The seven billion euro solidarity fund to support businesses during the coronavirus crisis has so far received more than a million requests, Edouard Philippe said at a press conference on Sunday. "The State, through the general directorate of public finances, paid directly, within four or five days following the request, the sums to businesses," said the Prime Minister.
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The system allows companies that have suffered a fall of more than 50% of their turnover to receive 1,500 euros, an amount that rises to 5,000 euros for those threatened with bankruptcy. The award criteria were widened last week and the total budget went from one billion to seven billion euros. "Insurers have committed to participate in the amount of 400 million euros in this budget and the regions have agreed to participate in the amount of 500 million euros," added Edouard Philippe.
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"Restart the machine"
"The objective of the government in this period is to safeguard what can be today to allow tomorrow to revive what must be," he said, recalling the other measures of emergency implemented: partial unemployment for 9 million employees (budget of 24 billion euros), and loans guaranteed by the state to the tune of 300 billion euros (18 billion guaranteed to date to some 130,000 companies ).
Ultimately, "we must think of a recovery plan, national, European, no doubt, so as to restart the machine: what will be essential alongside these economic emergency measures," he said.
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Since the start of containment and the forced closure of non-essential public establishments, general economic activity has decreased by 36% in France, industrial activity by 43%, construction by 88% and the accommodation sector and catering was 90% affected. The health crisis will cause "the strongest recession known in France since 1945", estimated at 8 points of growth lost for the year 2020, recalled Edouard Philippe.