Source: Switzerland – Department of Finance
Headline: Coronavirus: Emergency ordinance on COVID-19 credits to be incorporated into ordinary law
During its meeting on 1 July 2020, the Federal Council initiated the consultation on the new Federal Act on COVID-19 Credits with Joint and Several Guarantee. This aims to incorporate the COVID-19 Joint and Several Guarantee Ordinance into ordinary law. This is necessary because the Joint and Several Guarantee Ordinance was issued as an emergency ordinance and is therefore valid only until 25 September 2020. The bill does not affect the ongoing granting of credits. Applications for guaranteed COVID-19 credits can be submitted until 31 July 2020. The new law regulates all important aspects over the lifetime of the credits. It also contains instruments to combat abuse and deal with cases of hardship.