Corona loans:
“Government gravedigger of the SME sector”
While the coronavirus loans provided help in 2020, many small and medium-sized enterprises are now pessimistic about their financial future. The reason: they cannot repay the loan on time. Financial expert Gerald Zmuegg sees the government as the "gravedigger of the Austrian SME sector".
The state-backed corona loans will expire in a few months. According to a study by the Finanzombudsteam, almost half of the companies surveyed stated that they would not be able to make the repayments. "With these regulations, the government has allowed companies to fall into a debt trap," says financial expert Gerald Zmuegg in the krone.tv talk with Jana Pasching.
The specific problem was the term of the loans: "The term was designed so that there would only be one lockdown. As we know, there were then a large number of lockdowns and the government failed to extend the term."
The consequences are far-reaching, explains Zmuegg. "Ultimately, I assume that we will have double-digit unemployment in the first quarter of 2025 at the latest - precisely because there are these bankruptcies." Nothing can be glossed over here. According to Zmuegg, the forecast of 6,000 bankruptcies by the end of the year that has been announced to date will not be met, but far exceeded. "Because such special factors are not usually taken into account." Nevertheless, none of these bankruptcies will be necessary if the term of the loans is extended, according to the financial expert.
"Wild West style"
Zmuegg also describes the ordinance on COFAG aid funds passed in July as a sham. "Companies have waited two years for something to be regulated that the government issued incorrectly and have ultimately not received the money that they were promised in part. This is Wild West style, which is why sooner or later it will have to end up in the Constitutional Court."
The Covid Financing Agency (COFAG) was dissolved on August 1 after 4 years. The financial administration will take over the rights and obligations. According to Zmuegg, there will also be repayment claims. You can see more information in the video above.
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