My first impressions looking at the leaked draft regulation SURE instrument proposed by the @EU_Commission: https://www.politico.eu/wp-content/uploads/2020/04/SURE-Regulation-clean.pdf
1) It's based on Art 122.2 of TFEU and thus very similar to the EFSM instrument created in 2010
2) But borrowing would not be based on EU budget 1/n

but on guarantees by MS which would allow it to be a bit bigger and reach a borrowing capacity of €100bn
3) the GOOD: it's unconditional, the only condition is that it is supposed to finance temporary lay-offs benefits. This is a fonction given that money is fungible 2/n

but at least it gives the right incentive to all MS to create Kurzarbeit-style systems, and coordinate social response in the EU.
4) The BAD now: it's not a reinsurance scheme there are no ex-post transfers, just loans so it doesn't share the burden of the crisis 3/n

5) It is small: 100 billion=0.8% of EZ GDP, we will need at least 1000 billion to face the crisis. MS can finance themselves on the market, this might be slightly cheaper but given small size, the gains will be negligible for MS (eg savings in IT could be around 0.015%) 4/n

6) Given it size it will not help the ECB much to enlarge PEPP or to replace national sovereign bonds by supranational bonds (with which the ECB might be more confortable legally)
7) It will not be scalable easily as the EC would have to ask for additional guarantees from MS 5/5