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Decree Law No. 15/2020
Publication: Republic Diary No. 74/2020, Series I of 2020-04-15
- Issuer: Presidency of the Council of Ministers
- Diploma Type: Decree Law
- Number: 15/2020
- Pages: 2 - 6
Summary in plain english
What is it? This decree-Law creates a credit line with subsidized (i.e. reduced) interest rates for operators in the fishing sector. This line of credit allows financial means to be given for the acquisition of production factors, for working capital or treasury. Given the public health emergency of international scope, declared by the World Health Organization on 30 January 2020, as well as the classification, on 11 March 2020, of the COVID-19 disease as a pandemic, the Government has been approving a set of extraordinary and urgent measures in several matters. What is going to change? Natural or legal persons who are legally qualified to exercise fishing and aquaculture can apply for the credit lines. The overall amount of credit to be granted may not exceed EUR 20 000 000. The credit is granted by means of a loan repayable by the credit institutions or entities authorised by law to grant credit that sign a protocol with the Instituto de Financiamento da Agricultura e Pescas, I. P. (Institute for the Financing of Agriculture and Fisheries). Failure by the beneficiary to meet their obligations shall result in the immediate suspension of the payment of the subsidies and the recovery of those that have been unduly processed. What advantages does it bring? This decree-law makes it possible to overcome the cash-flow difficulties faced by fisheries operators during this period of a pandemic. It is intended that companies in the sector have the financial means to settle and renegotiate debts. When does it enter into force? This decree-law enters into force on 16 April 2020.
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