His phone keeps ringing.
At the end of the line, Frédéric Maillard listens all day long to the concerns and questions of his many clients and business leaders.
Most have benefited from a state guaranteed loan (PGE) allowing them to cope with the turbulence of the first year of the health and economic crisis of Covid-19.
However, in recent days, some have already received a letter from their bank.
Like a sword of Damocles hanging over your head.
"Those who for example signed an EMP at the end of April 2020 must decide by the end of February - two months before the anniversary date - the terms of repayment of this loan", he explains.
Based in Paris, in the premises of the Exco network, the accountant recognizes that this deadline scares more than one client.
"It's time to make choices," he said.
If they do not position themselves on a repayment schedule - which may extend until 2026 - their entire EMP will be withdrawn on the anniversary date.
The concern is that most of them do not yet have any visibility as to the possible resumption of their activity in the coming months.
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Example with this plumbing company which has ten employees.
The boss, who had set aside a little cash, managed to achieve a break-even result at the end of the year, despite declining activity.
The EMP of 250,000 euros, obtained in April 2020, did not really serve him.
And he is not the only one: 65% of the bosses - according to the Public Investment Bank - have not touched this precious precautionary loan.
But what will 2021 look like?
" No one knows.
When in doubt, my client preferred not to repay his EMP in one go and keep it for the maximum six years allowed.
With a declining result in 2020, he is afraid of not being able to borrow again, if the need arises in 2021, ”he says.
Pay later, pay more
Only 10 to 20% of Frédéric Maillard's clients could choose to repay their loan in one go from 2021. The others should play it safe, take advantage of the postponement of an additional year (in 2022) before repaying in four years between 2022 and 2026.
But this choice, admittedly attractive, costs more, because it will then be necessary to pay more costs of guarantee and interest.
Thus, if this boss of the plumbing company had decided to repay his loan in one go, at the end of the second blank year, for example, he would have had to pay 252,376 euros to his bank.
However, since he finally preferred to spread his reimbursement over four years (between April 2022 and April 2026), the total cost of his EMP will amount to 264,177 euros.
“This means that he will have to pay 145 euros in monthly fees in 2021 and then nearly 5,500 euros per month in reimbursements for 48 months from 2022”, specifies the accountant.
Is it really achievable?
“This represents a significant amount,” he continues.
If he has to repay this sum under the conditions of current activity, he will have to reduce his structural costs.
In short: cut in the workforce.
Despite everything, the plumbing company was not the most affected by the crisis.
Among Frédéric Maillard's clients, the bosses of the hotel, tourism and catering sectors are in much worse shape.
“These professionals have, for the vast majority of them, used the EMP, he explains.
They have no visibility of recovery and, for some, it already seems illusory to think that they will be able to repay their loan in four years.
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As for Bercy, we are well aware of this.
This Thursday, the Minister in charge of VSE-SMEs has also indicated in our pages that discussions were underway with Brussels to try to extend the repayment period by two additional years.
"This can be a game-changer for many bosses," recognizes Frédéric Maillard.
If the monthly payments are spread out over time, the impact will be less catastrophic.
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