated in the CARES Act; June 8, The MLF is now available to at least 2 cities or counties in each state regardless of population, and continues to be directly open to US states, the District of Columbia, and US cities with a population of at least 250,000, and to US counties with a population of at least 500,000 residents, as well as certain multistate entities; as of September 2, the MLF has USD1.651 billion loans outstanding, which is also the peak figure [update]; (iii) From the CARES Act, USD46 billion for loans to air carriers and businesses critical to national security; (iv) from the CARES Act, USD9 billion in loans for relief for aviation workers; (v) From the PPPHCEA, USD50 billion in additional loans authorized for the SBA's emergency disaster loans program; (vi) No amount/estimate, July 2, The US Treasury and 5 US airlines reached agreement on portions of USD25 billion in loans available from the CARES Act (already incorporated in (iii); (vii) As of July 27, the Small Business Administration's Economic Impact Disaster Loans approved for COVID-19-related dificulties was USD163,818,412,028. (viii) No amounts/estimate: 11 August, the Fed announced a reduction in interest rates charged on the Municipal Lending Facility to those entities issuing bonds whose interest payments are exempt from federal taxes--a 0.5% reduction of the interest rate spread (vs previously) over the overnight indexed swap rate (which closely follows the federal funds rate); the interest rate spread is determined by the long-term credit rating;

United States 03B 03B - Forbearance USD Small Business Administration https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief (accessed 15 June 2020). FHFA https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Provides-Tenant-Protections.aspx (accessed 1 July 2020). FHFA https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Extends-COVID-Related-Loan-Processing-Flexibilities-for-Fannie-Mae-and-Freddie-Mac-Customers-Through-August.aspx (accessed 12 July 2020). FHFA https://www.fhfa.gov/Media/PublicAffairs/Pages/Multifamily-Property-Owners-in-Forbearance-Now-Required-to-Inform-Tenants-of-Eviction-Suspension-and-Tenant-Protections.aspx (accessed August 7)

(i) No amount/estimate: the US Treasury's Small Business Administration (SBA) provides automatic deferral of disaster loans to small businesses through December 31, 2020; interest will continue to accrue. (ii) No amount/estimate: the SBA will pay 6 months of principal and interest (which is category 5B) for all current 7(A), 504, and microloans in regular servicing status as well as new 7(A), 504, and Microloans disbursed prior to September 27, 2020; (iii) No amount/estimate: June 29, Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac are allowing servicers to extend forbearance agreements for multifamily property owners with existing forbearance agreements for up to 3 months, for a total forbearance of 6 months; while the properties are in forbearance, the landlord must suspend all evictions for renters unable to pay rent; If a forbearance is extended, once the forbearance period concludes the borrower may qualify for up to 24 months to repay the missed payments; (iv) No amount/estimate: July 9, Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will extend flexibility in loan origination requirements; (v) No amount/estimate: August 6, Federal Housing Finance Agency announced that multifamily property owners with mortgages backed by Fannie Mae or Freddie Mac who enter into a new or modified forbearance agreement must inform tenants in writing about tenant protections during the owner's forbearance and repayment periods; additional protections from previously announced (in (iii) above) are for the owner's repayment period after the forbearance has concluded, which include giving tenants at least a 30-day notice to vacate, not charges for late fees or penalties for late payment of rent, and allowing tenants flexibility to repay rent over time and not in a lump sum; (vi) No amount/estimate: September 2, The Center for Disease Control Director signed a declaration determining that evictions of tenants could be detrimental to public health control measures and therefore ordering a temporary halt in evictions due to not paying rent through December 31, 2020; the order requires that tenants have used all available government assistance and are still unable to make full rent or housing payment due to substantial loss of household income; (vii) no amount/estimate; August 27, Fannie Mae and Freddie Mac will extend moratoriums on single-family forecloseures and real estate owned evictions until at least December 31, 2020. [update]

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 13 April 2020).

Concessional loans from public and private financial institutions (included in the amount of the Emergency Economic Package Against COVID-19 of JPY108.2 trillion).

Japan 03B 03B - Forbearance JPY
United Kingdom 03 03 - Direct long-term lending GBP 250,000,000 309,405,941
United Kingdom 03A 03A - Long-term lending GBP 250,000,000 309,405,941 Bank of England. https://www.bankofengland.co.uk/markets/market-notices/2020/term-funding-scheme-market-notice-mar-2020 (accessed 13 April 2020); Bank of England. https://www.bankofengland.co.uk/news/2020/march/boe-measures-to-respond-to-the-economic-shock-from-covid-19 (accessed 13 April 2020).

(i) May 20, Future Fund is launched. To bolster high-tech start-ups, the new GBP500 million Future Fund provides between GBP125,000 and GBP5 million for UK based-business as long as the cash is matched by private investors (i.e. government is committing GBP250 million, with the other GBP250 million expected to be raised by the private sector). The scheme is initially open until September and will be delivered by the British Business Bank. If the government loan is not repaid within three years, it gets automatically converted into an equity stake at 20% discount to the valuation set in the next funding round; (ii) July 5, The package in support for cultural organisations includes GBP270 million of repayable finance.

United Kingdom 03B 03B - Forbearance GBP Financial Conduct Authority. https://www.fca.org.uk/print/news/press-releases/fca-confirms-temporary-financial-relief-customers-impacted-coronavirus (accessed 15 April 2020)

No amount/estimate: April 9, The Financial Conduct Authority (FCA) introduced a package of targeted temporary measures to support customers affected by coronavirus, including by setting the expectation for firms to offer a payment freeze on loans and credit cards for up to three months.

United States 03 03 - Direct long-term lending USD
United States 03A 03A - Long-term lending USD
United States 03B 03B - Forbearance USD