Only from 2021 onwards, companies in crisis sectors such as the catering industry can expect the new hardship aid. In order to bridge the time until then, CS boss Gottstein and economics professor Brunetti propose to reissue the Covid-19 aid loans. But the idea meets with criticism.
Published: 10/29/2020, 8:30 PM—
–A waiter in La Brasserie de Montbenon in Lausanne. The new restrictions put another strain on the catering industry, which suffered a lot in the first lockdown.
Photo: Jean-Christophe Bott (Keystone)
Companies can only count on the new hardship benefits that the federal government and the cantons want to pay from next year. But that could be too late for many companies. Credit Suisse boss Thomas Gottstein and economics professor Aymo Brunetti, who is a member of the Covid-19 task force, are unanimous in expressing this fear.
“It’s getting tight now for restaurants, clubs, bars and event companies,” Gottstein told this newspaper. “The planned hardship measures for companies are a sensible approach, but they have the problem that it takes a relatively long time before they can really be activated,” says Brunetti. In view of the new restrictions that have now been adopted, “this could come too late for many companies to ensure their survival”.
Detailed control takes time
With the hardship aid, the federal government and the cantons want to support viable businesses that are in need as a result of the Covid crisis – also with A-fonds-perdu money. But the ordinance, which regulates the details, still has to go through the consultation process, which is due to begin in November. Therefore, companies can expect money from 2021 at the earliest.
In order to help companies until then, Gottstein and Brunetti propose to reissue the Covid-19 aid loans. «We are open to help. I can imagine a second version of the Covid-19 loans that are specially tailored to the industries concerned, “says Gottstein. And he adds: “This instrument could be used very quickly.”
Brunetti also sees this advantage. “This unbureaucratic and relatively little interventionist instrument has basically proven itself and can be reintroduced very quickly.”
23 billion unused
With the auxiliary loans, the taxpayer bears the default risk. When the federal government opened the aid loans in the spring, it budgeted default guarantees of 40 billion francs.
In fact, until the end of July only loans of CHF 17 billion had been granted. Of the planned guarantee volume, CHF 23 billion would still be available.
However, in the first round of the aid loans, it was mainly companies from the catering and hotel industries that took hold. And the conditions at the time stipulated that a company would receive a maximum of 10 percent of sales as a loan amount.
So that the crisis industries can now get an aid loan again, the key points of the loan program would have to be adjusted.
Critics suspect that the banks want to protect their balance sheets with the auxiliary loans. Bank representatives counter this: The alternative to auxiliary loans would be that companies would have to provide themselves with money at market conditions during the crisis – which would be much more difficult. The banks do not want to earn anything from the auxiliary loans, both big banks have promised to donate any profits.
Bern refuses
At the federal level, however, the idea of reissuing aid loans falls on deaf ears. That is not an issue, it is said from Bern.
“I do not consider new Covid loans to be an effective means,” says Gastro Suisse President Casimir Platzer. Because everyone gets aid loans. Platzer, on the other hand, wants only companies that are in need through no fault of their own to receive help. “In addition, the companies cannot now go into additional debt,” he argues. Instead of new aid loans, the federal government should “quickly” put on the hardship aid.
Bourgeois financial politicians are also skeptical. “Targeted help for cases of hardship are better than lump-sum loans for everyone,” says FDP Councilor of States Ruedi Noser. In order to accelerate the payment of hardship benefits, Noser makes the cantons responsible: “You have the option of paying hardship benefits to companies now.”
However, the cantons do not want to know about this: They want to wait for the final ordinance on hardship aid to know under which conditions the federal government will participate in the new aid. The cantons are afraid of being left with the costs if they are already paying hardship payments to companies.
But the criticism of the late payment of the new aid is getting louder. The SP and the trade association criticize that the new aid should only flow in the coming year.
Published: 10/29/2020, 8:30 PM-
