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Angra do Heroísmo ,  April 17, 2020

Regional Government increases support for employment maintenance by 150 million Euros

The Regional Government, through the Vice-Presidency, announced in Angra do Heroísmo its decision to increase the support to help companies maintaining jobs by 150 million Euros, through the new Employment Maintenance Programme. 

This is an additional effort that the Regional Government is undertaking to ensure that Azorean companies using national lines of credit will benefit from additional support to repay these loans. 

Besides the various employment support measures already implemented, such as the Liquidity Anticipation Programme for the payment of salaries and the Regional Supplement to Layoff, among many other measures, the Regional Government “considers that these goals should be further consolidated," stressed the Vice-President.
"The immediate injection of liquidity into companies is an absolute priority," said Sérgio Ávila at a press conference.

To date, the new Employment Maintenance Programme, implemented earlier this month, covered the sectors of tourism, restaurants and similar services, travel agencies, tourism entertainment and other tourism activities included in the lines of credit lines created nationwide. 

From now on, with this measure from the Regional Government, “companies in the sectors of trade and services, agriculture, fisheries, industry, civil construction and in all other sectors of activity may benefit from this non-refundable subsidy, with some exceptions,” said the Vice-President of the Government. 

“Considering that the Regional Government implemented a new line of credit designated as 'Covid-19: Support for Economic Activity,' I would like to announce that the Regional Government has decided to extend the support of the Employment Maintenance Programme, covering all sectors of activity of the regional economy and almost all Azorean companies,” said Sérgio Ávila. 

This new regulation of the Employment Maintenance Programme, published today in the Official Journal, ensures the creation of conditions for the quick injection of more than 150 million Euros into the Azorean economy, the reinforcement of the national measures implemented in the Azores, the reduction of costs and the increase of liquidity for companies to maintain their level of employment. 

Moreover, it also guarantees the use of line of credit without increasing the indebtedness of Azorean companies and facilitates the access and decision-making of financial institutions through State guarantees up to 90% of the outstanding capital. 

"This support will only be granted in full if the company ensures the maintenance of the level of employment until the end of the year, without any dismissal," noted the government official. 

The Vice-President added that, with this financial effort, the Regional Government "aims to create even more conditions for workers to maintain their jobs and for companies to be in a position to promote this maintenance, and for that reason, it can be combined with all other national and regional incentives already under way."
Companies wishing to benefit from this Employment Maintenance Programme, after approval of bank financing, must submit their application to the Regional Directorate for Support to the Investment and Competitiveness (DRAIC), using the form provided on its website. 

“With this programme, which will inject 150 million Euros into the Azorean economy and reinforce the differential of support to Azorean companies regarding national companies, we believe we are making another important contribution to face and overcome the consequences of this pandemic,” said the Vice President of the Government.


Official government press-releases presented in all foreign languages interfaces of the Azorean Government Portal (Portal do Governo dos Açores) are a sub-set of the government's official press-releases daily output and are chosen for translation and publication on the foreign language interfaces based on audience segmentation criteria. The entire collection of the Azorean government press-releases is available in portuguese, here, from the GACS Press Office site.

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