Deutsche Bank har analyseret den tyske hjælp til de coronaramte virksomheder, og analysen viser, at virksomhederne langt fra kan bruge hjælpen. Er det et problem for også de øvrige EU-lande? Hjælper hjælpen de rigtige? Analysen indikerer, at hjælpen i høj grad er gået til store og større virksomheder, mens det ofte er de små, der er ramt hårdest. Under den anden bølge har regeringen ændret kurs og vil fokusere hjælpen på små virksomheder og enkeltmandsfirmaer, bl.a. fordi hele restaurationsbranchen er blevet lukket.
Lower-than-expected utilisation of aid packages thus far
It can be concluded that the actual utilisation of these state aid measures by German companies, businesses and entrepreneurs is significantly below the maximum financial volumes or indeed the expected request volumes.
According to the German Federal Ministry of Finance (BMF), a total of EUR 71.4 bn in coronavirus aid has been approved to date (as at November 10, 2020).
The largest share is accounted for by the various liquidity aid schemes provided by the stateowned KfW development bank (EUR 45.9 bn). The second largest item of aid came in the form of emergency aid (EUR 13.8 bn), which was replaced by the interim aid schemes, followed by the Economic Stabilisation Fund’s (ESF) capital measures (EUR 6.5 bn), the large-scale guarantees and guarantees of the guarantee banks (EUR 3.9 bn) and interim aid scheme I (EUR 1.3 bn), which expired at the end of August.
This applies in particular to the emergency aid (budget funds allocated in the first
supplementary budget 2020: up to EUR 50 bn) within the scope of the interim aid
scheme I (budget funds in the second supplementary budget 2020: EUR 24.6 bn;
largest single item in the economic stimulus package).
But also the capital injections by the ESF into large enterprises, amounting to EUR 6.5 bn, have also
been relatively modest so far (maximum volume: EUR 100 bn) (see figure 4).
In light of November’s partial lockdown, the government has now decided to increase the dose of its financial aid to solo self-employed, freelancers as well as small and medium-sized companies.
Consequently, the mere ripple of support often bemoaned in this area could ultimately gather enough strength yet to become a mighty wave. The provision of aid over the further course of the crisis is to be strictly guided by necessity, effectiveness and appropriateness as fiscal resources are limited and the state cannot provide unlimited comprehensive cover.
