COVID crisis funds approved for 10,000 businesses on Spain’s Balearic Islands

THOUSANDS of businesses and freelancers affected during the Covid pandemic will receive a share of €835.7 million in state funding on the Balearic Islands.

The regional government has pledged the financial support to 10,367 companies and freelancers from a state fund totalling €855.7 million.

Over 11,000 applications for aid were granted after proving to the Treasury and Labour department that they qualified. 

The hospitality industry, one of the worst affected sectors, will benefit the most with almost four in ten companies qualifying for aid. Around 2,534 hospitality companies will share €345 million, equalling 40% of the fund. 

Retail businesses will share €106 million and 693 companies in the wholesale trade industry will receive a cut from €104 million. Many other industries including retail, construction and agriculture will also benefit.

Several companies with a tax domicile outside the Balearics but have a permanent business in the Islands will also share €8.5 million.

Full details of the aid package was published in the Boletín Oficial de las Islas Baleares (BOIB).

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