There's no doubt that the impact of the coronavirus on society isn't just health-related. The social and economic impact is also truly severe. Many people find themselves unable to work and/or sell their products, leaving them in a very vulnerable position. This is why the economic effects of the state of emergency are beginning to be referred to as "the coronavirus crisis."
How long will it last?
We still do not know how long the state of alarm will last and therefore it is difficult to make any estimate regarding the duration of the coronavirus crisis on a financial level. However, the first estimates speak of the year 2022 for a return to normality.
The Government of Spain, in order to alleviate the effects of the crisis on companies, has implemented a series of extraordinary measures. We explain them to you below.
1 Teleworking for everyone
The Government encourages teleworking for all those companies that can afford to operate in this way. This is a challenge that countless organizations are working to adapt to.
After overcoming this crisis, many companies will have become more versatile and prepared for the modern world. The Government, in fact, has also launched plans for the digitalization of companies so that they have more tools when it comes to moving away from the office.
2 ERTEs as an essential piece
Many companies cannot continue paying their workers without the usual pace of work. That is why the Government has allowed companies to carry out temporary dismissal files and has assured workers, whether or not they have the right to it, They will receive their unemployment benefits. Furthermore, these benefits will not count as part of the contribution time.
Companies that present an ERTE will not have to pay the Social Security contributions of their employees. At least this happens with SMEs. The rest of the companies will have to pay 25% of the worker's contribution fee. This is to ensure that the company has the lowest possible expenses for the duration of its inactivity.
3 Support for exports
One of the main arteries of a country's economy is its exports and, to protect them, the Government has allocated 2,000 million euros to export companies.
4 Public guarantees
The budget figure allocated to public guarantees for companies It is highly discussed. However, there is talk of an approximate budget of 50% of the total budget for supporting companies. Between 50 and 100 billion euros intended to provide liquidity to companies to prevent some from having to close the shutter permanently.
5 Shield to the bag
Public Acquisition Offers (OPA) are prohibited for non-EU investments that seek to acquire a Spanish company after the fall of the Ibex 35.
6 Unemployment for the self-employed
Self-employed workers who have to reduce their activity due to the state of alarm will gain access to unemployment compensation and will not have to pay unemployment fees.
