THE Spanish government has announced a €11 billion support package for the tourism and hospitality sectors hit by the economic fallout of the Covid-19 crisis.
The aid is aimed at “companies, small and medium-sized enterprises and self-employed workers” according to Prime Minister Pedro Sánchez.
Announcing the financial lifebelt, the premier told the Congress of Deputies in Madrid: “We do not just want to save businesses but to strengthen them as well.”
The two sectors have been hardest hit by the pandemic and its restrictions, triggering historic slumps in revenue. The prime minister said the package would help improve the solvency of struggling businesses to resume activity as the recovery took place.
And he said he wanted to help sectors that were “competitive before the pandemic” but were now “in a difficult situation”.
It is not yet known whether help will come in the form of direct aid or tax breaks and interest free loans – government reports have indicated direct aid was needed to save businesses, especially small enterprises.