Canary Islands COVID-19 Financial Aid Program

Overview

The Canary Islands government announced the continuation of financial aid to help businesses and self-employed workers affected by the COVID-19 pandemic.

Under Decreto ley 6/2021, two grant lines are now available:

• One for autonomous professionals
• Another for companies that saw at least a 30% drop in turnover in 2020 compared to 2019.

Larger companies with more employees qualify for different subcategories, with the aim of targeting aid based on size and impact.

Eligibility and Requirements

Recipients must fund specific expenses outlined by the government, prioritizing:

• Payments to suppliers
• Debts, especially those backed by public guarantees.

They are required to justify how the funds are used through various reporting formats:

• Simplified accounts for smaller grants
• Detailed audits for larger sums.

An auditor, compliant with regulatory standards, will review these justifications to ensure proper use.

Deadlines and Compliance

The resolution specifies deadlines for beneficiaries to submit documentation. Failure to comply risks:

• Recovery of funds
• Sanctions.

Oversight and Goals

The process emphasizes transparency and proper oversight, ensuring that aid reaches those most in need and supports the island’s economic recovery after the pandemic's blow to local businesses.

"The aid aims to support local businesses in overcoming the economic impact of COVID-19, ensuring proper usage and accountability of funds."