Algarve business association NERA has vowed that the region’s businesses “won’t give up” despite the profound economic impact that is expected due to the coronavirus pandemic.
“Nobody knows when and how this crisis will end,” the association said in a statement sent out to newsrooms on Monday, stressing how the country’s situation changed in just a few weeks.
“Our economy is on the verge of a crisis that will evolve unpredictably. We are living a worrying moment of political and economic uncertainty in Europe and across the globe,” NERA said.
While the association’s affiliated businesses acknowledge and agree that the priority for now is “the health and lives of the Portuguese people”, they stress that they also have to prepare for the economic crisis that is on the horizon.
The association applauded the government’s measures so far, which include a €200 million credit line to help companies who experience an abrupt drop in revenue and sales, a lay-off scheme which allows Social Security and companies to share the burden of paying salaries to workers whose services are not needed for a period of time due to the epidemic, and a €60 million credit line for “tourism microcompanies”.
NERA now aims to “clarify the details of these proposals” and “ensure that they can be applied quickly and in a simplified manner”, whilst also helping regional companies benefit from them and pressing the government to implement other measures to help Algarvian businesses. Also read (click here).