Business · Companies · 6 hrs ago
Swiss firms still distribute dividends despite Covid aid restrictions
In spring 2020, Switzerland guaranteed nearly 138,000 bank loans to help businesses through the Covid crisis.
Cantons also provided aid, with federal support, to companies hit especially hard.
Companies receiving either type of support were barred from paying dividends or returning capital to shareholders while they benefited.
The rule was meant to ensure public money stayed in the business rather than going to its owners.
The Federal Audit Office checks compliance by comparing aid records with companies’ declarations to the Federal Tax Administration twice a year.
Its latest analysis, covering 2025, found that the problem continued six years after the first loans.
Swiss companies that received Covid-19 aid continued to distribute dividends despite restrictions, according to a review by the Federal Audit Office.
The restrictions apply to companies receiving federally guaranteed bank loans or cantonal “hardship” aid.
While receiving support, companies are barred from paying dividends or returning capital to shareholders.
The Federal Audit Office compares aid recipients with dividend and capital repayment declarations twice a year.
Its latest analysis, published on 4 November 2026, covers 2025 and found the problem had not disappeared.
- Who
- Swiss companies that received Covid-19 support, and the Federal Audit Office, which monitors compliance.
- What
- Some aid recipients continued to distribute dividends despite restrictions on doing so while receiving support.
- When
- The latest analysis was published on 4 November 2026 and covered 2025.
- Where
- Switzerland.
- Why
- Public aid was intended to support companies, not their owners.
This story does not have two clearly opposing sides.
The Swiss Confederation guaranteed nearly 138,000 bank loans to help the economy through the Covid crisis.
Cantons, with federal support, provided aid to the hardest-hit companies.
The Federal Audit Office compares the list of supported companies with their reported dividends and capital repayments.
The office published its latest analysis, covering 2025, and reported that the problem persisted.
- Federally guaranteed loans
- Nearly 138,000
- Latest analysis
- Published 4 November 2026
- Analysis period
- 2025
- Monitoring frequency
- Twice a year
- Restricted payments
- Dividends and capital repayments to shareholders