TOURISM LAW AND COMPETITION – A PORTUGUESE PERSPECTIVE 453 F.2. Highlights on State Aid measures F.2.1. Under the temporary framework Under such a legal framework, and not resorting to the notification of an umbrella scheme which could encompass both national and infra-national measures102, Portuguese authorities decided to notify successive aid measures to support undertakings, notably in the tourism sector, both at a national and at a regional level. In the present contribution, it is not possible to go through all the measures adopted and thus we focus on the main ones concerning the tourism sector. F.2.1.1. First aid scheme applicable to the national territory The first measures adopted under the Temporary Framework were notified by the Portuguese State on 21 March 2020103, and took the form of four guarantees on loans schemes104, three of which concerning the following undertakings: (i) active in the touristic sector; (ii) restaurants and similar companies; and (iii) travel agencies, touristic animation and event organisation and similar companies. The Portuguese State based the authorisation request for the implementation of these measures on the impact the COVID-19 outbreak had and is likely to continue to have in the Portuguese economy, which is highly dependent on tourism and on tertiary sector activities (provision of services). These measures should be implemented by the Portuguese Mutual Guarantee System, entailing two different levels: (i) the mutual guarantee societies (“SGMs”), which would grant guarantees to final beneficiaries on eligible operations, i.e., short and medium bank loans aimed at the needs of treasury financing; and (ii) the Mutual Counter-Guarantee Fund (“FCGM”), managed by SPGM – Sociedade do Investimento, S.A. (“SPGM”)105 – which is also responsible for administering loans under this measure – responsible for granting counter-guarantees to each SGM, covering 100% of the guarantees issued by the SGMs to the final beneficiary. 102 Some Members States decided to notify an umbrella scheme, encompassing several forms of measures to be granted by the central administration entities, regional administration entities and local administration entities. For example, please refer to State Aid SA.56851 (2020/N) - Spain - Umbrella Scheme, dated 2 April 2020. 103 State Aid SA.56755 (2020/N) – Portugal, Guarantee schemes related to COVID-19; decision dated 22 March 2020. 104 Pursuant to, and in compliance with, the terms and conditions set forth in sections 3.1. (Limited amounts of aid), 3.2. (Aid in the form of guarantees on loans) and 3.4. (Aid in the form of guarantees and loans channelled through credit institutions or other financial institutions) of the Temporary Framework. 105 As is further detailed hereunder in F.2.5., SPGM has been renamed into Banco Português de Fomento.
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