Hamburg's Corona Protective Shield remains in place

13 May 2022

Many aid schemes to continue - German government offers support for companies hit by Ukraine war

The Corona Protective Shield, put in place to help businesses in Hamburg weather the crisis induced by the pandemic, is to remain in place. Around EUR 3.3 billion in so-called coronavirus aid has been issued so far, according to the Hamburgische Investitions- und Förderbank (IFB Hamburg). The aid has benefited the self-employed, SMEs and start-ups, those in the cultural sector as well as cultural institutions and sports clubs.

Aid schemes to continue

"Even though we are gradually returning to normal public life now that most of the restrictions have been lifted, the economic repercussions of the pandemic will remain palpable for some time," said Andreas Dressel, Senator for Finance. Thus, many measures will be continued. Applications for Bridging Aid IV and Restart Aid 2022 can be submitted to IFB Hamburg until June 15, 2022. The Bridging Aid IV backs companies hit by the corona-related restrictions in the first quarter of 2022 and that had suffered a drop in turnover of at least 30 per cent. The Restart Aid 2022 targets solo self-employed persons affected by the pandemic.

Support for companies impacted by Ukraine war

Companies affected by the war in Ukraine will also receive financial aid, according to the senate. The German government is presently setting up an appropriate protective shield in co-ordination with the other federal states. Plans are being laid for a KfW loan scheme to ensure short-term liquidity. Companies suffering from increased energy costs are to receive a temporary cost subsidy. "Clearly, the package cannot be on the scale of the Corona Protection Shield as that is not financially feasible," Dressel pointed out.

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Sources and further information

hamburg.de

IFB Hamburg

The Hamburgische Investitions- und Förderbank (IFB Hamburg) supports housing and economic development as well as environmental protection and innovation projects. IFB Hamburg is the main point of contact for private individuals, companies and institutions in Hamburg and advises about all of Hamburg's funding offers and those of the German government and the European Union. More information can be found on: www.ifbhh.de.