EFAA Calls for Urgent Action to Support SMEs and SMPs

Source: EFAA

EFAA has urged EU institutions and national governments to take urgent action to protect and support SMEs during this time of crisis. While the first and foremost concern and priority is to protect citizens health, EFAA stresses that SMEs will be the most severely impacted by the economic fallout from the coronavirus. Accordingly, EFAA fully supports the European Commission’s Statement on COVID-19 economic policy response which addresses many of the requests contained in the joint statement by SMEunited and its social partners. We particularly welcome 'the Commission’s liquidity support for firms facing severe disruption and liquidity shortages, especially SMEs and firms in severely affected sectors and regions, including transport and tourism – this can include tax measures, public guarantees to help companies to borrow, export guarantees and waiving of delay penalties in public procurement contracts. Among the other measures we also especially welcome the initiative of the Commission and the EIB Group to mobilise up to €8 billion of working capital lending for 100,000 European firms, backed by the EU budget, by enhancing programmes for guaranteeing bank credits to SMEs and support increasing the amount up to €20 billion including a further 150,000 firms.