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The Federal Council now wants to provide more support to companies that have been particularly affected by the Corona crisis. Instead of just 400 million Swiss francs, the federal government and the cantons will provide up to 1 billion Swiss francs for hardship.
This in two sections. The first 400 million should start to flow in December. Under the current Covid-19 law, the federal government and the cantons bear half of the subsidy each.
In a second tranche, another 600 million Swiss francs will follow, of which the federal government will take care of 80 percent and the cantons 20 percent. For this new distribution key, the Covid-19 law must be adjusted in the winter session.
The bottom line is that the federal government pays 680 million, the cantons 320 million. In addition, the list of distressed sectors mentioned by name will be expanded to include the restaurant and hotel industry. In principle, however, only companies that have suffered an annual revenue decline of more than 40 percent, and that were profitable or at least viable prior to the Corona crisis are eligible.
Cantonal patchwork quilt
The finance minister responsible for the SVP, Ueli Maurer (69), wants to regulate the specific details in the ordinance on difficulties, which the Federal Council will approve next week. But it is already clear that the cantons will have a certain margin of maneuver in the execution. Not only that the participation of the cantons is voluntary. The design is also open: for example, repayable loans, guarantees or A-fonds-perdu contributions that do not have to be repaid are possible.
This threatens a new patchwork quilt that includes distortion of the competition. “There are different problems in the cantons, so there will be different solutions, we accept that”, says Maurer. “We are following the path of federalism that we are also taking in other places.” In such situations there are always delimitation problems.
Maurer now sees the cantons as having a special responsibility. You would have to look closely at each request. He makes it clear: “The cantons also have to say no. Not all cases of hardship deserve taxpayer support. “
Cantons on the trigger
As of December, the cantons are on the trigger. Some of them raised relief funds in the spring that are not empty yet. Aargau, for example, spoke 150 million francs in the summer, of which 125 million still remain and are now available for hardship.
Lucerne will decide on a 25 million hardship package in December. The Valais has already approved a new package of 29 million. And Zug is using $ 44 million for his emergency program, which should flow from December.
The canton of Zurich, in turn, wants to speak CHF 200 million, but will only pay from February 2021. And Bern wants to report on its approach on Thursday.
Federalism also sends its regards in terms of speed.
“A drop in the bucket”
It remains to be seen whether the billions of hardships will suffice. “That’s not a high amount compared to the previous expense,” says Adriel Jost (35), managing director of WPuls’ investment advisory service. “That only helps a very small part of the economy, even if the hardship allowance can do a lot to a company in individual cases.”
It sounds similar with Felix Brill (41), VP Bank Investment Director: “It is just a drop in the bucket, especially given the scale of the crisis,” he says. “However: a billion is a lot of money, not all measures should be minimized.”
Short-time work also for temporary workers
Not only does the Federal Council start with tough cases, but it also creates the legal basis for a new edition of Corona’s emergency loans, as a precautionary measure, should liquidity bottlenecks ever emerge again.
The Federal Council also wants to improve short-time work: the right to be extended to temporary employment. The Deputy Minister of the Economy, Guy Parmelin (61), still hangs low wage earners. You don’t want to hear about full low-income wage compensation.
Sectors with difficulties: “The water is more than up to the neck”(02:05)
