ECONOMY FINANCE
NON REFUNDABLE PAY-OUTS
NON
REFUNDABLE PAY-OUTS The Spanish government recently approved an €11 billion economic relief package which includes €7 billion direct aid to distressed businesses. This is done to stimulate the economy crisis caused by COVID-19 and prevent a wave of corporate insolvencies. The package comes in three separate funds:
1. A €3 billion pool to restructure stateguaranteed loans, to be managed by the banking sector. 2. A €1 billion reserve to recapitalize medium-sized companies, run by the state-owned financing company Cofides.
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3. €7 billion in non-refundable direct aid to self-employed workers and small and medium-sized enterprises (SMEs) affected by the coronavirus crisis. (2€ billion are for the Balearic Islands and Canary Islands, two regions badly hit by the crisis.
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