Germany to compensate firms hit by new lockdown measures - sources

BERLIN, Oct 28 (Reuters) - German Finance Minister Olaf Scholz plans a coronavirus aid package worth up to 10 billion euros ($11.82 billion) to compensate firms hit by a new round of lockdown measures, three people familiar with the matter told Reuters on Wednesday.

“The situation is very, very serious. We need far-reaching measures now and we have to cushion their impact financially,” Scholz said during a virtual meeting with Chancellor Angela Merkel and the 16 state premiers according to participants, according to one of the people.

Scholz wants to pay small and medium-sized firms that will be forced to close 75% of their lost sales in November, the three people said. Large companies should get 70% of lost revenues for next month.

$1 = 0.8461 euros Reporting by Holger Hansen and Michael Nienaber; Editing by Maria Sheahan