The Spanish Government has decided to grant an €200 billion aid package to fight the economy fallout of the coronavirus crisis. In general terms, the Spanish Government is trying to guarantee the liquidity for at-risk businesses as it is in the process of creating a line of public guarantees of €100 billion. Specifically, some of key measures available to the employees, small businesses and large corporations include:
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Companies
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Employees
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- Flexibility of temporary layoff procedures (ERTEs) triggered by force majeure events and economic and organizational grounds.
- Exemption from social security contributions in the case of ERTEs due to force majeure; temporary postponement upon request of the payment of social security contributions
- Obligation of employers to maintain employment for a period of six months following the date of resumption of operations.
- As for taxes, unfortunately for the taxpayer, the publication of Royal Decree 465/2020, of 17 March has clarified the scope of the suspension of administrative proceedings excluding from its application the deadlines for filing tax returns.
- As for corporate issues, the three-month period for drawing up financial statements has been suspended and the time period for calling and holding the annual shareholders’ meeting has also been postponed.
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- Moratorium on foreclosures of mortgages on primary residences for employees who lose their jobs as well for self-employed workers who sustain a dramatic income loss due to coronavirus crisis
- Flexibility to adjust business hours, timetables and teleworking.
- COVID19 to be treated as an occupational accident, which involves public benefits in favour the employee.
- Social benefits for workers from qualified areas and with temporary or periodical activity.
- Dismissal due to "force majeure" argued on the ground of the COVID19 will be considered “unfair dismissal”.
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