Friday, 03 April 2020

Legal Alert: COVID-19 Credit Line close to become unavailable in Portugal

VolverIn view of the negative macroeconomic forecasts for the second quarter of 2020, due to the current epidemic crisis, the Portuguese Government has announced a set of new economic and financial measures, as the integration of a new COVID-19 credit line on the already existing “Capitalizar 2018” Program, to support the companies whose activity is being affected by the negative economic effects resulting from the current outbreak of COVID-19, with a global allocation of 200 million euros.

Bearing in mind the growing demand, by the interested companies, for this financial solution, the allocation was increased, last week, to a total of 400 million euros.

The aforementioned credit line has already 817 approved operations, within the registered banks, in a global amount of 365 million euros already distributed.

BELZUZ hereby alerts the interested companies of the now available plafond of only 35 million euros to support PME’s to withstand the actual epidemic crisis.

Nevertheless, the sectorial specific credit lines for tourism, travel agencies and industry (whose application can no longer be considered valid by the COVID-19 credit line) remain available.

The credit line promoted by Turismo de Portugal directed to the micro companies has already received 2.000 applications as well.

The Litigation and Arbitration Law Department of Belzuz Abogados S.L.P. – Portugal is available to assist with any application procedures or to clarify emerging queries or doubts on this matter.

 Margarida Sá Marques Margarida Sá Marques 

Commercial and Corporate Law department | (Portugal)

 

Belzuz Abogados SLP

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