User:ShaneNordquist/COVID-19 pandemic in Portugal

Fiscal Policy Response:
In 2020, Portugal allocated €600 million per month to financial support for workers furloughed by their employers. Roughly €1.3 billion were allocated to incentivize a gradual reopening and return to economic activity, and €13 billion in lines of credit were extended to small and mid-size businesses. Tax and Social Security Contribution deferrals totaling €7.9 billion for companies and employees were enacted. The APOIAR Program was introduced, extending €8 billion in loans to small businesses. As of March 12th, an additional €296 million were allocated to improving the capacity of the National Health System.

The 2021 budget includes extension of support for businesses, including assistance with non-housing rents for some firms, with subsidies of up to 50% of rent being granted. Large companies in sectors of the economy hurt by the pandemic, namely the tourism sector, received €750 billion in loans and subsidies. On August 2nd, 2021, support available for businesses forced to remain closed via the APOIAR program was increased, with small businesses whose income declined by more than 50% being eligible for €41,250 in financial support. Moreover, a moratorium on repayment of business loans lasting six months was enacted, and subsequently extended until September of 2021. In April, Portugal presented the Recovery and Resiliency Plan to the European commission, including €14 billion in grants and €2.7 billion in loans. The European Commission approved Portugal's Recovery and Resilience plan, adopting a positive assessment of the plan. As of May, the Portuguese government has announced a €6 billion plan to reactivate the tourism industry.