The deadline for applications by self-employed, SMEs, and large companies for their share of the 1.14 billion euros of state aid, closed Wednesday with a total of 24,609 companies applying. 302 of these correspond to businesses with more than 49 employees, for which the maximum grant is up to five million euros of 212 million allocated to this group.
Due to the structure of the companies in the Canary Islands, the line of aid that has received the most requests is that of the self-employed and SMEs that have up to ten employees, which has received 14,104 requests for aid. This group has a fund of 650 million euros available and the maximum that each business can receive is 500,000 euros depending on what they qualify for.
In addition, companies that have between 11 and 49 employees will also have access to a fund of 212 million euros, and each of them can receive a maximum of up to 1.8 million euros. The requests for this line of grants have a total of 1,307 applications, according to the data provided by the Ministry of Economy and Employment.
The decree drawn up by the Canary Islands Government prioritises the self-employed who pay taxes in the form of objective taxation as first in line for aid, a line that has been endowed with 70 million euros and for which 8,348 applications were submitted. On the same day (Wednesday), 1,044 of these subsidies began to be paid to both self-employed and SMEs with up to ten workers, as stated by the president, Ángel Víctor Torres, in Parliament.
To be eligible for aid, in the same way as the one from the Canarian Government of 87 million euros which has already been paid in full, companies that have seen their income reduced by a percentage higher than 30% could qualify, as do those who have not incurred losses or have financial debt could also qualify for the minimum aid of 4,000 euros.
What if there is money left over?
The Ministry of the Economy ensures that the 1.14 billion euros made available by the State to meet the specific needs of the productive fabric of the Canary Islands, will be distributed and none of this fund will have to be returned to Madrid.
Thus, and despite the fact that the 24,609 applications were received, the forecast is that only half will qualify and there will be money left over. The regional Executive insist that all this money will reach the companies of the islands, and that any 'remnants' of each line of aid will go on to fund other lines of aid and will benefit companies of the other groups.
In total, the autonomous community of the Canary Islands received the highest amount of state aid, which was 16.3% of the total fund of 7 billion euros, which must be used this year.
