France announces Relief Measures Amounting to 18 Billion Euros

18th May, 2020 News and Updates

France announces relief measures worth 18 Billion euros to support its tourism sector with the main goal of avoiding bankruptcies and job cuts. The government is reimbursing 70% of the gross wages of employees on furlough with the relief measures extending at least until end September. The relief measures include 1.3 billion euros investment plan for direct cash injections into businesses from state banks and businesses with 20 employees and 2 million annual revenue being able to receive grants of up to 10,000 euros from a solidarity fund until the end of the year.

Source: Daily FT