Italy

No amount/estimate: (i) 20 May 2020, to promote the use of credit claims as collateral and to incentivize lending to small and medium-sized enterprises, the Bank of Italy has extended the additional credit claim frameworks to include loans backed by COVID-19-related public sector guarantees; (ii) 28 July 2020, Banca d' Italia announced updates to its recommendations on the distribution of dividends and variable remuneration policies. Recommended less significant banks to not pay dividends for 2019 and 2020, to refrain from repurchasing shares with the aim of remunerating shareholders, and to reduce variable remuneration to preserve capital; (iii) 30 July 2020, Italian Institute for the Supervision of Insurance recommended companies to not distribute dividends, avoid the repurchase of ordinary shares, and refrain from paying variable pay until 1 January 2021.

(i) EUR600 million for suspension of collection of tax collection files; (ii) EUR10 billion for suspension of all the tax and social security payments coming due in March; (iii) No amount/estimate: Suspension for 2 months of tax and social security payments in the municipalities most affected; (iv) No amount/estimate: Incentive to sell impaired loans (NPLs) by converting deferred tax assets (DTA) into tax credits for financial and industrial companies; (v) 10 September 2020, As regards the moratorium on penalties for delayed payments of tax settlements due on 20 August 2020, the Government has undertaken to support, in dialogue with the Parliament, an amendment to Legislative Decree 104 of 2020 which provides for taxpayers who recorded in the first half of 2020 a reduction in turnover of at least 33 percent, the possibility of making the payment by Friday, 30 October 2020, with a penalty fee of 0.8%.

(i) EUR540 million for 60% tax credit on commercial rents; (ii) No amount/estimate: Non-application of withholding tax for professionals without employees, with revenues below EUR400,000 until 31 May 2020.

For individuals: (i) EUR5.0 billion to strengthen the wage supplementation scheme for furloughed employees; (ii) EUR400 million for one-year suspension in the repayment of real estate mortgages by workers having lost their job; (iii) EUR2.3 billion for one-off EUR600 payment to the self-employed & seasonal workers; (iv) No amount/estimate: Allowance of EUR500 per month for up to 3 months for self-employed workers in the municipalities most affected; (v) EUR1.3 billion to strengthen childcare support; (iv) EUR30 million for EUR1000 childcare payment to employees in the healthcare and law enforcement sectors; (vi) EUR900 million for a EUR100 one-off bonus to workers who continued to work at their workplace; (vii) 13 May 2020, the government announced a further EUR55 billion rescue package of measures. Measures include further income support for furloughed workers, freelancers and unemployment benefits (EUR26.5 billion); (viii) 8 June 2020, Decree that allows for the automatic disbursement of an April payment worth EUR600 to Italian free-lancers who benefitted from an analogous bonus for the month of March. The payment is a form of unemployment compensation related to COVID-19 (a so-called "Covid bonus"); (ix) 10 August 2020, Ministry of Economic Development signed implementation decrees worth a total of EUR600 million in the "School Plan" and the "Family Plan". The Family Plan allocates EUR200 million to households to support domestic Internet connection throughout Italy. The interventions will be managed by Infratel; (x) 20 May 2021, EUR4.2 billion to support workers in industries worst-hit by the coronavirus pandemic, under the line of action "work and social policies" of the new EUR40 billion package. More details to follow as they are released.

