The Government of the Canary Islands has decided to make use of the wide margin that the State has granted in the distribution of national aid to companies in losses due to covid-19, expanding its coverage to all sectors, except financial, and setting its ceiling at five million per beneficiary, 25 times that set for mainland Spain.

The president of the Canary Islands, Ángel Víctor Torres, explained this Friday the details of the decree law that will regulate in the islands the distribution of the 1,144 million euros allocated by the State to the Canary Islands within this aid program, which involves injecting its economy three points of GDP through the self-employed and companies.

The aid will be granted to companies that have sustained losses in 2020 of more than 30%, with these limits: up to 3,000 euros for the self-employed without employees; up to 500,000 euros, for SMEs with one to 10 workers; up to 1.8 million, for companies with staff of 11 to 49 employees; and up to 5 million euros for companies with 50 or more people on the payroll.

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