Canary Islands COVID Aid Subsidy Approval

Overview

The Canary Islands government has officially approved full justification for a €7,233.55 subsidy awarded to Arcoil, S.L., under the COVID aid program aimed at helping small businesses and autonomous workers affected by the pandemic.

This aid was part of Spain's broader emergency measures, specifically targeting companies whose revenue dropped significantly in 2020 compared to 2019.

Funding and Requirements

• The subsidies totaled €650 million for the region’s small businesses.
• Recipients were required to submit detailed financial reports to prove funds were properly used.
• Arcoil, S.L., successfully met all verification requirements, confirming it used the aid as intended.

Key Points

This resolution ensures transparency and accountability in the distribution of pandemic relief, while also solidifying the government’s commitment to support local businesses.

• Ongoing oversight processes include:
  • Beneficiaries must maintain activity.
  • They must refrain from dividend payouts.
  • They should not increase executive pay during the aid period.

Official Details

• The ruling was issued by the Directorate General of Economic Promotion on May 27, 2025.
• It underscores the region’s efforts to ensure funds reach genuine beneficiaries and are used effectively to revive the local economy.