COVID-19 Financial Aid in the Canary Islands

The Spanish government and the Canary Islands' authorities continue to manage the fallout from COVID-19 with targeted financial aid.

Key Development

• A partial approval of funds for small and medium-sized entrepreneurs on Gran Canaria.
• The aim is to recover businesses impacted by the pandemic.

'Covid Line' Aid Program

• Grants have a budget of 650 million euros.
• Designed to support autonomous workers and companies experiencing significant revenue drops.

Requirements and Oversight

• Beneficiaries must justify their expenses.
• Documentation requirements vary depending on the amount received.
• Authorities have issued a resolution acknowledging partial compliance in the aid's proper use.
• Beneficiaries are required to submit additional documentation within ten days.

"This process emphasizes oversight to ensure funds reach the right hands and are used according to conditions imposed."

• Ongoing government scrutiny and conditional support for residents and businesses.
• Failure to meet requirements may result in losing aid and facing repayment demands.

Goals and Commitments

• The resolution highlights the government's commitment to transparency and accountability.
• Aims to stabilize the local economy after pandemic shocks.
• Particularly benefits small businesses trying to recover from revenue losses and operational disruptions.