300 million credit line created for medium-sized and large tourism companies | Covid-19

Large and medium-sized tourism companies are now receiving a new line of credit with an allocation of 300 million euros. In order to be covered, the companies concerned must have billing losses in excess of 25% and up to 20% of the funding amount “can be converted into a non-refundable grant by” job retention criteria “that have not done so. ” was specified.

The measure, one of which was announced this Friday by Economy Minister Pedro Siza Vieira, means that, according to the minister, all types of companies in the sector are now covered, regardless of the area of ​​activity.

The innovations also include the extension of support for the ongoing upswing until September with “additional contribution-based support” for the areas of tourism and culture. So anyone who has a billing decline of less than 75% and is illegible will also be exempt from the uniform social tax (TSU), and there will be an “extension of the contribution reduction by 50% for large companies” as long as they have a higher billing losses up to 75%.

In the case of the IRS and the IRC, it is possible to deliver “in three or six installments without interest” the taxes due in the months of March to June for “all companies in the catering, accommodation and cultural sectors”. According to the government, this tax can also be delivered “in three or six installments without interest” for all months “from January to June” with monthly VAT.

The support line for the applicable tourism companies is administered by Turismo de Portugal and was originally aimed only at micro-businesses. However, in January small businesses were also included and the € 10 million (€ 100 million) allocation was strengthened.

In February there was a further boost of € 20 million and a moratorium was imposed on the start of reimbursements by companies, which runs until June 30, 2022.

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