Castex announces twenty billion more to support economy during new lockdown

"On Wednesday, the Council of Ministers will adopt a new amending finance bill providing for an envelope of additional 20 billion euros to finance these support and accompanying measures", explained the Prime Minister on the occasion of a debate on the new restrictions announced Wednesday evening by Emmanuel Macron.

"SMEs that are experiencing difficulties will be able to benefit from increased exemptions from charges and we will extend state guaranteed loans by six months", also announced Jean Castex.

In detail, "all sectors subject to administrative closure will benefit from aid of up to 10.000 euros per month via the solidarity fund" and, for these same sectors, "we are setting up the partial activity with zero charge for the employer ".

"For other sectors, the partial activity device in force, which was to be reduced on November 1, will be maintained and extended for employees, under current conditions", also specified the head of government.

"We must collectively assume these expenses", he launched in front of the deputies, by arguing "to do nothing would have an economic, financial and especially human cost even more considerable".

According to the Minister of Public Accounts, Olivier Dussopt, a month of confinement represents "10 billion euros in intervention spending".

"When activity stops for a whole month, it is between 2 and 2,5 points of GDP that we lose. It is more than 10 billion euros of intervention expenditure and it is at least 10 billion euros in lost tax revenue, "he explained on Wednesday, recalling that since the start of the crisis, the state had seen its revenue drop by 70 billion euros in tax revenue.