The information stated below applies to independent workers and small or medium sized enterprises (SMEs), they do not apply to personal finances.
The government has issued a set of regulations designed to help independent workers and SME’s cope with the economic standstill caused by the coronavirus crisis.
Firstly, independent workers are allowed to postpone their tax payments (IVA and IRPF) for a period of up to 6 months. After this timeframe you must begin to pay your tax debt, the first three months are interest free. The deadline to apply for this measure is May 30, 2020.
Another governmental measure is the extraordinary loan for autonomous workers. This can be solicited when (a) you have been forced to close your business due to the state of alarm, in which case you must bring a sworn declaration, or, (b) when your monthly invoices fall 75% compared the previous semester or month, to support this, you must provide fiscal documentation.
SMEs, known as PYMEs in Spain, are also exempt from paying their IVA and IRPF taxes for a period of 6 months, which they will need to pay back.
All businesses can relieve financial tension through the workforce by employing an ERTE, a temporary employment regulation which enables companies to make suspensions within employment contracts or reduce their working hours due to force majeure.
The government aims to release an initial package of 20,000 million euros, which guarantees up to 80% of loans requested by companies. This credit aims to ensure liquidity and the deadline to apply for this guarantee is September 30, 2020.
Apart from governmental help, many Spanish banks are offering an array of loans and credit lines to help businesses cope with this tough time. The government has offering guarantees up to 100,000 million euros for businesses wanting credit and loans from private banks.