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Table 15 Loan guarantee programmes internationally (cont.)

From: Firms’ participation in the Swiss COVID-19 loan programme

Jurisdiction

Beneficiary

Guarantee/ maximum loan size

Closing date

Interest rate

Loan maturity

Usage (CHF bn)

Usage (% of GDP)

Spain (Instituto de Credito Oficial)

All firms

60–80% depending on company size and new/renewed loan); no explicit maximum

30 Sep 2020

Guarantee fees of 20–120 bp (to be borne by the bank)

Up to 5 years

N/A

N/A

United Kingdom (Coronavirus Business Interruption Loan Scheme, CBILS)

SME

100% up to GBP 250’000; 80% above GBP 250’000; up to GBP 5m

N/A

Interest holiday in first 12 months; guarantee fee waived, lenders pay a fee; loan terms set by each lender

Up to 6 years

21.3

0.8%

United Kingdom (Bounce Back Loan Scheme, BBLS)

SME

100%; GBP 2’000–50’000 but maximum of 25% of turnover

N/A

no fees, interest or repayment of principal in the first 12 months; after 12 months: interest rate of 2.5%

Up to 6 years

42.4

1.6%

USA (Paycheck Protection Program, PPP - CARES Act)

SME

100% to end-2020; up to the lesser of USD 10m or a payroll-based amount

30 Jun 2020 (extended to 8 Aug 2020)

1% interest rate; optional interest payment holiday for first 6 months

2 (5) years

477.8

2.5%

  1. Source: Baudino (2020) and national sources