TOURISM LAW AND COMPETITION – A PORTUGUESE PERSPECTIVE 455 for credit lines up to 200 million euros, of which 75 million euros would have micro and small enterprises as their target, 120.5 million euros for medium companies and small midcaps and 4.5 million euros for regular midcaps. Pursuant to the decision, the notified measures could be accumulated with other compatible means of aid, such as de minimis aid, or with other forms of EU financing, provided that the maximum aid indicated in the relevant state aid guidelines or regulations for state aid block exemptions were respected. According to public information, the measures were implemented and the respective credit lines have already been used in full or suspended due to the high number of requests under analysis107. This scheme has been subsequently updated in the context of the second notification, detailed hereunder in F.2.1.2., as follows. F.2.1.2. Second aid scheme applicable to the national territory In addition to the measures referred above, on 30 March 2020, the Portuguese State notified aid in the form of direct grants108 with an estimated budget of 1.6 billion euros and guarantees on loans109, globally amounting to 13 billion euros110. Though this notification has a broader scope concerning the activities of the potential beneficiaries111, it is relevant for the present purposes, considering how it updates the aid scheme mentioned hereinabove. In what concerns the loan guarantee scheme, the measure provides for the issuance of guarantees on new investment loans and new working capital loans under the mutual guarantee scheme, as indicated on the first notified measures above in F.2.1.1. and entails, for the beneficiaries, the obligation to maintain jobs over a period of time. As for the direct grant scheme, the measure provides for the conversion of an amount of principal owed that’s equivalent to the part of the guarantees issued under the notified loan guarantee scheme, as well as under the loan guarantee 107 See above note 105. 108 Pursuant to, and in compliance with, the terms and conditions set forth in section 3.1. (Limited amounts of aid) of the Temporary Framework. 109 Please refer to footnote no. 12 of the decision. 110 State Aid SA.56873(2020/N) – Portugal COVID-19: Direct grant scheme and loan guarantee scheme; decision dated 4 April 2020. 111 Its scope of application includes the whole territory of Portugal and all sectors, except for undertakings whose main activities fall under NACE Code K (financial and insurance activities). The final beneficiaries of the measures are undertakings active in Portugal, irrespective of their size, and the aid under the measures may be granted either directly or through credit institutions and other financial institutions as financial intermediaries.
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