Canary Islands COVID-19 Aid Grants Approval

Overview

The Canary Islands government has officially recognized the full justification for 256,849 euros in COVID-related aid grants to seven local businesses and entrepreneurs. These grants are part of Spain’s broader effort to support economic recovery amid the pandemic, specifically through the 'COVID line' of direct aid introduced in 2021.

Details of the Aid

• The aid was granted under a special decree that prioritized businesses, especially those hit hardest during 2020, with a decline in turnover of over 30% compared to 2019.
• The government streamlined the process for confirming the use of funds.
• Smaller grants up to 100,000 euros can be justified with simplified documents.
• Larger sums require more comprehensive audits.

Conditions and Compliance

• The recipients have met all conditions, including maintaining activity until June 30, 2022.
• They have refrained from dividend payments or increasing executive salaries during 2021 and 2022.

The decision ensures transparency and proper use of public funds, reinforcing public confidence in the transparency of these support measures.

Significance

• This resolution highlights the Canary Islands' commitment to backing local businesses through the ongoing pandemic crisis.
• It aims to ensure economic stability and the recuperation of vital sectors in the region.