Homeowners in Spain who are affected by the Coronavirus will see mortgages on their main home frozen under new government economic measures.
The Spanish government will today, March 17, approve the freezing of mortgage payments. This will force the banks to put a moratorium on mortgage payments to help workers who are out of work or have lost income due to the 15-day lockdown.
The measure, designed by Minister of Economy and Business Nadia Calviño, is aimed at those people who are considered vulnerable during this crisis. The temporary suspension will see each case measured on income and the families individual situation.
It will also give breathing space to workers as well as the self-employed (autonomo), who are economically vulnerable having suffered from a lack of income caused by the COVID-19, Coronavirus outbreak.
A Council of Ministers led by Pedro Sanchez, have debated whether to also extend the moratorium on rents, but according to government sources, there is currently no agreement in place for this.
Ministers are also aiming to help small and medium-sized enterprises (SMEs) by reducing or deferring their tax contributions for six months, without interest.
The upcoming law will also include a ban on cutting off basic supplies such as gas, electric and water, to those who are most at risk.
Unemployment benefits will be paid by the State, to anyone who is left without work, even if they don’t meet the needed requirements.
Businesses will be obliged to allow their workers to work remotely from home, whenever it is technically possible and where it is not possible, the government will encourage flexibility and a reduction in working hours.
In addition to this, a further 400 million euros will also be set aside for companies and those who are self-employed in the tourism, hospitality and transport sectors.
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