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Authorities have included two new instruments in the city’s coronavirus economic response package meant to provide further support for those heavily affected by the pandemic
The economic impact of the coronavirus pandemic is being hard felt across the entire world and as has been the case ever since the crisis’ start, it’s governments who are taking on the responsibility of protecting their citizens’ health and livelihoods.
While the worst of the healthcare aspect of the pandemic is probably behind us, the economic ramifications will yet unfold. In preparation for what’s to come and in order to answer growing problems, Hamburg has further reinforced its schemes for economic protection of the local creative industries and start-ups.
Helping those most in need
Authorities in the German city have introduced two new support mechanisms to bolster its coronavirus economic support package – the “Corona Recovery Fund” (CRF) meant for innovative start-ups and growth-oriented mid- and small-sized companies and the “restart bonus” that will be available to those engaged in artistic and creative industries.
The Corona Recovery Fund will provide much-needed stability to those who apply for funding. It will allow tech and start-up companies who are the lifeblood of Hamburg to remain afloat while the economic crisis persists. The fund boasts a total of 50 million euros, 12.5 million of which are provided by Hamburg itself. Companies that decide to participate, can apply for up to 500,000 euros in funding.
Meanwhile, the “restart bonus” will help stabilize the lives of citizens working in creative industries, whose livelihoods are still severely disrupted by the remaining lockdown and social distancing measures. Those interested can apply for a one-time 2000-euro grant that is meant to help them get their work up and running again. The offer is valid until 31 August 2020.
“We want to enable artists and creative people to restart. We are still in close contact with the institutions and associations to make culture come alive again and to help artists through this period,” stated Dr Carsten Brosda, Hamburg Senator for Culture and Media.
With the economic crisis still gaining steam, Hamburg officials have stated their intent to continue providing crucial and lifesaving support for their citizens. Such actions would allow the city to come out stronger and more united once life – in its entirety – returns back to normal.
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