Urgent Measures to Support The Self Employed and Companies

Form the Government website.

The Government has approved a Royal Decree-Law with new urgent measures to support the liquidity and solvency of the self-employed and companies.
With decisions in the financial and bankruptcy areas. Some:

✳️Extension until June 30, 2021 of the term for granting loans of the two lines of public guarantees managed by the ICO of up to € 140,000 million.

✳️Extension up to 3 additional years, with a maximum of 8 years, of the term for maturity of loans guaranteed with the Line of Guarantees for liquidity

✳️Extension of grace periods for loan principal payment in 12 months, up to a maximum of 24
Companies or freelancers that request this extension of terms may not be in default or involved in bankruptcy proceedings.

For their part, financial institutions may not unjustifiably increase the interest rate or demand the contracting of linked products and they will have to maintain working capital lines until June 30, 2021 for customers who meet the eligibility criteria.

With this new package of measures, freelancers and viable companies are covered, thus protecting the productive fabric; the foundation on which to continue building the economic recovery.

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La Moncloa

Please note: The information provided is based upon our understanding of current legislation. It is not legal advice but is provided freely to enable you to be properly informed. We recommend that if you are considering taking action, you should seek professional advice.