Money KfW says company 33.5 billion corona loan assistance to
U.S. Treasury Officer Kaplan - "We still have a lot of dry powder"
© Reuters / Ann Saphir FILE PHOTO: Dallas Federal Reserve Bank President Robert Kaplan speaks at the Commonwealth Club in San Francisco San Francisco (Reuters) - The US Federal Reserve Robert Kaplan sees further capacity at the Fed to counter the economic consequences of the corona crisis. "We have the option to make additional asset purchases. We have a lot of dry powder," Kaplan said in an interview with Bloomberg Radio on Wednesday. The President of the Dallas Federal Reserve expects the U.S
As part of the special loan program of the state development bank KfW, around 70,000 loan applications were received in the first 100 days.
From March 23 to the end of June, companies were promised 33.5 billion euros and 99 percent of the applications had been finally decided, as the Ministry of Economy, the Ministry of Finance and the KfW jointly stated. 98.5 percent of the applications had a volume of up to three million euros. These would be checked by the intermediary banks and promised by KfW without any further risk assessment.
"The aid arrives exactly where it is needed, especially in small and medium-sized companies," said Federal Minister for Economic Affairs Peter Altmaier (CDU) according to the message. The smaller loan applications were reported to be 19.5 billion euros.
EUR 26 billion was therefore for applicants with a loan volume of more than EUR 10 million. A total of around 50 billion euros in loan applications had been received in the first 100 days. Only large-volume applications are still under review, it said. Instead of the intermediary banks, KfW assumes 80 to 100 percent of the credit risk with a federal guarantee.
Federal Minister of Finance Olaf Scholz spoke of a "success story": "Many companies have gratefully accepted these grants to help them get through the difficult times," the SPD politician explained.
Merkel and von der Leyen warn of failure of Corona summit in July .
© Kay Nietfeld Chancellor Angela Merkel and EU Commission President Ursula von der Leyen (both CDU) have jointly before the summit meeting on the EU budget and the Corona Aid fund warned on July 17 and 18. Chancellor Angela Merkel and EU Commission President Ursula von der Leyen (both CDU) warned of the failure of the summit on the EU budget and the Corona Aid Fund on July 17th and 18th.