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The EU national leaders have agreed their post Covid-19 economic recovery package.This agreement is on this package is in additional to the agreement on the EU’s 7 year budget cycle covering the period 2021–27. The EU national leaders’ package allows the European Commission will borrow on the financial markets. There will be €312.5 billion in the form of grants and another €77.5 billion less directly related to the pandemic.The biggest beneficiary will be Italy, which will receive €209 billion from the package. This will comprise €82 billion grants and €127 billion will be in loans.The European Commission should take credit for their original proposal, paving the way for this agreed package. Franco-German backing has also helped translate the Commission’s plan into the agreement.But there are risks.The Dutch government secured a concession meaning that EU governments can review financial disbursements to EU member states. As guardians of the EU treaties and spending, the Commission normally has this function. This sets up the possibility of further rows between EU national government when money is spent. Future politically poisonous European Council summits could be ahead.The EU national leaders have now moved to a new phase in their intergovernmental EU relationship. The national leaders have moved the eurozone single currency to a federal phase. The agreement could be used as template for future financial difficulties, allowing a single collective borrowing response by the European Commission. Just as long as the EU national leaders can continue to demonstrate a willingness to co-operate.

While possible, it is unlikely to be the reality. Any grant, especially a Pell Grant, is packaged into two semesters(fall and spring) or three quarters(fall, winter and spring) based on the academic calendar. If you are awarded the grant and have funds left over from your account, then it is refunded to you. Packaging aid that is less than the Cost of Attendance can be expanded to borrow more for summer school attendees. A grant or scholarship or any funds that do not require repayment would never be left unclaimed or at least refunded. Borrow responsibly, but get what you need to be successful. I hope that you are safe and healthy, and that this answer helps. Good luck!

Prime Minister Narendra Modi announced a Rs 20 lakh crore “Atma Nirbhar Bharat Abhiyan” stimulus package to revive an economy battered by the coronavirus pandemic.But the arithmetic of the stimulus package has left many puzzled, since the PM said that the numbers would include the liquidity measures announced by the Reserve Bank of India, and relief measures already announced by the government. It also includes measures part of the Pradhan Mantri Garib Kalyan Yojana .If one were to go by the presentation made by Finance Minister Nirmala Sitharaman while announcing the first set of 16 measures under this package, details about over Rs 13 lakh crore of this package become clearer.The FM’s presentation, shows stimulus totaling Rs 13,21,300 crore has already been unveiled. These include the 16 measures announced today.Here’s how the numbers stack up.Part 1.The Finance Minister had announced a Rs 1.70 lakh crore relief package under Pradhan Mantri Garib Kalyan Yojana for the economically weaker sections of society to fight against the pandemic, including direct transfers to women Jan Dhan account holders, insurance covers, 3 months of wheat and other ration, increase in MGNREGA wages, among others.Other measures included issue of all pending income-tax refunds upto Rs 5 lakh, and a special refund and drawback disposal drive for all pending claims, totaling Rs 18,000 crores.In addition, the government has also announced Rs 15,000 crore towards an Emergency Health Response package.These total Rs 2,03,000 crore.Part 2.The second part includes the measures undertaken by the Reserve Bank of India. In March, RBI said it released Rs 1.37 lakh crore in the system by reducing the Cash Reserve Ratio (CRR), another Rs 1,00,050 crore via the first round of Targeted Long Term Repo Operation (TLTRO) for investment in investment-grade papers.Thereafter, RBI announced Rs 50,000 crore worth of TLTRO 2.0 focused on NBFCs, most of which remain unsubscribed by banks as of now. It also increased the bank’s limit for borrowing overnight under the Marginal Standing Facility (MSF), allowing the banking system to avail an additional Rs 1.37 lakh crore of liquidity at the reduced MSF rate.RBI announced a special refinance facility of Rs 50,000 crores via SIDBI, NABARD and NHB for NBFCs, HFCs and MFIs, followed by a special liquidity facility of Rs 50,000 cr for Mutual Funds.This second part comprising of RBI’s measures totals Rs 5,24,050 crore.Part 3.The third part comprises of the 16 measures announced by the Finance Minister today.These include Rs 3 lakh crore via the collateral free automatic loans for businesses including MSMEs, another Rs 20,000 crore subordinate debt for stressed MSMEs. The FM also announced Rs 50,000 crore of equity infusion for MSMEs through a Fund of Funds.Liquidity relief of Rs 2,500 crore to over three lakh firms through Employee Provident Fund support, another Rs 6,750 crore to employers and employees via reduced EPF contribution.For NBFCs, Finance Minister Sitharaman also announced a Rs 30,000 crore liquidity scheme through which investments can be made in primary and secondary market transactions in investment-grade debt paper issued by NBFCs, MFIs or HFCs, fully guaranteed by the government of India. Rs 45,000 crore support to NBFCs via a partial credit guarantee scheme was also announced.Rs 90,000 crore has been earmarked for power distribution companies (DISCOMs), and Rs 50,000 crore liquidity is proposed to be released through rate reductions in Tax Deducted at Source (TDS)/Tax Collection at Source (TCS).These 16 measures announced by the FM today total Rs 5,94,250 crore.Summary :Adding parts 1, 2 and 3, we get to a total of Rs 13,21,300 crore, leaving details about the remaining Rs 6,78,700 crore of the total Rs 20,00,000 crore package left to be revealed.So I don't think he is misleading people by his new 20 lakh crore scheme.The combined package works out to roughly 10 per cent of the GDP, making it among the most substantial in the world after the financial packages announced by the United States, which is 13 per cent of its GDP, and by Japan, which is over 21 per cent of its GDP. It will help to restore the economy.Have a nice day ahead:)~KK