France

(i) No amount/estimate: April 2020, Reducing the counter-cyclical bank capital buffer to 0% (an increase from 0.25 percent to 0.5 percent, effective April 2020); (ii) No amount/estimate: Credit mediation to support renegotiation of SMEs’ bank loans; (iii) No amount/estimate: 28 June 2020, L'ACPR, Banque de France, required financial institutions under its supervision to follow the recent EU directive and refrain until 1 January 2021 from paying dividends, buying back shares or granting new variable remuneration to the main risk takers within them.

(i) EUR0.5 billion for postponement of part of the unemployment insurance reform; (ii) 11 December 2020, EUR21.9 million of tax deferrals which is included in France's EUR106.7 million restructuring aid in favour of French airline Corsair.

(i) No amount/estimate: Tax exemptions for bonuses in “essential” sectors; (ii) 25 March 2020, EUR1.75 billion in tax breaks and grants to startups; (iii) 6 June 2020, The government announced a strengthened support system for the sectors affected by the COVID-19 crisis including: EUR2.2 billion exemption from social security contributions in the tourism industry; (iv) 23 July 2020, EUR3.9 billion in measures to cancel charges, in particular intended for companies in the tourism, hotel, cultural and events sectors; (v) No amount/estimate: 25 September 2020, Exemption from social security contributions during the period of legal restrictions to operations of very small enterprises (VSEs) and SMEs with a loss of revenue of at least 50%. A request for exemption can be requested for those companies which experienced a loss of revenue of less than 50%. 30 October 2020, extended and strengthened the social security contribution exemption system estimated at about EUR1 billion; (vi) 30 October 2020, EUR1 billion for a tax credit to encourage lessors to cancel part of their rents; (vii) No amount/estimate: 8 December 2020, 0% VAT rate on Covid-19 screening tests and vaccines. (viii) 11 December 2020, France’s state aid measures in favour of French airline Corsair have been approved by the European Commission. The first measure consists in EUR106.7 million of restructuring aid which includes EUR4.8 million of tax credit. The second measure consists of a EUR30.2 million tax credit to compensate for damages suffered due to coronavirus outbreak; (ix) No amount/estimate: 14 January 2021, All companies in the S1 and S1bis sector which are administratively closed or which experience a decrease of at least 50% of their turnover will benefit from exemptions and aid for the payment of contributions; (x) No amount/estimate: 2 March 2021, Tax exemptions for expenses related to teleworking.

(i) EUR8.5 billion for short-time work scheme; (ii) 23 July 2020, Support measures for young people and strengthening of measures for the most vulnerable: EUR1.14 billion will be allocated to the financing of bonuses for the hiring of apprenticeship contracts (EUR400 million) or professionalization contracts (EUR744 million); EUR50 million will be mobilized in particular to finance the 1 euro meal for scholarship students; EUR283 million are committed to implement the "learning holidays" program which will accommodate students during the summer holidays in schools, leisure centers, camps and cultural outings.

