The Spanish government has announced there will be an improved stimulus package to fend off a recession and protect businesses and jobs, which are affected by the country’s lockdown. According to the Government, more financial assistance through business loans will be made available through Instituto de Crédito Oficial (ICO). The exact details are being worked out by the Spain’s Prime Minister Pablo Sanchez and his team this morning.
It’s expected that measures today will also include more more financial help for both small and medium sized businesses (SMEs) and the self-employed, as well as employees who are unable to work because of the lockdown.
According to reports so far, the stimulus package could provide up to 100,000 million euros for businesses and the self-employed. This follows the government’s original proposed injection of 14,000 million euros, as well as tax breaks and postponement of taxes for SMEs and the self-employed earning less than 6 million euros a year. There will also be around 400 million euros of loans from the ICO specifically for those businesses in the tourism, transport and hospitality sectors.