Status: 04.12.2021 8:22 p.m.
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The parliamentary groups of the SPD, Greens and FDP are planning to extend the Corona aid fund for companies. According to dpa information, the total volume of the fund is to be reduced, but the term is to be extended until June 2022.
In view of the fourth wave of pandemics, the traffic light groups are facing the extension of the multi-billion Corona aid fund for larger companies.
The SPD, Greens and FDP in the Bundestag are planning to expand the Economic Stabilization Fund (WSF) by half a year until the end of June 2022, according to a corresponding draft law, the news agency dpa reported. At the same time, the scope – which has not yet been exhausted – is to be reduced.
The fund is an important instrument of the federal government to directly help large companies that are in need because of the Corona crisis. For example, Lufthansa received billions in aid. “With this qualified extension we are giving companies and the market a clear signal that functioning stabilizers will be extended and at the same time adapted to requirements,” said FDP budget expert Otto Fricke of the dpa.
Reduced total volume
The WSF consists of three instruments, which so far have a total volume of 600 billion euros: A guarantee framework of 400 billion euros is intended to help companies get money from banks and on the capital market. This instrument has not yet been used and is now expected to drop to a maximum of 100 billion euros.
Recapitalization measures, which can go as far as the direct entry of the state into a company and for which the WSF is allowed to take out loans, have so far had an upper limit of a total of 100 billion euros. This sum is expected to drop to 50 billion. According to the Ministry of Economic Affairs, a good 8.8 billion euros have been used so far.
There should be no change in the financing of special corona programs of the state development bank KfW, for which the WSF is allowed to take out 100 billion euros in loans. So far, 35.4 billion euros have been used here.
Planned extension until June 30th
According to the bill, stabilization measures are possible until June 30; Applications can therefore be submitted until April 30th. Should the WSF expire, that does not mean that all aids have to be canceled. It is conceivable that the federal government will hold a stake in a company for several years through silent contributions.
The changes should be initiated before the turn of the year: According to FDP politician Fricke, the first reading in the Bundestag is planned for Thursday.
In addition to the WSF, there is other aid to help the economy in the pandemic. Regulations on bridging aid and short-time work have also been extended. The Ministry of Economic Affairs announced in November that since the beginning of the crisis aid to the economy amounting to around 126 billion euros had been granted. This does not include the short-time work allowance.
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