Government approves the COVID-19 fund of 16 billion euros for the autonomous communities

2020/06/16 22:42:36 Written by Canarian Weekly Business

The largest contribution from the fund will be for health spending, which is 9 billion euros to be delivered in two installments.

Today the Council of Ministers approved the COVID-19 Fund, which is 16 billion euros of direct transfers to the autonomous communities, to alleviate the economic ravages of the coronavirus, destined mostly for health spending, but also to education, transport and SMEs.

The largest contribution from the fund will be for health spending, which is 9 billion euros to be paid in two payments of 6 and 3 billion, the first in July and the second in November, and 2 billion will be allocated to education, to be delivered in September.

The remaining 5 billion euros of the fund will go to mitigate the decrease in income due to the drop in activity. In this section, 800 million was already confirmed last week to offset losses in transportation.

The Autonomous Fund was the main focus of Tuesdays Government meeting, that also saw the fifth round of the ICO guarantee line: 8 billion euros for SMEs and the self-employed, 5 billion for large companies, as well as another 2.5 billion euros for SMEs and freelancers in the tourism sector.