Federal government misses out on much less money than expected due to Covid loans
Published: Wednesday, Nov 29th 2023, 11:50
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The billions in aid for Swiss companies during the coronavirus crisis have paid off, according to the Federal Council. The Confederation's actual losses from Covid-19 loans have amounted to CHF 62 million to date, which corresponds to a loss ratio of 0.37%. The Confederation had estimated a loss ratio of 10 percent.
This can be seen in the interim report on Covid-19 solidary guarantee loans, which the Federal Council adopted on Wednesday. It can be assumed that the loss ratio will increase in the future. However, there are currently no signs that the loss ratio estimated in the past will be reached.
In total, almost 140,000 Covid-19 loans totaling around CHF 17 billion were granted during the first wave of coronavirus in spring and summer 2020. Almost one in four companies received funds from the federal government. According to the interim report, the costs of the program to date are proportionate to the social benefits it has created.
According to the Federal Council, "a certain potential for abuse was unavoidable" due to the rapid implementation. However, the interim results show that the susceptibility to abuse can be classified as "relatively low" so far. By June 2023, 0.3% of all loans granted had been found guilty of abuse.
According to the report, the federal government was able to secure 1.3 million jobs with the help of the loans. In addition, bankruptcies could have been partially avoided. A final assessment of the Covid-19 Solidarity Guarantee Program cannot be made until 2031 at the earliest, after the loan program has expired.
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