The European Commission announced today, Tuesday, November 17, that Spain will receive €4,000 million in loans to pay for Temporary Employment Regulation Records (ERTE).
In a tweet, EC President, Ursula von der Leyen, said: “I am pleased to announce that Spain will receive an additional €4,000 million euros in SURE loans. And more help is coming soon, Europe is with Spain.”
The loan is part of the €21,300 million that the European Commission agreed to lend to Spain to finance ERTE, as one of the countries hardest hit by the pandemic.
Spain is one of 15 member countries of the Union to receive aid, and will have 15 years to pay the money back.
🇪🇸 Me complace anunciar que España recibirá hoy 4.000 millones de € más de préstamos SURE.
SURE financia regímenes de reducción de tiempo de trabajo durante la pandemia para proteger el empleo.
Y pronto llegará más ayuda
Europa está con España
— Ursula von der Leyen (@vonderleyen) November 17, 2020
At the end of September, the Labour Ministry and Social Security Ministry reached an agreement with Spain’s two largest unions, the UGT and CCOO, to extend the furlough scheme until January 31, 2021.
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