Pierre Fitzgibbon will specify how the aid distributed for the pandemic will be reimbursed

The Minister of the Economy Pierre Fitzgibbon will reveal by next summer the terms of reimbursement of the financial aid granted to companies affected by the pandemic.

The Emergency Assistance Program for Small and Medium-Sized Enterprises (PAUPME) and the Temporary Concerted Action Program for Businesses (PACTE) provided for a moratorium set for June 30, 2022 for the start of repayment of capital and interest on loans received. .

Mr. Fitzgibbon wants the reimbursement conditions to be adapted to the situation of the companies benefiting from these two programs, set up at the start of the state of health emergency in March 2020.

“We cannot have an approach for the 15,000 companies,” he said on Tuesday. I want us to announce publicly to the world, by the end of the parliamentary session, how it will work. »

Mr Fitzgibbon said it will have to be taken into account that some companies will be able to repay loaned funds more quickly than others.

“It’s not up to the government to decide that it’s going to be 32 months,” he said, giving this example. There is a danger in doing that, because there are some who will not be able to respect it and there are perhaps some who should be able to pay beforehand. Is there an incentive to put in place? We are thinking about that. »

PAUPME and PACTE are scheduled to cease their activities four weeks after the lifting of the state of health emergency, which gave exceptional powers to the government to manage the pandemic.

A government bill is currently under consideration to end this state while maintaining certain powers until the end of the year.

“If the bill passes on June 1, businesses would have four weeks to apply,” he said.

In an interview following a first installment of his department’s appropriation review, Fitzgibbon said the number of applications for financial assistance from businesses has dropped, indicating that the two programs will soon no longer be needed. .

“There isn’t much activity now, the bulk is over,” he said.

Further details will follow.

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