After the National Assembly, the upper house of Parliament voted on the night of Wednesday to Thursday the crisis budget proposed by the government to help the French economy against the Covid-19. The senators were able to modify the text, increasing the solidarity fund for very small businesses and the self-employed or adding the uncapping of the tax exemption of overtime worked during the state of health emergency.

The right-wing majority Senate voted on the night of Wednesday to Thursday, with modifications, the second rectified budget project for 2020 proposed by the government to support the economy facing the coronavirus crisis, to the tune of 110 billion d 'euros. After the National Assembly, the text was adopted at first reading by the Senate by 320 votes for and 16 against (the CRCE group with a communist majority). 

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Debt at 115% of GDP

Deputies and senators will meet Thursday in joint joint committee to agree on a common text. The two chambers will still have to approve this agreement in the process. This crisis budget, with considerably heavier expenses, expects an 8% drop in GDP in 2020, a public deficit of around 9.1% of GDP and a debt of 115% of GDP.

It brings to 24 billion euros the credits intended for partial unemployment and provides 20 billion euros to recapitalize strategic companies in difficulty, like Air France. It raises to seven billion euros the solidarity fund for very small businesses and the self-employed, an amount increased by 2 billion euros by senators, against the advice of the government.


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Tax credit for businesses that will remain closed beyond May 11

The new budget also includes aid for the most modest households (recipients of social minima) of 150 euros, plus 100 euros per child. Against the advice of the government, the Senate voted to uncap the tax exemption of overtime worked during the state of health emergency, as well as their exemption from social security contributions.

The senators have provided a tax credit for businesses which will have to remain closed beyond May 11, the date of the start of deconfinement, in particular in the hotel and restaurant, culture and events sectors. They also provided for a "subsidiary loan mechanism" for SMEs that were refused a government guaranteed bank loan.

"We are hungry"

Elected officials have also extended to all disinfectants as well as protective clothing such as gloves and gowns, the drop in the VAT rate from 20 to 5.5% voted by the deputies at first reading for masks and hydroalcoholic gel. The Senate also voted a measure allowing communities to recover the VAT on the purchase of masks and other protections, as well as provisions to make more use of insurance.

The PS voted the text "out of spirit of responsibility". "We remain hungry when it comes to resources," lamented Thierry Carcenac. "Not a single recipe, nothing on the wealthy, nothing on the highest income," added for the CRCE Pascal Savoldelli.