The finance committee of National approves the funds requested by the Federal Council to deal with the coronavirus crisis. They total 55 billion francs.
Guaranteed loans to SMEs (40 bn), loss of earnings allowances (5.3 bn) and unemployment benefits for reduced working hours (6 bn) are the most important items. All the credits were approved unanimously or by a strong majority, indicated on Saturday the services of the Parliament.
The committee considers that the Federal Council and the federal administration acted quickly and in a targeted manner to limit the damage caused by the coronavirus. No credit was refused. She is asking for help in only one additional area, extra-familial childcare.
By 15 votes to 8, it proposed to adopt a credit of 100 million francs, following the proposal of the Committee on Science, Education and Culture. The UDC does not want it.
More generous on guaranteed loans
For the rest, the finance committee is proposing some corrective measures, in particular for transitional loans to SMEs. These loans guaranteed by the Confederation are undisputed. But the commission proposes by 15 votes to 10 that the duration of joint and several guarantees be increased from five to eight years maximum.
And by 12 votes to 5 and 8 abstentions, it wishes to maintain the interest rate of 0.0% beyond the first year. Finally, to improve controls, it asks the vast majority that surety bond cooperatives have extensive consultation rights in the accounts of credit recipients.
The 5.3 billion requested for compensation for loss of earnings were approved unanimously. The discussion focused in particular on the consequences of the threshold effect. The $ 6 billion credit for unemployment insurance was approved unanimously.
The members also mentioned the possibility for the Swiss National Bank to make exceptional payments for 2020 and 2021, by drawing on the reserve established for future distribution.
The UDC wants to plan on the sanitary material
For the acquisition of medical equipment and medicines by the army pharmacy, the Federal Council requests 2.45 billion francs. These include masks, gloves, disinfectant, sample collection kits, test kits and breathing apparatus. A UDC proposal to cut this $ 605 million was rejected by 18 votes to 7.
The 130 million for the purchase of drugs difficult to obtain and the 10 million for research for a vaccine passed the ramp without problem.
Support for disputed culture
The funds requested to support the world of culture gave rise to some discussions. The government wants to release a total of 280 million francs. But the SVP wants to cross out the emergency aid of 25 million intended for cultural actors and plan the envelope of 145 million for compensation for the shortfall for cultural enterprises. Both proposals were rejected. The other requested credits passed without problem.
Otherwise, the commission looked into the long-term consequences of the Covid-19 crisis. It expects significant tax revenue cuts. The question of the debt brake will have to be asked again. After discussion with the head of the Finance Department, it is still too early to provide definitive answers, but the Commission will be taking a serious look at this issue in the coming months.
Towards tax relief?
Lastly, it asked the Federal Council for several reports, in particular on the impact of extraordinary expenditure on the finances of the Confederation for the years to come and the possibilities of reducing the taxation of companies affected by the pandemic. The committee also requests information on possible aid to the agriculture and viticulture sector which has been out of business as a result of the crisis.
Monday, it will be the turn of the finance committee of the Council of States to rule. If the plenum, which will sit from May 4 to 7 in an extraordinary session, refuses one or the other of the credits requested by the government, the latter is required to stop payments. (ats / nxp)
Created: 04.25.2020, 4:49 p.m.
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