24 Feb, 2021 @ 16:30
1 min read

€11 billion fund to help pandemic-hit small businesses and self-employed announced by Spain’s Prime Minister, Pedro Sanchez

Pedro Sanchez Pm
MADRID, SPAIN - JUNE 04: Spain's new Prime Minister Pedro Sanchez talks with the President of Ukraine Petro Poroshenko during a meeting at Moncloa Palace on June 4, 2018 in Madrid, Spain. This is the first official meeting for Pedro Sanchez since becoming Spain's new Prime Minister after winning the no-confidence motion against ousted Prime Minister Mariano Rajoy. (Photo by Pablo Blazquez Dominguez/Getty Images)

SMALL businesses and the self-employed are to receive an aid package of €11 billion.

Spain’s Prime Minister, Pedro Sanchez, announced the measure during a speech to Congress speech this morning(February 24).

Sanchez confirmed that central government will approve the aid over the “next few weeks” with new help for SMEs (small and medium-sized enterprises) and the self-employed that are struggling throughout the COVID-19 pandemic.

Pedro Sanchez said that this ‘is a significant amount of resources for sectors that were competitive before the pandemic, such as tourism, hotels or small businesses’.

However, the PM has not explained whether the money for the aid will come directly from Madrid or via third party agencies and departments.

He continued: “We not only want to save companies and jobs, but to strengthen them and create new businesses – economic recovery is a firm hope.”

Sanchez claimed his government had committed 20% of GDP (Gross Domestic Product) in resources in, ‘an exercise of protection never seen before’.

Some €24 billion is said to have already been sent out to Spain’s regions, largely to support the healthcare sector, but also for business aid.

Simon Wade

Fifty-something writer, traveller, F1 enthusiast and radio presenter, working hard on the Costa Blanca South. Email me on simon@theolivepress.es

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