This Monday, Banco Português de Fomento opens applications for the new Covid-19 Economy Support Lines, for companies that export industry, tourism and event organizers.
The helpline for exporting companies in the industry and tourism has a global allocation of 1.050 million euros, while the helpline for event assembly companies has an allocation of 50 million euros and “is aimed at companies whose business volume in 2019, either at least 30% from activity in the context of setting up events, whether in terms of infrastructure or audiovisual ”.
“Both lines are available for Micro, Small and Medium Enterprises (SMEs), including individual entrepreneurs, as well as for Small Mid Cap and Mid Cap, in any case with activity in mainland Portugal, with a maximum term of operation of up to six years, including a 12-month grace period, ”explains Banco de Fomento, in a statement.
Each company can only apply for a financing operation, with a maximum financing amount of four thousand euros for each proven job. According to Banco de Fomento, the set of various operations contracted under the various support lines to Covid-19 cannot “exceed twice the company's annual wage bill or 25% of the total annual turnover in 2019” .
As previously announced by the Government, part of the loan may be converted into a non-repayable grant, that is, non-repayable financing, up to a maximum percentage of 20% of the financing amount, which will be determined “according to the maintenance of the posts of work, for at least 12 months after hiring, in addition to other cumulative requirements specific to each of the Support Lines ”.
To be eligible, companies must not have unregulated incidents with banks, Banco Português de Fomento or entities participated by Banco Português de Fomento and must present the situation regularized with the Tax and Social Security Administration - in the case of past due debts after March 2020. Companies in difficulty, as of December 31, 2019, “before the worsening of economic conditions following the Covid-19 epidemic, nor having headquarters, or being dominated by entities that have headquarters cannot be considered , in countries or regions with a clearly more favorable offshore tax regime ”.