(i) 6 June 2020, The government announced a strengthened support system for the sectors affected by the COVID-19 crisis including: EUR2.632 billion support to aeronautics sector including for R&D (EUR1.5 billion), to aeronautics SMEs (EUR300 million); EUR230 million to support the book industry; EUR295 million grants to startups: FrenchTechBridge (EUR80 million), i-Nov (EUR20 million), ChallengesIA (EUR15 million), SATT (EUR65 million), French Tech Accélération (EUR100 million) & call for projects (EUR15 million); 10 June 2020, (ii) EUR8 billion (increased from EUR7 billion on 27 April 2020 and from EUR1.5 billion as of 15 April 2020) for the solidarity fund to support income for the self-employed and smallest firms. 25 September 2020, The government implemented a change in access to Component 1 of the Solidarity For business employing fewer than 20 persons which have revenues less than EUR2 million, the fund will cover losses of revenue at rates according to the following conditions: businesses closed by government order will be compensated for a loss of revenue up to EUR10,000 per month; businesses in S1 and S1bis sectors which can justify a loss of revenue of more than 80% can receive 60% of revenue lost up to 10,000 Euro; businesses in S1 and S1bis which cannot justify such losses of revenue, or those benefiting from tourism, UNHCR, culture, events, and sports sectors can still receive the normal EUR1,500 per month as long as they can justify revenue losses of 50% or more (list of bis sectors: https://bit.ly/2SmpYzj). 30 October 2020, Additional EUR6 billion for the Solidarity Fund, which allows 1.6 million SMEs and freelancers to ask for state aid of up to EUR10,000. 25 November 2020, Strengthening and extension of businesses support measures. The solidarity fund will be available for all businesses that remain administratively closed (from restaurant, tourism, events, culture and sport industries), regardless of their size. As for the rest of businesses, those losing at least 50% of their turnover can benefit from the solidarity fund. 1 June 2021, The solidarity fund is extended until the end of 2021. 30 August 2021, The solidarity fund will be maintained only for the overseas departments and territories, where the health situation still imposes compulsory administrative closures beginning 1 October 2021; (iii) No amount/estimate: To maintain skills within companies and their renewal, the Government announced the creation of an aid for the recruitment of apprentices, from EUR5000 to EUR8000 per contract preparing for a diploma up to the professional license; (iv) No amount/estimate: 17 August 2020, Ministry of Economy and Finance allowed SMEs to spread, over a period of up to 3 years, the payment of their taxes due during the period of health crisis; (v) 30 October 2020, EUR7 billion for the partial-unemployment scheme - which allows companies to reduce employees' salaries and hours, with the government making up part of the difference; (vi) No amount/estimate: 5 November 2020, The ministries of the Economy, Finance & Recovery and of Culture announced that the government would assume the delivery costs of booksellers during the lockdown; (viii) 10 November 2020, The National Assembly adopted its fourth budget amendment in 2020. In part, it will fund UrgencESS, an EUR30 million fund for firms with fewer than 10 employees. Aid to individual recipients will fall between EUR5,000 and EUR8,000 and directed at firms that have not received other supports. The fund will begin operations in early 2021 (les tous premiers jours de 2021). It is a follow-up to the emergency system created by the Secretariat to the Minister of the Economy, Finance, and Recovery, which centralized resources to hard-hit businesses as France faced rising case counts. 30 June 2021, access to the fund has been extended until 31 July 2021. 8 September 2021, The UrgencESS fund has supported nearly 5 thousand small associations working in the field of social and solidarity economy, to face the crisis, saving nearly 16 thousand jobs [update]; (ix) 14 January 2021, The government will cover up to 70% of the fixed costs of administratively closed companies with a turnover of more than EUR1 million per month. This aid has a maximum ceiling of EUR3 million over the period from January to June 2021 and is in addition to the solidarity fund; Companies in the S1bis sector losing at least 70% of their turnover will be entitled to compensation covering 20% ​​of their 2019 turnover up to a limit of EUR200,000 per month. They will be able to benefit from this aid from December 2020, regardless of their size. 30 August 2021, The fixed cost support is extended and will cover all companies regardless of size in sectors whose activity remains penalized by health restrictions (including sectors S1 and S1bis). These companies will no longer need to achieve EUR1 million in turnover to benefit from it [update]; (x) 9 March 2021, The EC approves the EUR2 billion French scheme to support the uncovered fixed costs of companies affected by the coronavirus outbreak under the State Aid Temporary Framework; (xi) 19 March 2021, The EC has approved a EUR140 – EUR700 million scheme to compensate ski lifts operators for the damages suffered due to the restrictive measures introduced by the government to limit the spread of the coronavirus under EU State aid rules. The aid is operational from 26 March 2021; (xii) No amount/estimate: 21 May 2021, The government has instituted a new recovery aid for companies that have acquired at least one business between 1 January and 31 December 2020, whose activity has been particularly affected by the health crisis, has not opened between November 2020 and May 2021, and did not generate any turnover in 2020. This aid is limited to EUR1.8 million; (xiii) 2 June 2021, EUR15 billion worth of new emergency stimulus measures which will include tax rebates for hotels, restaurants and bars, as well as various support mechanisms, such as compensation for lost working hours. The measures come on top of emergency aid close to EUR100 billion last year; (xiv) No amount/estimate: 1 June 2021, Coverage of fixed costs for businesses will continue until 31 August 2021 for currently eligible businesses. The measure allows compensation of 90% of fixed costs not covered by revenue for companies with less than 50 employees, and 70% for companies with more than 50 employees; (xv) No amount/estimate: 1 June 2021, The stock aid which is a flat-rate aid for 35,000 businesses in the clothing, footwear, leather goods and sporting goods sectors is extended until the end of 2021; (xvi) No amount/estimate: 1 June 2021, Assistance with the payment of social contributions and contributions to companies with less than 250 employees will be maintained until 31 August 2021, in order to encourage employees in partial activity to return to work; (xvii) No amount/estimate: 1 June 2021, Partial unemployment will be maintained for the sectors most affected by the restrictions until the end of 2021. Thus, employees whose remuneration is close to the minimum wage will always benefit from full maintenance of their salary; (viii) 23 June 2021, EUR385 million from the Recovery and Resilience Facility will be spent on the digitalization of companies; No amount/estimate: (ix) 30 June 2021, Financial assistance will be provided for businesses in the catering sector. From 1 July until 30 September 2021, the government will provide financial support of an additional EUR1.5 for each hour worked by an employee in an integration structure; (x) 15 July 2021, The Government has announced a new aid for multi-activity businesses located in rural areas The aid is aimed at establishments which may have an ancillary catering activity but also a grocery store, tobacco bar, press, post office or even inn. It will cover 80% of turnover losses between 1 January and 30 June 2021 at a maximum of EUR8,000 per company; (xi) 15 October 2021, The EC has approved the EUR700 million French scheme to compensate certain retailers and services for losses incurred as a result of the French government's administrative closure measures to limit the spread of the coronavirus; (xii) No amount/estimate: 5 November 2021, A public reinsurance solution will be offered as part of the 2022 Finance Bill for travel agencies; investment support systems will be mobilized for mountain development companies [update]; (xiii) 8 November 2021, EUR100 million for the continued support to local public services, municipalities and EPCIs most affected by tariff revenue losses in 2021 [update].

