Chamber of Commerce president Luc Frieden started off by saying that only twice in his life did he experience a global crisis on such scale, these events being 9/11 and the economic crash of 2008. In both cases national and international measures were necessary to support, encourage and boost the private sector. He remains optimistic that the coronavirus can be tackled, but emphasised that the length of the crisis will play a decisive role in what measures - and for how long - will be possible.
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One of the concrete measures announced is the option for companies to take up a loan from the bank despite not having the usual financial guarantee required to receive approval. Banks have been given the allowance to give out these loans. The limit is set to €250,000 per company, who will receive a reply within 24 hours.
A hotline and email address will be set-up as of Monday for companies to ask questions: 42 39 39 445 and covid19@houseofentrepreneurship.lu
Furthermore, meetings will no longer be scheduled at the Chamber of Commerce, but staff numbers will be increased to help take phone calls.
Minister for Small and Medium-sized Businesses Lex Delles acknowledged the tough times travel agencies are facing. He advised people not to go on holiday in crisis areas, but did not necessarily encourage the complete cancellation of trips.
Lex Delles called for calm and to avoid panic-buying, confirming that plenty of food was available at all supermarkets and supply chains are not affected.
RTL Today editor Martin Jonsson visited several supermarkets this morning.
