January 28, 2022

Le Maire: France Will Increase Financial Assistance to Businesses Affected by the Coronavirus

Based on the post made by Reuters earlier on, the Finance Minister of France, Minister Bruno Le Maire declared on Monday concerning the expansion of the financial aid given by the government for businesses that got affected by the Covid-19 outbreak.

French Government to Increase Financial Assistance to Businesses Affected by Coronavirus

The government would be making an investment of hundreds of millions of euros into the relief, according to Minister Bruno Le Maire, as well as the standards for a company to seek for assistance would be lowered. Businesses would now be allowed to seek assistance once they have experienced a 50 percent drop in revenue compared to the time prior to the outbreak. 

According to Le Maire, hotels, clubs, eateries, travel agents, and other operations in the tourist industry would be qualified to request for the financial assistance. Le Maire announced this new development immediately after an increase was made to France’s social distancing regulations in response to the recent increase in the recent COVID-19 cases.

The Start of France’s Financial Aid for Companies Hit by Pandemic in 2020

According to Finance Minister Bruno Le Maire, France’s Financial Support to Businesses Begins Affected by the Pandemic. From March 2020, the French government made provision of financial aid for companies that got affected by the Covid-19 epidemic by extending the 240 billion euros ($283B) financial support to them, primarily in the guise of state-assured loans.

Following the numerous businesses being ordered to shut down amid 3 statewide lockdowns because the epidemic started, President Emmanuel Macron promised to safeguard French businesses and their workers no matter the cost. The Finance minister even told the France Inter radio last year that irrespective of the price of the bill it would be standing at 80B euros as well as 160B euros in terms of loans.

Le Maire claimed that Just the most hard-hit industries, including tourism or recreation, would be receiving the financial assistance. Following the year of recession, 2020 in France as well as several countries, the authorities anticipated income activity would reach 6 percent in 2021 and higher in 2022.  The resurgence in France will continue, owing in part to increased customer expenditure, which is allowing the industry to function at 99 percent of its capacity.

He went on to say that the amount of demands for government urgent loans dropped to 50K in July last year which is down from 500K in May. Even theaters, restaurants, as well as museums, which were hampered by the demand of a health permit for customers proving Covid-19 vaccination or a negative test, saw just a short dip in activity.

As of this week, businesses must verify that all staff who interact with the public have a health permit, as France strives to persuade vaccine skeptics to get the shot. Based on the Health Ministry, approximately 72 percent of the population successfully got at least a dosage, which is among the highest percentages across Western countries, and 43M individuals (64 percent) have been completely vaccinated.

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