A machine for making covered elastic yarns, including a plurality of covering units, where each of the covering units has a spool for feeding an elastic yarn, a system for feeding a non-elastic yarn, a member for tensioning the covered elastic yarn and a bobbin for collecting the covered elastic yarn, where the system for feeding the non-elastic yarn has a microspindle which rotates about an axis and at least one bobbin for feeding the non-elastic yarn separated by and arranged upstream of the microspindle along the sliding path of the non-elastic yarn and arranged outside the rotation axis of the microspindle, the microspindle including a channel which is coaxial to the rotation axis for the passage of the elastic yarn.