Around the world, important measures are being taken to slow the spread of COVID-19, the virus which is first and foremost a human tragedy. Protecting the public health, providing financial support for the ill and unemployed is at the heart of these measures.
The response by governments requires two important measures; introduce incentives and relief funds to provide a cushion financially for affected individuals and also to provide stimuli to fight the global economic disturbance caused by the virus.
The financial measures adopted around the world all share the same objectives: to support the economy in this difficult time and helping to sustain businesses and keeping people employed. The incentives we have seen are wide ranging from low interest rate (or in some countries such as Japan interest free) and non-collateral loans for businesses that are experiencing financial difficulties due to the novel coronavirus. Additional relief funds for business owners include corporate income tax rebates, deferral of government payments and reductions in tax rates.
The impact of COVID-19 has been felt by entrepreneurs, family businesses, medium and large organisations. The situation evolves day by day as the pandemic continues to expand. China will most likely recover first but the global impact will be felt much longer.