The COVID-19 pandemic has caused more economic harm to Indonesia than the subprime mortgage crisis in 2008. As part of efforts to check the spread of the virus, the Indonesian government has implemented a policy of Large-Scale Social Restrictions (Pembatasan Sosial Berskala Besar or PSBB), requiring most businesses to cease or at least pare down activities. The Indonesian Chamber of Commerce and Industry stated on May 1, 2020, that the number of employee terminations due to the pandemic was approximately 15 million, not the 2 million reported by the Indonesian Ministry of Manpower and Transmigration.
To anticipate the effect of the pandemic on businesses, the government issued regulations to provide economic relief for businesses in nee…
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