Governments are urging citizens to follow social distancing and some have even restricted them to a lockdown. While it is the only measure to help us combat this virus, it isn't really helping the economy.
So, here's a look at all the countries who are making Social Distancing much easier amid this pandemic.
The government announced that gas, water, electricity bills and rents would be suspended for small buisnesses. The country will also provide €300 billion in financial support to companies that would lose business during the crisis.
2. United Kingdom
All the banks in the country announced that they will suspend loan and mortgage repayments for people and businesses who are affected by the outbreak. Small businesses are also allowed to reclaim statutory sick pay payments from HM Revenue and Customs.
The government also is making arrangements for statutory sick pay for those self-isolating without symptoms from day one.
The government announced that it will temporarily provide income support to workers, parents, for unemployed people and people who need it the most. It will also help businesses by providing income through Canadian account and give flexibility for filing taxes.
They are helping businesses keep their workers by proposing to provide eligible small employers with a temporary wage subsidy for a period of 3 months. The subsidy will be equal to 10% of the remuneration paid during that period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer.
The government has barred companies from laying off workers. They are also compensating shop owners by offering them tax credits to cover 60 per cent of their March rent payment.
The self-employed and freelancers who have home mortgages can have their payments suspended for up to 18 months if they can prove that their incomes fell by a third.
5. The United States
New York Government has suspended collection of student loans, medical loans and other state collections until April 15, 2020. The state government will also provide financial relief for families who are impacted by the crisis.
The government may give $1,000 checks to its residents to pump up the economy. They also allowed the Federal Government to distribute up to $50 billion in financial aid to states, cities and territories.
The People’s Bank of China cut reserve requirements for banks that will free upto $78.8 billion. This move was initiated to help the companies that have been affected by coronavirus.
The government has offered big and small companies with unlimited loans without any upper limit, so that they don't crumble during this outbreak. The country has also relaxed tax payment for companies.
8. South Korea
The country has ensured to add $5 billion to $10 billion more dolars into its banking system to ensure businesses have enough funding during the pandemic. The loans will also be relaxed and the people who have lost their due to the virus will be retained.
The country is providing paid sick leaves to all its citizens to maintain social distancing without fear. They also have allocated €2.4 billion income support for those in self-isolation or who are diagnosed.
The government has announced 20% refund on rent paid by tourism and entertainment sector. The government has also allotted 5 billion dirham of water and electricity subsidies for citizens and industries.
Some great examples to follow.