Coronavirus stimulus checks: How much money did other countries send?

coronavirus, stimulus checks, countries, Japan, European countries

Americans are eagerly waiting for the next round of stimulus, but the wait seems to be unending. Many believe their government is being unfair to them by not sending out direct payments. Though all countries have been impacted differently by the coronavirus pandemic, yet looking at how other countries responded to the pandemic could give some idea if the U.S. needs to send out another round of coronavirus stimulus checks.

Q2 2020 hedge fund letters, conferences and more

How much did other countries give in coronavirus stimulus checks?

Similar to the U.S., several countries have sent coronavirus stimulus checks to their people. For instance, Hong Kong sent about $1,280 per adult, Japan $930 per adult and Singapore $422 per adult, according to the BBC. The Bank of Japan has also pledged to buy an unlimited amount of bonds so as to keep the borrowing rates low.

In South Korea, people in the bottom 70% of the income bracket got a direct payment of about $820. The country also introduced several other measures to reduce the financial impact of the pandemic by slashing interest rates and approving an $82 billion relief package for companies.

Unlike countries that provided direct payments, such as coronavirus stimulus checks to its citizens, many countries adopted a more targeted approach.

For instance, the Canadian government sent relief of $1,400 per month for up to four months to those who lost their jobs after the start of the pandemic. Costa Rica also sent about $220 in monthly aid to those who lost their jobs during the pandemic.

European countries: how they responded

Most European countries avoided giving one-time coronavirus stimulus checks. Instead, they increased funding for social services to help those impacted by the pandemic. Some countries raised their unemployment benefits as well.

Countries such as the Netherlands and Denmark provided funding to the companies that kept their employees on the payroll during the pandemic. The U.K. in March passed legislation to pay up to 80% of the wages to the workers who were laid off due to the coronavirus-induced lockdown.

Brazil, another country hit hard by the coronavirus pandemic, announced in April that workers would be allowed to withdraw $200 in June. The country also added $4 billion into the workers’ severance fund. As per a report from the Americas Society and Council of the Americas, Economy Minister Paulo Guedes in June said the government would offer about $112 in the form of monthly emergency checks to informal workers and unemployed people.

Italy, in May, approved a stimulus package costing about $59.6 billion, according to Reuters. The stimulus package offered 400-800 euros ($469-939) per month for two months to those with no income and those who don’t get any welfare benefits. In April, the country also announced giving about $650 to self-employed and seasonal workers.

 

The post Coronavirus stimulus checks: How much money did other countries send? appeared first on ValueWalk.