How to build a bailout

Business Daily

BBC

Business

4.4 • 816 Ratings

🗓️ 11 May 2020

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

Coronavirus is prompting the biggest government bailout effort of all time. Billions of dollars are being spent rescuing companies hit by the economic damage caused by the pandemic, but there are already criticisms that money is not going where it is most needed. In the US small and medium sized firms have been refused bailout loans, while larger firms have been borrowing millions; Ed Butler mulls the inequities in the system with Amanda Fischer of the Washington Center for Equitable Growth and Amanda Ballantyne of the Main Street Alliance. Eric de Montgolfier, Chief Executive of Invest Europe, an umbrella body representing private equity firms argues that all companies should be treated the same and Carys Roberts at the UK’s Institute of Public Policy Research suggests that certain criteria should be adopted by governments when they step in and that businesses themselves need to be responsible. (Image: UK Chancellor, Rishi Sunak, Credit: AFP Getty)

Transcript

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0:00.0	Hello there, I'm Ed Butler and welcome to Business Daily from the BBC.
0:05.9	Today, coronavirus is prompting the biggest government bailout effort of all time.
0:11.8	But is rescue money being wasted?
0:14.2	It's disheartening.
0:15.4	Many, many larger businesses who aren't necessarily suffering extreme harm have gotten the money, and there just haven't
0:22.4	been enough restrictions.
0:24.1	Yes, COVID-19 may be nobody's fault, but are all the industries seeking help today equally
0:30.4	deserving?
0:31.1	All companies should be eligible for government measures, government money, irrespective of size and ownership structure.
0:39.8	How to build a bailout. That's Business Daily from the BBC.
0:46.3	It has been a busy time for Western Finance Ministries lately,
0:50.4	with governments falling over themselves to prop up their teetering economies.
0:54.8	Any business who needs access to cash to pay their rent, their salaries, suppliers, or purchase stock,
1:01.7	will be able to access a government-backed loan or credit on attractive terms.
1:06.6	Nearly $350 billion in loans will be available to small businesses, including sole proprietors.
1:13.4	These loans are up to 100% forgivable as long as employers keep paying their workers.
1:20.2	Got to take care of your workers.
1:21.3	If your business's revenues have decreased by at least 30% because of COVID-19.
1:28.3	You will be eligible for this subsidy.
1:31.7	The likes of Messrs. Trump, Sunak and Trudeau.
1:35.4	Between them, pledging trillions of dollars.
1:38.1	Got to take care of your workers, they say.
	...

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