(i) 6 June 2020, government announced a strengthened support system for the sectors affected by the COVID-19 crisis including: EUR1 billion to support the structuring investments of communities relating to health, ecological transition, in particular the thermal renovation of public buildings, and the renovation of heritage; EUR1.3 billion to support the cultural sector; 23 July 2020, (ii) EUR490 million for greening of industry and to support industrial relocations; (iii) EUR4.5 billion support for local authorities including nearly EUR2.7 billion in advances will be deployed for communities experiencing loss of revenue from property transfer tax and EUR750 million to compensate for the loss of fiscal and state revenue municipalities and public inter-municipal cooperation establishments in difficulty; (iv) Support measures for young people and strengthening of measures for the most vulnerable: EUR86.5 million are planned for the political districts of the city; additional EUR200 million are notably devoted to emergency accommodation and the purchase of basic necessities; EUR7 million dedicated to the fight against violence against women, including EUR4 million additional to support associations, psychological support, support for accommodation and care for perpetrators of violence; (v) 12 August 2020, A call for projects of EUR100 million to support specific industries: health, agrofood, electronics, essential inputs (chemicals, metals, raw materials). The COVID-19 crisis has highlighted the industrial and technological dependence of the French economy, and the fragility of certain global value chains. The strengthening of all or part of critical value chains by supporting the establishment or re-establishment in France of some of their links appears necessary. The objective: to reduce our degree of dependence on non-European suppliers, while developing the sectors of the future guaranteeing the creation of value in France and in Europe; (vi) 3 September 2020, In order to quickly and sustainably recover the French economy, an exceptional recovery plan of EUR100 billion (EUR93.95 billion under this category) has been deployed by the government around 3 main components: ecology - the strategic objective of this plan - to support the transition to a greener and more sustainable economy, competitiveness to give companies the most favorable conditions to develop their activities and thus preserve the employment of employees, and cohesion to guarantee solidarity between generations, between territories, and between all French (for the details: https://www.economie.gouv.fr/plan-de-relance#). 9 September 2021, The government launched 4 new support mechanisms for the cultural and creative industries (ICC) sector. The objective is to support the digital and ecological transitions of the sector, which notably brings together the audiovisual, cinema, live performance, book and press sectors. Each mechanism will EUR10 million through France Relaunch. 28 October 2021, launch of a support system for SMEs in the aeronautics sector [update]; (vii) 11 November 2020, EUR120 million to support the digitalization of retailers and municipalities; (viii) As of 23 December 2020, EUR866.8 million has been allocated to France for the European Agricultural Fund for Rural Development (EAFRD) under NexGenerationEU. Areas supported by the fund include assistance in the setting up of young farmers, agri-environmental and climate measures, assistance for areas facing natural constraints, support for organic farming, protection of biodiversity, investment in the agri-food and forestry sectors, etc.; (ix) No amount/estimate: 16 March 2021, In order to help the organizers of stays to maintain and relaunch their activity, the Government is reinstating and expanding access to the Emergency Fund of EUR15 million for summer camps and discovery classes for the year 2021; (x) 19 May 2021, EUR150 million additional aid to support the reopening of cinema and live entertainment; (xi) 23 June 2021, With the EC's endorsement, France will be using the EUR39.4 billion grant from the Recovery and Resilience Facility of NextGenerationEU for measures to support green transition and digital transition and economic and social resilience. Of the total allocation for reforms and investments in France's recovery and resilience plan, 46% (about EUR18.124 billion) supports climate objectives, while 21% (about EUR8.274 billion) supports digital objectives. EUR385 billion is allocated for the digitization of companies. To reinforce France's economic and social resilience, EUR9.84 billion will be spent on the installation of high-speed broadband, modernization of the health system, training programs, and jobs and traning for young people.

