What you need to know about Switzerland's new economic measures
The current pandemic has profoundly affected the economic sector. Our specialists identified the latest economic measures taken by the Swiss government during this period. By being informed and making the right decisions, we can help the Swiss economy cope with this crisis.
The authorities support companies affected by the COVID-19 crisis
Switzerland doubles emergency COVID 19 loan funds for small-to-medium enterprises -SMEs. These funds are for companies negatively affected by the economic fallout caused by the pandemic. This new economic measures are also for self-employed people, freelance artists who have to cancel events due to the restrictions caused by the corona virus.
It is important to specify that the initial fund was CHF20 million when announced on March 25th. The major reason for the additional funds (now doubled to CHF40 million) is the popularity of the scheme. More exactly, more than 76,000 small-to-medium enterprises applied for loans in the first week. These initial loans were worth more than CHF15 billion.
Within these new economic measures, the credit is guaranteed 15 percent by the bank and 85 percent by the government for loans of more than 500,000 francs. 115 Swiss banks are part of this program and can be accessed for this new type of loan.
Creative industries and sports are affected by the pandemic
The new economic measures are not just for small businesses. They are also aimed at the culture and sport field.
Therefore, if they are in danger of going out of business, professional sports clubs will be eligible to receive a share of CHF50 million. Likewise, sporting organizations will be eligible for a share of CHF50.
Performing arts, design, visual art, music, museums and the rest of the cultural sector will be supported by an amount of CHF280.
Protective measures for parents and those placed in quarantine
Under the new measures, parents who have to stay home in order to take care of their children who aren’t able to attend school will be eligible for financial compensation
At the same time, this measure is also for persons who has been forced to quarantine by a doctor and cannot work.
Our lawyers in Switzerland will be able to provide you with more information about the economic measures and can also provide clients with qualified consultancy and expert legal advice for a wide range of corporate services. Do not hesitate to contact us!