For companies: (i) EUR50 million for incentives to firms to sanitise workplaces; (ii) No amount/estimate: suspension of 2 months (until end of April 2020) in the payment of the electricity, gas, water and waste bills in the most affected municipalities; (iii) EUR1.7 billion to provide fee-free guarantee for SMEs loans; (iv) EUR500 million Emergency Fund to protect supply chains in crisis”, to cover damage by the agricultural, fishing and aquaculture sector, and “and the slowdown in exports” (especially for livestock). It is a partial compensation of stocks (costs of storage and seasoning of these products); (v) 6 May 2020, EUR60 million to the National Fund for support to access in housing rental; (vi) 7 May 2020, New Covid-19 emergency fund of EUR100 million to agriculture sector (interest subsidy and direct aid); (vii) 13 May 2020, the government announced a further EUR55 billion rescue package of measures. Measures include funds for measures to support businesses, including grants for SMEs and tax deferrals (EUR16 billion), EUR1.2 billion for the food and agriculture sector, and EUR1.4 billion for schools, including hiring university researchers and teachers; (viii) 9 July 2020, Allocated EUR100 million to the wine sector to compensate for its voluntary reduction in production during the COVID-19 pandemic; (ix) 9 July 2020, Allocated EUR90 million to support livestock supply chains in crisis; (x) 10 August 2020, Ministry of Economic Development signed implementation decrees worth a total of EU600 million in the "School Plan" and the "Family Plan." The School Plan allocates EUR400 million to schools for the activation of ultra-broadband services; (xi) No amount/estimate: 7 October 2020, Extended the deadlines for submitting applications for ordinary layoffs, ordinary allowances and layoffs in derogation linked to the epidemiological emergency to 31 October 2020. In this way, all companies have a further possibility to send the requests and data necessary for the payment of the Cig Covid-19 services, guaranteeing workers access to the income support measures provided for by the August Decree; (xii) 16 October 2020, The Ministry of Agriculture, Food and Forestry Policies to provide a EUR600 million Catering Fund. Businesses in the catering sector (including restaurants) will receive grants to purchase Italian agricultural, wine, fishing, and products of excellence. Beneficiaries can apply through Poste Italiane, whereupon the Ministry will advance 90% of the grant. After purchase, submission of the receipt will trigger the last 10% to be sent by bank transfer. Grants range from EUR1,000 to EUR10,000; (xiii) 3 December 2020, The European Commission has approved a EUR625 million Italian scheme to support tour operators and travel agencies in Italy affected by the coronavirus outbreak. The scheme consists in direct grants equal to a percentage (5%-20%) of the difference between (a) the amounts of turnover and fees registered from 23 February 2020 to 31 July 2020 and (b) the amount of turnover and fees for the corresponding period of 2019; (xiv) 29 December 2020, Commission approves EUR73 million of Italian support to compensate Alitalia for further damages suffered due to coronavirus outbreak. This is on top of the EUR199.45 million of support for the same purpose approved on 4 September 2020. On 12 May 2021, another EUR12.835 million was approved, bringing the total to EUR285.285 million; (xv) 10 March 2021, Commission approves EUR511 million Italian scheme to compensate commercial rail passenger operators for damages suffered due to the pandemic; (xvi) 20 March 2021, EUR11 billion of the EUR32 billion package approved in January and originally placed in Measure 10 was announced to be dedicated to businesses that have suffered from lockdown closures, specifically to support unemployment and furlough schemes; (xvii) 24 March 2021, EUR270 million measure to support rail freight and commercial passenger operators affected by the COVID-19 outbreak. The measure consists of a reduction of infrastructure access charges for rail operators; (xviii) 26 March 2021, EUR24.7 million funding from the Italian government and approved by the European Commission to compensate Alitalia for further damages suffered due to coronavirus outbreak.

EUR124.4 billion as part of the NextGen EU Program by the European Commission and Government of Italy, geared towards measures improving energy efficiency and creating a circular economy.

(i) 20 May 2021, EUR1.9 billion to support local government and authorities, under the line of action "support to local authorities" of the new EUR40 billion package. More details to follow as they are released.

(i) The European Investment Bank (EIB) provided a loan to the Italian government to support healthcare interventions related to COVID-19. The EIB loan covers about two thirds of the costs foreseen by the "Relaunch Decree" for the healthcare sector. Of the EUR2 billion in total, the first tranche of EUR1 billion has already been completed; (ii) EUR27.4 billion from the EU's SURE instrument to cover the costs directly related to the financing of short-time work schemes, and other similar measures as a response to the coronavirus pandemic, in particular for the self-employed (for approval by the EU Council). 27 October 2020, The European Commission has disbursed a total of EUR17 billion to Italy. Once all SURE disbursements have been completed, Italy will receive a total of EUR27.4 billion; (iii) 11 November 2020, The European Investment Bank (EIB) and Mediocredito Centrale (MCC) are providing EUR50 million to help Italian small and medium-sized enterprises (SMEs) and mid-caps to face the COVID-19 crisis; (iv) As of 4 February 2020, Italy has received EUR4.45 billion, disbursed by the Commission under the SURE program; (v) EUR191.5 billion with EUR68.9 billion in grants and the remainder in loans from the European Commission as part of the NextGeneration EU Program, with spending reflected in the sub-measures under Measure 5; (vi) 17 September 2021, The Commission has granted EUR4.7 billion to Italy under REACT-EU to support jobs, skills and people most in need in Italy.