(i) EUR48.5 billion in postponement of social and fiscal deadlines and the early reimbursements of tax credits (2.0% of 2019 GDP); (ii) 20 April 2020, EUR390 million road transport fund (liquidity for road transport sector); (iii) 6 June 2020, government announced a strengthened support system for the sectors affected by the COVID-19 crisis including: EUR2.632 billion support to aeronautics sector including government purchase of military planes, helicopters and drones (EUR832 million); EUR1 million of public expense to promote start-ups employment; EUR31 billion for emergency measures in favor of employees and companies; (iv) As of 23 December 2020, EUR3.105 billion has been allocated to France under REACT_EU (Recovery Assistance for Cohesion and the Territories of Europe) of NextGenerationEU. REACT-EU funds are intended to support: job maintenance, including through short-time work schemes and support for the self-employed; job creation and youth employment measures; health care systems; and the provision of working capital and investment support for small and medium-sized enterprises. The additional support will also serve to invest in the European Green Deal and digital transition, as an enhancement to the significant investment in those areas that is already taking place through EU cohesion policy; (v) 29 September 2021, To strengthen the role of medical and psychological centers in coordinating care and the trajectory of patients, an extra 800 posts will be created to reduce waiting time much as possible and EUR80 million will be dedicated to medico-psychological centers (CMP).

(i) As of 23 December 2020, EUR866.8 million has been allocated to France for the European Agricultural Fund for Rural Development (EAFRD) under NexGenerationEU. Areas supported by the fund include assistance in the setting up of young farmers, agri-environmental and climate measures, assistance for areas facing natural constraints, support for organic farming, protection of biodiversity, investment in the agri-food and forestry sectors, etc.; (ii) As of 23 December 2020, EUR3.105 billion has been allocated to France under REACT_EU (Recovery Assistance for Cohesion and the Territories of Europe) of NextGenerationEU. REACT-EU funds are intended to support: job maintenance, including through short-time work schemes and support for the self-employed; job creation and youth employment measures; health care systems; and the provision of working capital and investment support for small and medium-sized enterprises. The additional support will also serve to invest in the European Green Deal and digital transition, as an enhancement to the significant investment in those areas that is already taking place through EU cohesion policy; (iii) 23 June 2021, EUR39.4 billion in grants under the Recovery and Resilience Facility to support France's recovery and resilience plan. France’s plan will protect the climate through a large-scale energy-efficiency renovation programme, invest in training to make the labour force fit for the post-COVID economy and digitalize public administration and the private sector.