Bizkaia approves an economic reactivation plan endowed with 95 million


Economy

CORONAVIRUS

AGENCIES | DRAFTING

This plan, called “Bizkaia aurrera!”, Will be activated on May 11 and is divided into three parts.

The Provincial Council of Bizkaia has approved an urgent plan for economic reactivation after the coronavirus crisis with which he will inject 95.5 million in the economy of the territory.

It includes microcredits for the self-employed and small businesses, a special employment plan, a Renove Etxea to encourage construction activity, and trade and culture bonds.

Among the tax measures, it enables 60% of the 2019 Corporation Tax share to be used to boost economic recovery by companies that have reduced their turnover.

This plan, called “Biscay forward!“, was approved in the council of government yesterday. It will be activated next May 11 and is divided into three parts: redirect 12 millions of the available of the provincial departments, and add another 30 million more for the development, until December 31, of a dozen economic measures aimed at helping the self-employed, people who have lost their jobs and companies.

To this direct investment are added the new tax incentives amounting to 53.5 million included in this plan.

The calculations made by the Provincial Council estimate that each euro invested in this plan will generate an economic impact of seven euros. Thus, with the 95.5 million it is expected to generate 672 million impact.

The actions have been designed to help the Biscayan economy: the 15,343 freelancers forced to close their businesses and the 22,764 who continued working but have been seriously affected; the 5,373 people who have lost their jobs due to the crisis; and the 3,347 companies forced to lower the blind and the 6,607 affected by the state of alarm.

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The twelve measures and the investment in each of them are: the first, microcredits to help self-employed workers and small companies with up to five employed persons, endowed with 15 million.

These are loans of 7,500 euros without interest, commissions or guarantees to be repaid in a maximum of five years and with a grace period of one year.

There will be a digitization plan endowed with 10.4 million, which includes the extension of broadband to all the regions of Bizkaia, starting with Arratia, Mungialdea and Enkarterri.

One employment plan to help maintain jobs and encourage the hiring of the unemployed, with 5 million. Includes the increase in the tax deduction for job creation from 5,000 to 7,500 euros.

Vouchers to encourage consumption in local commerce, culture, tourist establishments and hotels in Bizkaia, endowed with another 5 million.

Direct aid for the digitization and circular economy of SMEs and companies with between five and one hundred employees in sectors linked to industry, with 4 million.

Also a plan “Renovate House” to encourage activity among construction unions; will apply a temporary tax deduction of 10% for reforms in the habitual residence of residents in Bizkaia. This deduction will be applied for reforms that have a minimum budget of 3,000 euros and a maximum of 15,000 euros in homes over ten years old.

There will be 2.1 million for activities that stimulate the economy, culture and leisure, including a concert with the best Biscayan groups at BEC.

Other minor aid will be for the lack of loans from SMEs and the self-employed endorsed by Elkargi (150,000 euros); an inland tourism plan (€ 300,000); and the reinforcement of the network of volunteers in the territory (50,000 euros).

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George Holan

George Holan is chief editor at Plainsmen Post and has articles published in many notable publications in the last decade.

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