The key points
- Well overcoming the Ateco codes
- The absence of measures to support liquidity
- Work, you need more flexibility in entry
The support law decree shows “some appreciable innovations, but it has a limited scope of action (despite the huge resources used). In this sense, the ‘liquidity emergency’ must be tackled as soon as possible ”. This was revealed by Francesca Mariotti, general manager of Confindustria, heard by the Senate Budget and Finance committees on the support bill, underlining that “the measures to support liquidity and to strengthen the financial structure of companies are absent from the bill”. Another aspect remarked by the CEO of Confindustria is the transition, for refreshments, to a “criterion based on fixed costs”: a criterion “tested in Germany since last summer” which “would support more employment-intensive companies and that they invest more in tangible and intangible assets “.
Well overcoming the Ateco codes
In the Dl support on refreshment points there are “positive innovations” compared to the previous decree laws (such as the overcoming of the Ateco codes and the raising of the access threshold from 5 to 10 million in turnover) “but the system is still not ‘targeted’ to support the companies that have suffered the greatest losses and that have the most employment impacts. It is necessary – Confindustria notes – to adopt a mechanism that, for a wide range of beneficiary companies and with simple and automatic verification mechanisms, offers (partial) coverage to the costs incurred for items such as rent and leasing fees, financing costs, local taxes and utilities, in proportion to the loss of turnover.
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The absence of measures to support liquidity
Returning to the absence of measures to support liquidity and to strengthen the financial structure of companies, this happens “in spite of the massive recourse to bank loans, which have increased due to the over 175 billion loans guaranteed by the Liquidity Decree. This dynamic – it is added – has guaranteed the stability of the production system in the emergency, but has had the effect of eroding the own means: the result is that, to repay this debt, it will take more than double the years of cash flow necessary before. of the crisis (from 2.2 years in 2019, to 5.4 in 2021), to the detriment of productive investments. In the immediate future, the financial tensions of companies must be eased, with four measures: to modify the rules on VAT on the amounts not collected; encourage a wider recourse to the offsetting of tax credits and debts; extend the moratorium on the debts of SMEs, avoiding the risk of non-performing reclassification of suspended exposures; extend the repayment times of guaranteed loans from six years to no less than fifteen (by modifying the Temporary Framework on state aid). In the medium term, the priority is dimensional growth and the rebalancing of the financial structure of companies, also through incentives for their capitalization “.
Work, you need more flexibility in entry
On the labor market, “Istat data shows that in the year of the pandemic we lost 945,000 employees, an unprecedented decline. The most affected were young people and temporary employees. Precisely for this reason, also considering the continuing block on dismissals, it is necessary to guarantee greater flexibility in entry, adding to the provisions of the Decree on renewals and extensions of fixed-term contracts an intervention on the reasons, which also includes those identified by collective bargaining, including corporate “. This is the position expressed by Francesca Mariotti, general manager of Confindustria, heard by the Senate Budget and Finance committees on the support bill. “It is also necessary – he added – to overcome the emergency approach of the recent measures, starting with a clear indication of the stages of the reform of the social safety nets, passing through measures capable of supporting the corporate restructuring processes, through the strengthening of the expansion contract. “.
The extension of the state of emergency is necessary
Two “urgent legal issues” were posed by Francesca Mariotti, general manager of Confindustria: “the one-year postponement of the alert procedures provided for by the Crisis Code (also considering the alarming estimates of the Bank of Italy on the numbers of companies involved) and the necessary extension (expires April 30), until the end of the state of emergency, of the measure on ’emergency’ agile work “.