Covid: the recovery plan is not targeted on the most penalized companies, according to a study

The stimulus plan mainly favors large industrial companies, according to the Institute of Public Policy.

The 100 billion euro economic stimulus plan is poorly targeted towards the companies that are the most penalized by the Covid-19 epidemic, according to a study by the Institute of Public Policies (IPP), published on Monday .

The recovery plan thus targets above all large industrial companies, regardless of the impact of the epidemic, say the authors of this study, who assessed the repercussions of the crisis on households and businesses, and the effectiveness of the measures. taken by the government.

The plan will benefit businesses less

The energy sectors, industry in general, and water and waste companies are particularly those that will benefit the most from the 10 billion euros reduction in production taxes, a flagship measure of the plan. relaunch. It will benefit businesses to a lesser extent, and much less businesses in the hotel and catering industry or services.

More generally, this tax cut will benefit less to companies that have suffered the greatest losses in turnover during the first confinement nor to those that have the least kept their employees in employment during this period. The authors therefore judge “optimistic“The government’s forecast on the positive impact of this measure on medium-term growth, especially since its financing”was not taken into account».

On the other hand, the study notes that the emergency measures taken since March (partial unemployment, guaranteed loan, exemptions from charges, solidarity funds) have fulfilled their role, by targeting the most financially fragile companies, those which have been able to the least keep their employees in employment and who have suffered the largest drops in turnover.

By sector, the hotel and catering industry, services, transport and shops are thus the most assisted. On the other hand, the authors stress that these devices also have “especially helped small companies with little capital and not very productive before the crisis».

Finally, according to the study, the shock of the epidemic had a very unequal impact on household income: the most modest, because they are in particular the most likely to work in sectors affected by Covid-19, were thus the most penalized. They are also less likely to telework and have the least protective employment contracts (CDD, interim, etc.)

From this point of view, the exceptional aid to recipients of social assistance and the back-to-school allowance, which reached 173 euros for the 20% of the poorest households, or those for the self-employed and small entrepreneurs, have allowed to partially offset their decreases in income, the study notes.

Households in the middle of the income distribution recorded the largest losses (up to 0.4%), the partial unemployment benefit not covering all of their usual salary. Conversely, the wealthiest households, more likely to telework and therefore keep their full salary, were less penalized by the crisis.

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