The study examines the results and effects of KfW's Covid-19 aid programmes. The KfW Covid-19 aid consisted of four loan programmes: KfW entrepreneur loan, ERP start-up loan, KfW quick loan and KfW special programme “Direct participation for syndicated financing”. The first three special programmes were pass-through programmes, i.e. the application was submitted via the pass-through financing partners (banks and savings banks). The fourth programme represented direct financing of medium-sized and large companies by KfW together with other financing partners. The four loan programmes were covered by a guarantee from the federal government.

The following questions are central to the evaluation of the KfW Covid-19 aid:

• Relevance: Was the design of the programmes suitable for achieving the economic policy objective (securing the existence of the companies affected by the measures to contain the corona pandemic)?
• Activities: Were the targeted scope of funding activities (number of approved loans, number of supported companies) achieved in the programmes launched and was the support provided in a timely and appropriate manner?
• Reaching the target group: Did the programme activities reach the intended target group and were the designed aids accepted by programme participants and implemented in accordance with the program?
• Effect: Did the liquidity support provided contribute to achieving the programme objectives, i.e. securing the existence of the supported companies, avoiding payment difficulties and securing the companies' economic development prospects?
• Cost-effectiveness: Were the programmes implemented efficiently, i.e. did the resources used achieve a sufficiently high impact and was the effort on the part of the funding recipients commensurate with the support received?

The evaluation is based on a survey of programme participants, a comparison with control groups of companies that did not receive KfW Corona aid, analyses of the programme documents and programme monitoring activities, as well as expert interviews.