Covid-19: Government presents measures to support businesses

#Covid-19

Last Wednesday, Finance Minister Mário Centeno and Minister of Economy Pedro Siza Vieira announced a set of measures to support businesses in the sectors most affected by the Covid-19 pandemic.

At issue is a 3-billion-euro credit line. The tourism sector, one of the most affected, will have 1 700 million euros of support distributed as follows:

  • 600 million euros for restaurants and the like (270 million for micro and SMEs);
  • 200 million for tourism businesses in the areas of travel agencies, entertainment and event organisations (75 million for micro and SMEs);
  • 900 million euros for other businesses in the tourism sector such as tourist facilities and accommodation (300 million for micro and SMEs)

According to the statements, the credit lines may be used "from the next few days" and will have a "grace period until the end of the year". The loans are expected to be amortized over 4 years.

In addition, the Executive will also allow organisations to have more time to pay their debts to the banks. According to the Finance Minister, a moratorium on capital and interest for businesses is under discussion. An issue that is being worked on between Banco de Portugal and the banking system, namely with Associação Portuguesa de Bancos (APB), and which is being closely monitored by the Government.

All information on exceptional measures is already available on the Estamos On website, developed by the Government, and can be found via this link.

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