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Spain Approves 11bn Euros Aid To Virus-Hit Firms

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Spain’s cabinet approved Friday an 11 billion euro aid programme to help struggling small- and medium-sized firms, and self-employed workers, cope with the economic fallout from the coronavirus pandemic.
The package, which seeks to prevent bankruptcies, will include 7.0 billion euros ($8.4 billion) in direct aid, Economy Minister Nadia Calvino told a news conference.
“It is a question of taking the lead to prevent possible corporate solvency problems” which could “undermine” Spain’s economic recovery, she said after the measure was approved during an extraordinary cabinet meeting.
This will be the first direct state aid to companies since the start of the health crisis last year. Up until now, government support has taken the form of state-backed loans and a national furlough scheme.

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