Home Business the “whatever it takes” has already cost 240 billion euros

the “whatever it takes” has already cost 240 billion euros

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Support measures to help companies overcome the Covid-19 crisis have amounted to 240 billion euros since March 2020, including one third in grants and two thirds in loans, the Minister of Finance said on Monday 30 August. Economy Bruno Le Maire.

The money given “to companies or employees to protect purchasing power, it’s 80 billion euros”said the minister on France-Inter before a meeting in Bercy on the maintenance of some targeted aid for companies in difficulty.

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“To this are added loans, but these are loans, they have nothing to do, economically, with subsidies, of the order of 160 billion euros, loans guaranteed by the State, more other forms of loans »added Bruno Le Maire.

The economy at “99% of its capacity”

Bruno Le Maire recalled that the Solidarity Fund had cost around 35 billion euros, as had the State taking over partial activity, while the exemptions from charges amounted to 10 billion euros. .

Since the start of the health crisis, more than 685,000 state-guaranteed loans (PGE) have been granted for an amount of 139.3 billion euros, according to the Ministry of the Economy. Other loans, in particular participatory, were also granted by the State, explaining the figure of 160 billion reported by Bruno Le Maire.

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The Minister highlighted the good health of the French economy, which “Running at 99% capacity” and the recovery in consumption to justify the end of massive aid to businesses.

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He said applications for PGEs fell from 500,000 in May, when all businesses were still eligible, to 50,000 in July.

Temporary effect of the pass

The minister said he believed that the economic upturn ” will continue “because “consumption is well oriented”.

“During the week of August 16 to 22, we have +12% on average consumption by credit card”according to Bruno Le Maire who added that the improvement also concerned sectors subject to the health pass such as restaurants, which increased by more than 8% over the same period.

The minister acknowledged that the pass had a “temporary effect” especially in cinemas, theme parks, zoos, etc. “and then it recovered more or less quickly depending on the sector”according to him.

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