March 16, 2020 / 8:12 PM / 23 days ago

French firms can benefit from loan guarantees retroactively - source

PARIS, March 16 (Reuters) - The French government will put its new 300 billion euro ($335 billion) loan package through parliament in the coming weeks, but firms will be able to benefit from it retroactively, a Finance Ministry source said on Monday.

The package is designed to soften the economic fallout from the coronavirus epidemic.

“We’re setting up from today a 300 billion euro package to guarantee loans to companies. This package will be presented to parliament in the coming weeks and will be retroactive,” the source said.

The source added that banks had been asked by the finance ministry to allow companies to put off loan payments for six months without any fees.

$1 = 0.8955 euros Reporting by Leigh Thomas; Editing by Christian Lowe

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