IFB Hamburg begins issuing November payments

Ministry’s software problems delayed issuance - around 10,000 applications in Hamburg
14 January 2021
Aerial view of Hamburg

The Hamburgische Investitions- und Förderbank (IFB Hamburg) begun issuing Tuesday (January 12, 2021) November 2020 payments to companies hit by the corona-induced crisis. Software issues at the German Ministry of Economics had hampered payments of the funds hitherto. Around 10,000 companies in Hamburg have applied for over EUR 185 million in funding. 

Aid to be paid as soon as possible 

 IFB Hamburg is preparing to issue the aid as quickly as possible, said Andreas Dressel, Senator for Finance, adding: "The annoying delays for which the German Ministry of Economics is responsible must not be repeated with the December aid and the bridging aid III. The tax relief and fee aid are continuing in Hamburg. We have also prolonged the rent aid and loans. The Corona Recovery Fund and Hamburg Stabilisation Fund are ready to be called up. Our digital grant is also in preparation. Hamburg's Corona Protective Shield remains in place to help commerce in the city through the crisis." Dr. Carsten Brosda, Senator for Culture and Media, stressed: "Our goal is to ensure that everyone gets through these difficult times as best as possible and that the city's unique and diverse cultural landscape and Hamburg as a media centre are preserved."

Grants of up to 75 per cent of expected turnover

The November aid targets badly-hit companies, businesses, self-employed persons as well as associations and institutions that had to close, for instance, restaurants, retail and culture. The grants amount to 75 per cent of the turnover in November 2019 pro rata for the number of days closed in November 2020. Companies that cannot prove their losses can obtain a maximum subsidy of EUR 1 million. Applications are being accepted until the deadline of January 31, 2021 on the national IT platform for bridging assistance.


IFB Hamburg

The Hamburgische Investitions- und Förderbank (IFB Hamburg) supports housing and economic development as well as environmental protection and innovation projects. IFB Hamburg is the main point of contact for private individuals, companies and institutions in Hamburg and advises about all of Hamburg's funding offers and those of the German, government and the European Union. More information can be found on: www.ifbhh.de