Solidarity fund, loan guaranteed by the State … And after? – EconomyMorning


The solidarity fund and the loan guaranteed by the State are two of the flagship measures of the plan to support the economy implemented by the government.

While it is true that companies in other countries envy us these provisions, that does not prevent ours from sailing on sight, in an extremely confused context.

Between inconsistencies, lack of clarity on the categorization of activity sectors, permanent changes in attribution rules (for example concerning the inclusion of click & collect in the turnover for calculating compensation) and other extremely common changes in legislation, the profession of chartered accountants is forced to navigate on sight, which puts many of them at odds with their clients. In a context where these clients often find themselves up against the wall, accountants deplore the lack of sufficiently clear and precise government positions to help them.

On the other hand, the question of the amount of aid also arises: the solidarity fund, if it seems appropriate in certain cases, is it sufficient for medium-sized companies? In fact, it represents between 1,500 and 10,000 € generically, which may be sufficient to cover current fixed charges. But is it enough to compensate for the shortfall in terms of income for managers, who are not covered by unemployment insurance?

Many of them are forced to tap into the EMP, when it has been granted, for executive compensation: but this is a real time bomb.

Scheduled to be repaid after one year without interest, banks are now instructed to defer repayment by one year, which will be spread over 4 to 5 years. But these banks will charge interest.

We can legitimately ask: how can a company that is restarting be able to generate enough turnover to return to its pre-crisis level, and at the same time repay its EMP with interest (which will require releasing 5% of additional margin).

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