How Governments Help Businesses During Coronavirus Crisis

The situation resulting from the Covid-19 outbreak has become critical for the hospitality industry across the globe. Governments help in various ways: tax holidays, one-off payments and cheap loans for small and medium business have been introduced in a lot of countries.

WHITE HOUSE ON GUARD FOR BUSINESS

In the US, tax holidays of up to 3 months for small and medium businesses. This is great relief to everyone in the tourism and hospitality industry.

ITALY AHEAD OF THE GAME

On 8 March Italian authorities said they were ready to provide a tax credit to any company that had suffered a drop in revenue of over 25% due to the outbreak.

HOW OTHER COUNTRIES REACT

Australia — announced a $17.6 million support package for small businesses and one-off payments to its citizens. A particular point was made about subsidizing the hospitality industry as the most affected by the outbreak.

The UK — announced a $37 billion support package. This includes tax breaks for the hospitality industry.

Germany has pledged it’s ready to provide the necessary aid to save German companies from failure with £610 billion. The program covers state-guaranteed loans designed to cushion the effects of coronavirus. The tourism industry is among the sectors to benefit from the program.