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EU PolicyWatch

Database of national-level policy measures

Eurofound's EU PolicyWatch collates information on the responses of government and social partners to the COVID-19 crisis, the war in Ukraine, rising inflation, as well as gathering examples of company practices aimed at mitigating the social and economic impacts.

Factsheet for measure ES-2020-14/648 – measures in Spain

Suspension of interest payments from tourist companies for loans from the EMPRENDETUR programme

Suspensión del pago de intereses de empresas turísticas por préstamos de programa EMPRENDETUR

Country Spain , applies nationwide
Time period Temporary, 31 March 2020 – 30 September 2022
Context COVID-19
Type Legislations or other statutory regulations
Category Supporting businesses to stay afloat
– Deferral of payments or liabilities
Author Oscar Molina (UAB) and Eurofound
Measure added 15 April 2020 (updated 22 July 2020)

Background information

It is necessary to continue supporting companies in the tourism sector. The COVID-19 crisis has led to the total paralysis of the tourism sector: from the limitation to the free movement of people and the limitations on national and international connectivity to destinations, to the closure of tourist establishments, including accommodation, restaurants and other value chain companies.

In order to ensure the liquidity and, therefore, the viability of the tourist companies, the payment of interest and amortizations corresponding to the loans granted by the Secretary of State for Tourism in the framework of the Emprendetur R + D + i Program, the Emprendetur Young Entrepreneurs Program and the Emprendetur Internationalization Program.

Content of measure

Interest payments and amortizations corresponding to loans granted by the Secretary of State for Tourism are suspended without prior request and for a period of one year. This measure only applies to those companies (irrespectively of size, activity etc.) that asked for these loans.

Consequently, the payments for interest and amortizations of the referred loans that should be made by the borrowers as of the entry into force of this royal decree-law, will be due on the same date of the year following the one that appears in the resolution. of granting the loan, without implying the accrual of additional interest.

Use of measure

No data available yet.

Target groups

Workers Businesses Citizens
Does not apply to workers Sector specific set of companies
Does not apply to citizens

Actors and funding

Actors Funding
National government
National funds

Social partners

Social partners' role in designing the measure and form of involvement:

Trade unions Employers' organisations
Role No involvement as case not in social partner domain No involvement as case not in social partner domain
Form Not applicable Not applicable

Social partners' role in the implementation, monitoring and assessment phase:

  • Unknown
  • Main level of involvement: Unknown

Involvement

Social partners were not involved in the design, implementation or monitoring of this measure.

Views and reactions

No social partner's views or reactions to this measure have been reported.

Sectors and occupations

    • Economic area Sector (NACE level 2)
      I - Accommodation And Food Service Activities I55 Accommodation

This case is not occupation-specific.

Sources

Citation

Eurofound (2020), Suspension of interest payments from tourist companies for loans from the EMPRENDETUR programme, measure ES-2020-14/648 (measures in Spain), EU PolicyWatch, Dublin, https://static.eurofound.europa.eu/covid19db/cases/ES-2020-14_648.html

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Disclaimer: This information has not been subject to the full Eurofound evaluation, editorial and publication process.