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Coronavirus: EU pledges €100 billion to save jobs

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Christian Fernsby ▼ | April 2, 2020
The Commission is further increasing its response by proposing to set up a €100 billion solidarity instrument to help workers keep their incomes and help businesses stay afloat, called SURE.
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Europe   Brussels
It is also proposing to redirect all available structural funds to the response to the coronavirus.

Topics: Coronavirus

Farmers and fishermen will also receive support, as will the most deprived.

All of these measures are based on the current EU budget and will squeeze out every available euro.

They show the need for a strong and flexible long-term EU budget.

The Commission will work to ensure that the EU can count on such a strong budget to get back on its feet and progress on the path to recovery.

SURE is the Commission's answer to this: a new instrument that will provide up to €100 billion in loans to countries that need it to ensure that workers receive an income and businesses keep their staff.

This allows people to continue to pay their rent, bills and food shopping and helps provide much needed stability to the economy.

The loans will be based on guarantees provided by Member States and will be directed to where they are most urgently needed.

All Member States will be able to make use of this but it will be of particular importance to the hardest-hit.

SURE will support short-time work schemes and similar measures to help Member States protect jobs, employees and self-employed against the risk of dismissal and loss of income.

Firms will be able to temporarily reduce the hours of employees or suspend work altogether, with income support provided by the State for the hours not worked.

The self-employed will receive income replacement for the current emergency.


 

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