EPP Group wants maximum support to help SMEs survive

“It’s the money, stupid.”

This slight rephrasing of an almost 30 year-old American Presidential campaign slogan has never been more relevant for Small and Medium-Sized Enterprises (SMEs) in Europe than during the current Coronavirus pandemic.

More than ever before, the most financially fragile amongst our companies are suffering from cute financial trouble. SMEs are the backbone of our economy and account for a vast majority of new jobs being created. However, with many SMEs in dire straits, we fear that they will only survive if immediate support is provided.

The EPP Group has persistently advocated adequate financing for SMEs along with other measures - like support for research, innovation, digitalisation and the challenges of climate change.

Right now, a number of small businesses are going through an exhausting steeplechase to fill in mountains of paperwork and online forms to apply for survival aid. While it is understandable that a certain amount of public paperwork is necessary, it must be possible to reduce it to a bare minimum in these difficult times – in line with the proposals on SMEs already made by EPP Group.

Importantly, some governments in the European Union are up to the task and have set up lifelines. In addition, the European Union has recognised the need for massive support and some support schemes in various areas - research, innovation, some financing and guarantee schemes. However, more is needed and now is the time for European governments to face the money question big time.

Click on the links to read the concrete measures for SMEs already decided and the Position Paper with further suggestions from the EPP Group’s SME Circle, on the right-hand side.