Senate draws positive balance of Corona Protective Shield

9 March 2022

Over EUR 10 billion in aid issued - schemes extended

The senate has drawn a positive balance of the Corona Protective Shield in place since 2020. Over 20 different aid schemes for businesses, culture and sports have helped weather the crisis. More than EUR 10 billion including EUR 3 billion in direct economic aid and EUR 7 billion in tax relief has been issued. The Hamburg Investment and Development Bank (IFB Hamburg) has received around 133,000 applications for financial aid. The grants have benefited the self-employed, SMEs, start-ups, cultural institutions and sports clubs.

Corona Protective Shield remains in place

The tailor-made aid provided by the German government and the City of Hamburg has secured the future of companies and jobs, according to Michael Westhagemann, Senator for Economics. For this reason, the Corona Protective Shield will feature continuously adjusted schemes during the coming months. The Bridging Aid IV and the new Start-up Aid 2022, the disbursement of which began recently, will be extended until June 30, 2022. Other schemes include the New Start Fund for the City and Centres, the Frei_Fläche Fund for vacant shops in the city centre and the Corona Recovery Fund (CRF) for small businesses. Hamburg is holding talks with the German government on extended schemes for the cultural sector and more aid.

Commenting on the accounting procedures, Andreas Dressel, Senator for Finance, remarked: "We do not want to plunge anyone we saved in 2020 into a new predicament through no fault of their own.” Recipients would only incur interest on grants, if they do not comply with the obligation to co-operate and the event of fraud. That was "another far-reaching concession", he noted.

tn/sb/pb

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.