Many small businesses in Spain are suffering from a short term cash flow crisis. The government is trying to help and has two new measures released this week.
Loans for Small Businesses
We spoke previously in a blog post about the 10-year loans at an interest rate of 0% for small to medium sized companies (small businesses and medium businesses) in Spain.
Ian spoke personally to the director of Sabadell bank. He has told him that ONLY FOR SABADELL CUSTOMERS, the bank can do a deal or a loan without the client having to give any guarantees. This is a big time saver, and the bank does not need to do any serious due diligence. It makes sense as the bank can see the lodgements coming in every month, and the expenses going out. If you are solvent, and a client of Sabadell, you are all but assured that the bank will approve your small business loan.
If you are a client of Sabadell, run a profitable business and want some type of loan of this kind, contact us and we will begin the procedures. We can also help if you want to negotiate with the Bank regarding your mortgage.
We are sure what the case is in other banks regarding small businesses. Those who are not clients of Sabadell, I assume, need to ask for guarantees from the directors of your local bank branch.
Tax filing delayed
Many companies are on ERTE, or temporary partial shutdown. Many clients are panicking and they need to get their tax return done in time.
The Spanish government will delay the date of tax filing until May 20, 2020. This applies to all small companies and self employed people that have invoiced less than 600,000 euros in 2019.
As always, check with our accountant Mari Carmen or your tax expert but both of these initiatives are good news for the economy here on the Costa Blanca. Please contact us if we can be of any help with any business issues or personal at the current difficult time.