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COVID-19 Joint and Several Guarantee Act: Interest Rate Adjustments and Impact

During its meeting on 27 March 2024, the Federal Council decided to leave the interest rates for outstanding COVID-19 credits unchanged as of 31 March 2024. The interest rate will remain at 1.5% for credits up to CHF 500,000 and 2% for credits exceeding CHF 500,000.

2024-03-27 12:45:25
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Quelle: Swiss Federal Council

The COVID-19 Joint and Several Guarantee Act allows the Federal Council to adjust interest rates on COVID-19 credits annually on the 31st of March. The Federal Council considers various factors when setting interest rates for COVID-19 credits, including the SNB policy rate, which has been at 1.5% since March 22, 2024.

Credits up to CHF 500,000 have had an interest rate of 1.5% since April 1, 2023, while credits over CHF 500,000 have a 2% interest rate. On March 27, 2024, the Federal Council decided to keep the interest rates for existing COVID-19 credits the same.

The interest rates are designed to encourage borrowers to repay their COVID-19 credits promptly. This aligns with the program's original objective of providing liquidity support during the pandemic while minimizing defaults.

For more information, the State Secretariat for International Finance (SIF) can be contacted at +41 58 462 46 16 or info@sif.admin.ch..

(Quelle:Swiss Federal Council modified with ChatGPT)

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COVID-19 Joint Several Guarantee Act: Interest Rate Adjustments Impact