In view of the economic losses resulting from the corona crisis, Germany's cooperative banks are calling for further support for small- and medium-sized companies.
"With a view towards the medium-sized firms, we see companies that have been weakened by the corona pandemic will increasingly need state support to strengthen their equity capital," Marija Kolak, president of the National Association of German Cooperative Banks (BVR), said during a video conference on Wednesday.
"Therefore the political sector must absolutely introduce the opportunig of a tax loss carryback," she said. Under tax loss carrybacks, firms could weigh their more of their losses from this year against their profits from previous years, a method which would quickly put money in the companies' coffers.
The BVR, which this year also heads the umbrella German Banking Industry Committee (DK), also is urging credit lines under the German state development bank KfW programme for start-ups and young companies should be expanded to an upper limit of 800,000 euros.
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