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Suddenly 1.5 percent interest was due on the Covid loans – many SMEs were caught off guard by the Federal Council’s interest rate decision at the end of March. The loans issued by the federal government in 2020 totaling CHF 9.4 billion should actually remain interest-free.
But then came inflation and with it the interest rate reversal: instead of -0.75 percent, the main interest rate of the SNB is currently 1.5 percent. Reason enough for the federal government to now also charge interest on the once interest-free Covid loans of 1.5 to 2 percent (loans above CHF 500,000). Not only SMEs are at odds with this decision, MPs are also questioning the decision of the Bundesrat.
Many SMEs were shocked
The Federal Council’s rate hike at the end of March came as a shock to many SMEs. “It’s a slap in the face,” Claude Ammann, 56, president of the Fitness and Health Center Association, said in early April.
Many SMEs are still struggling with the consequences of the pandemic. Because not all sectors have recovered equally quickly and above all equally well from the Corona period. Added to this is the very short adjustment period: on March 29, the Bundesrat announced the rate hike and interest would be due as early as April 1.
assistance from parliament
There are also increasing voices from parliament that question the decision of the Bundesrat. Three national councilors recently submitted proposals in this regard. Franziska Rijser (31) of the Greens, Olivier Vellers (48) by the FDP and Sidney room (48) from the middle.
Together with the leader of the Greens, Aline Trede (39), and with the support of business associations such as the hotel industry association Gastrosuisse, a widely supported petition must now be submitted.
Way too short acclimatization period
Probably the biggest criticism of the progress is the lack of a transitional period. “It is not about 0.5 percent, but as much as 1.5 percent. In this case, there must be a certain transitional period. So that companies can at least prepare for it,” says Olivier Feller to Blick.
Another point of criticism is that the Bundesrat would only base its adjustment on the key interest rate of the SNB. “The law does provide for adjustment of interest rates. But the criterion for this is the development of the market. And I doubt that the main interest rate of the SNB is the only criterion for this,” continues Feller.
Source:Blick
I am Liam Livingstone and I work in a news website. My main job is to write articles for the 24 Instant News. My specialty is covering politics and current affairs, which I’m passionate about. I have worked in this field for more than 5 years now and it’s been an amazing journey. With each passing day, my knowledge increases as well as my experience of the world we live in today.
