Business Impairments, Liquidity and State Aid

The most important restriction was the reduction of orders (42 percent). Companies in industries directly affected by countermeasures to fight the pandemic mentioned closures ordered by the authorities. Supply chain problems, payment delays. problems in hiring new staff and financial bottlenecks were also reported. Although liquidity assessments have not deteriorated dramatically compared with late summer 2020, 19 percent of companies in February reported they would face financial distress unless their business activity develops better than expected. Of the relief measures, COVID-19 short-time work is particularly often used, followed by tax deferrals and the Fixed Cost Allowance (Phase I).