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Law360 (April 1, 2020, 1:49 PM EDT ) The German government on Wednesday said it was supplementing its unlimited aid for businesses suffering from the economic fallout from the COVID-19 pandemic by creating a €2 billion (about $2.2 billion) fund designed to help the country's startups.
The country's economic development agency, Germany Trade & Invest, said the package involves the government working through venture capital groups that will distribute the funds to the startups, it said.
"This is a sizable investment in the most creative segment of the German economy and is likely to pay dividends down the road," Germany Trade & Invest CEO Robert Hermann said in the statement.
"It's another sign of how serious the German government is about helping the commercial sector survive the current crisis with as little permanent damage as possible," he said.
According to the latest report from the World Health Organization, Germany has more than 61,000 reported cases of the novel coronavirus, and over 580 reported deaths.
Separately on Wednesday, Germany's Federal Ministry of Finance said farmers, small businesses and others could now apply for benefits under a €50 billion economic assistance program passed by the country's parliament.
"We are acting in response to the hardship faced by many small businesses, own-account workers, members of the free professions, and farmers who are in urgent need of this assistance," Economic Affairs Minister Peter Altmaier said.
"The application and payment process is to be swift and free from red tape," he said.
A spokesperson for Germany Trade & Invest declined to comment beyond the statement.
--Editing by Abbie Sarfo.
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