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Decree Law No. 80/2020


Publication: Republic Diary No. 193/2020, Series I of 2020-10-02
  • Issuer: Presidency of the Council of Ministers
  • Diploma Type: Decree Law
  • Number: 80/2020
  • Pages: 3 - 6

Summary in plain english

What is it?

This Decree-Law creates a line of credit with subsidised interest rates (i.e. interest rate which is reduced in relation to the interest rate in force) for entities engaged in the production of cut flowers and ornamental plants.

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?

A line of credit, with subsidised interest rates, is set up to make it possible to cope with cash or working capital difficulties and to make the necessary adjustments to operators' activities.

The credit is that granted in the form of a repayable loan, the total amount of which may reach 20,000,000.00€.

The amounts of credit to be granted are allocated in order of date of submission of applications to the Institute for the Financing of Agriculture and Fisheries (IFAP).

IFAP is responsible for monitoring and supervising the conditions of access to this line of credit.

What advantages does it bring?

This decree-law aims to reduce the impact of the COVID-19 disease pandemic on the market for floriculture and ornamental plants, which has been particularly affected by lack of demand.

These measures are intended to minimise the burden of this activity and consequently its recovery.

When does it enter into force?

This decree-law enters into force on the day following its publication.

Original Version

LEGAL TRANSLATOR

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CONSOLIDATED LEGISLATION

Legislative consolidation integrates the various amendments and rectifications made into an original legal diploma in order to make its consultation more accessible to the citizen.