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Switzerland accelerates crisis support for small businesses Instant news

 


Switzerland provides quick access to emergency loans and loans.
The IMF says COVID-19 pushed the world into recession.
The UK Small Business Association calls for support to reach “nightmares”.

Switzerland is fast tracking aid to small businesses to help prevent the economic impact of coronavirus – providing examples of other countries in decline.

While governments around the world provide financial support measures to their citizens, companies in some countries complain that they are unable to access funds quickly enough to survive.

But the Swiss Federal Council provides quick access to credit facilities to bridge the liquidity shortage. This country has distributed emergency loans to more than 76,000 small companies, much more than any other country in Europe, according to the Financial Times.

This quick plan of action was the idea of ​​Thomas Gottstein, chief executive of Credit Suisse, the Financial Times report, who worked with Finance Minister Olli Moreer and others to form a task force.

The total number of companies in the non-financial business economy in Switzerland in 2015, based on the size of the job category *

Photo: Statista

“The key is that the process is done quickly and directly, so that the money is transferred to the company’s account as quickly as possible,” Gutstein said in the Financial Times.

Switzerland is one of the countries most affected by the COVID-19 outbreak. On March 16, the Federal Council declared a national emergency, closed all stores, restaurants, bars, entertainment facilities, and schools until April 19, banned public meetings of five or more people and recommended that all citizens stay in their homes.

The new type of coronavirus, COVID 19, has spread around the world, causing death and greatly disrupting the global economy.

Responding to this crisis requires global cooperation between governments, international organizations, and the business community, which is at the heart of the WEF’s mission as the international organization of public-private cooperation.

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The forum created the COVID Business Platform, a global platform to unite the business community for teamwork, protecting people’s livelihoods and facilitating business continuity, and mobilizing support for the COVID-19 response. This platform was created with support from the World Health Organization and is open to all companies and industrial groups, as well as other stakeholders, who aim to integrate and communicate joint actions.

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As an organization, the forum has a proven track record in supporting efforts to address the epidemic. In 2017, at our annual meeting, the Alliance for Pandemic Preparedness Innovations (CEPI) was launched – bringing together experts from government, business, health, academia, and civil society to accelerate vaccine development. CEPI is currently supporting a race to develop a vaccine against the Corona Virus strand.

Other countries have put in place stringent locking procedures to prevent crises. Although this will help reduce human costs, the IMF has already said it is pushing the world into recession. In the United States alone, in the past two weeks in March, about 10 million people have applied for unemployment benefits.

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The economic impact of COVID-19 on the world’s largest economy.

Photo: International Monetary Fund

“For 2020, this will be worse than the global financial crisis,” the International Monetary Fund said. “Economic damage is increasing in all countries, and it tracks the sharp increase in new infections and applied detention procedures.”

SMEs are the engines of the global economy – also among the most affected by the epidemic. They play a major role in most economies, according to the World Bank, and account for about 90% of companies and more than 50% of employment worldwide.

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Small but Great – Small and Medium Business in Europe

Photo: EuroStat

To help support them, policy makers around the world have taken various steps. In the United States, the government offers individuals a one-time tax cut, $ 349 billion in unexplained small business management loans and guarantees to help small businesses keep workers.

The Chinese administration is expanding borrowing and discounting again to support facilities for SMEs, and taking steps to ensure liquidity remains for small businesses.

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Contributions of different commercial sizes to total population, employment and turnover

Photo: British government

In the UK, the CBILS system faces challenges, and business owners say they cannot access funds quickly enough. Now it has been greatly expanded, with some changes to features and eligibility criteria to expand it.

The Financial Times reported that the German emergency loan plan “was not very successful,” as it took a long time to arrive.

In the UK, the Small Business Association welcomes the latest steps to increase access to a coronavirus disruption loan system.

Mike Cherry, National FSB President, said: “We have heard many times from members approaching their banks to seek emergency loans, to offer them anything except” The process of securing it is terrifying to many people. “

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