Austria’s government has put together a €38bn aid package for companies and people who have been hurt by measures it took to slow the spread of the coronavirus. The goal is to prevent mass employment among Austrians and reduce widespread corporate insolvency. A total of €15bn will be directed towards propping up industries that have suffered the worst because of the pandemic, while €4bn has been allocated to the support of small and medium-seize businesses. The government has also agreed to guarantee €9bn worth of loans while self-employed people and micro-enterprises (companies with less than 10 people) will have their own hardship fund to cover personal living expenses. People will receive €500 to €1000 almost immediately in the first tranche of payments. The second phase will amount to 80 percent of lost income up to a maximum of €2,000 for a maximum of three months.
