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Germany will compensate companies with up to 75% of losses caused by new COVID-19 restrictions

Germany COVID-19 restrictions: German Finance Minister Olaf Scholz is working on a support package worth up to 10 billion euros to compensate companies for revenue lost as a result of new COVID-19 restrictions, Reuters was quoted as saying by Agerpres on Wednesday.

“The situation is very, very serious. We now need comprehensive measures and we must limit their financial impact, “said Scholz at an online meeting with Chancellor Angela Merkel and the prime ministers of the 16 German states, said one of the participants in the meeting.

According to the plan developed by Olaf Scholz, small and medium-sized companies will be able to recover from the state up to 75% of their revenues that they generated in November last year. Large companies will receive up to 70% of lost revenue.

German authorities agreed on Wednesday to impose new coronavirus restrictions from 2 November. The new measures will be in force until 30 November and will be extended if deemed necessary.