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The Government approved this Thursday the extension of the moratoriums for another 12 months and focuses on tourism companies, culture and social sectors, according to information provided by the Minister of Economy, Pedro Siza Vieira, at a press conference after a meeting of the Council of Ministers.
“Exceptional measures to protect the credits of families, companies, private institutions of social solidarity and other entities of the social economy, will come into effect until September 30, 2021”, can be read in the statement of the Council of Ministers.
Regarding companies and individuals, the extension of an additional 12 months (September 30, 2021) of the capital repayment obligations and interest payments was approved. In addition, Pedro Siza Vieira clarified, the companies will be able to return the aid within a period of three years from September 30 of next year.
“The beneficiary entities that, on October 1, 2020, take advantage of any of the extraordinary measures to support liquidity, benefit from the additional and automatic extension of these measures for a period of six months, between March 31 2021 and September 30, 2021 ”, clarified the Government.
“Our assessment of the economic situation and that in relation to the recovery, the growth rate is still very uncertain and we do not know how the market will behave. The sectors linked to accommodation and tourist transport are being greatly affected, the impact is being much more drastic and that is why we wanted to benefit companies in these sectors ”, explained the Minister of Economy.
The Government clarifies that the moratorium on capital payments will be extended until September 30, 2021, when the previous date provided that this arrangement would take place until March 31. Also, the companies that benefit from this expansion “will not be able to distribute dividends,” said Pedro Siza Vieira.
“The distribution of profits, in any form, the return of credits to partners and the acquisition of shares or quotas by the beneficiary entities, determines the cessation of the effects of the extraordinary measures to support liquidity”, reads in the notice. of the Council of Ministers.
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