The Council of Ministers plans to approve tomorrow Tuesday the package of public aid for an amount of 11,000 million euros for the hospitality, tourism and trade sector, which will be sustained through three direct support funds for companies, one with aid to affected companies channeled through the autonomous communities, another for the conversion of ICO credits and a third for the recapitalization of medium-sized companies.
Nadia Calviño points out to the banks as “essential in the solution” to get out of the economic crisis
As confirmed to Europa Press in government sources, after finalizing the last details this weekend, the new stimulus package of the Government is brought forward a week from the date initially scheduled by decision of the Prime Minister, Pedro Sánchez, who a few days ago announced that the 11,000 million aid package would soon see the light of day for the balance sheet of hospitality, tourism and small business companies.
In this way, the Council of Ministers will approve the new package aimed at avoiding solvency problems in companies, especially SMEs, after the impact suffered by the restrictions of the third wave of COVID and after the Government approved the year past 40,800 million (5% of GDP) in direct aid, mainly ERTE, and has committed to date 2% of GDP in 2021 to this end.
In detail, the Executive contemplates the creation of three funds whose endowments will make up the new package of 11,000 million euros, and which will foreseeably consist of a fund channeled through the autonomous communities and dedicated to direct aid for those companies most affected by the restrictions mobility.
The aid from this fund will be added to those already implemented by the CCAA and the new measures that the regions will configure after the transfer made by the State of the COVID-19 fund of 16,000 million, to which the 8,000 million euros received will be added. of the React-EU Fund this year.
Once the European Commission reviewed the Community State aid framework on 28 January, the Government is reforming the existing legal framework to be able to increase the instruments and the amount of direct aid to freelancers and companies affected by the Covid pandemic. -19.
The current EU aid temporary framework allows financing aid to fixed costs of companies for up to 800,000 euros, although Economía is processing authorization with Brussels to raise such aid to 1.8 million, a relevant figure, given the high percentage of SMEs in Spain. In this way, the Autonomous Communities will be able to take advantage of this framework for the granting of direct aid aimed at financing costs such as leases, supply costs or training, according to Executive sources told Europa Press.
A second fund will be set up for the restructuring of the more than 120,400 million credits guaranteed to date by the Official Credit Institute (ICO), which have been granted 98% to SMEs and the self-employed. In this regard, the Ministry of Economic Affairs could draw up a protocol for restructuring, although it is foreseeable that it will eventually leave the take-downs and restructuring processes at the mercy of the banks. In any case, the entities will have to assume part of the cost of these new measures.
The third and last fund will be a recapitalization fund for medium-sized companies through the public company Cofides, in line with the one implemented by SEPI of 10 billion euros for large companies.
In this way, the instruments that will see the light are in line with what Calviño has hinted at in recent weeks and will include direct aid and aid through solvency (debt relief), as claimed by different sectors that have urged in recent days not to delay the approval.
The new package of aid being finalized by the Government has been configured after months of work mainly by the Ministry of Economic Affairs and Digital Transformation together with the Bank of Spain and financial institutions, as well as the departments of Industry, Commerce and Tourism or Labor, since As the third vice president of the Government, Nadia Calviño, has assured, the entities must continue to play an important role in the new measures and will assume part of the cost of the same.
In this line, the Ministry of Industry, Commerce and Tourism has been working on direct aid for months considering that the aid implemented up to date, such as the reduction of costs, ERTE, the rent moratorium, postponement of taxes or contributions or the Plan Horeca approved in December, they were not enough for the sector.