The Council of States joined the National Council on Wednesday. In the course of the first Corona wave in spring, companies received bank loans guaranteed by the federal government. With the Solidarity Guarantee Act, the Federal Council’s emergency ordinance was subsequently converted into ordinary law. The Federal Council provided 40 billion francs. Around 17.3 billion Swiss francs of this money were used.
The repayment period is extended
The most controversial was the question of the period within which the loans must be repaid. The Federal Council concluded the contracts with an ordinary repayment period of five years. The National Council wanted to extend this period to eight years.
In view of the current developments in the Corona crisis, a shorter repayment period is unreasonable, said a clear majority in the National Council. Such an adjustment would have to change 135,000 contracts, Finance Minister Ueli Maurer repeated in vain during the debates in the National Council and Council of States.
The fact that the Council of States finally gave in and joined the National Council prevented the business from having to go to the unification conference.
Conditions for future loans relaxed
The councils have also deleted a regulation that the Federal Council proposed as a condition for future lending. Companies should only be able to benefit from Covid loans if the sales revenue in 2020 is below 60 percent of the average sales revenue in the relevant financial years. Finance Minister Ueli Maurer said the Federal Council agreed. This creates more flexibility.
In addition, the two councils have stipulated that companies that benefit from Covid loans are not allowed to decide on and pay out dividends.
Reintroduction of Covid loans?
A new edition of the Covid credit program is currently not planned, Finance Minister Maurer repeated several times. Nevertheless, a passage was added to the law that would enable the Federal Council to resume the loan program without having to resort to emergency law.
The store is ready for the final vote.
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