460 COMPETITION LAW IN TOURISM urgent liquidity needs; and (iii) direct grants calculated on the basis of the regional minimum wage for each existing job, as well as on social security contributions of the employing entity, to undertakings of all sizes active in the Azores, which were beneficiaries of the credit lines created at the national level to support the economy, approved by the Commission under the state aid cases SA.56873 and SA.59795. Without prejudice to the above and with grounds on the aid schemes applicable to the national territory, some credit lines were implemented to support the undertakings of Azores, such as the credit line called “Linha Específica COVID19: Apoio às Empresas dos Açores”126, in the global amount of EUR 200 000 000 aiming at financing the treasury and working capital needs of micro, small and medium-sized undertakings located in the Azores. F.2.1.5. Notification of aid scheme for undertakings in Madeira In what concerns measures notified by the Portuguese State for the benefit of Madeira and financed by the regional budget, the same take the form of direct grants up to 40 million euros and guarantees on loans up to 32 million euros for SMEs (excluding micro-enterprises) and large enterprises that have an economic activity in Madeira and employees registered in the Social Security System, with both the employer and employee contributing to the same public scheme127/128. In line with what has been notified by the Portuguese State in respect of other measures under the Temporary Framework, the loan guarantee scheme 126 For more information, please refer to the website: https://www.bpfomento.pt/pt/catalogo/linha-especificacovid-19-apoio-as-empresas-dos-acores/ 127 See the European Commission’s decision mentioned above in note 8. Details on the implementation of this credit line already comprising 20 million euros are available both at IDE, IP-RAM’s website (http://www.ideram. pt/Content/PaginasPubl icas/Servicos-IDE-apoios-2014-2020-Instrumentos-Financeiros-APOIAR- -MADEIRA2020) and SPGM’s one (https://www.spgm.pt/pt/catalogo/linha-de-credito-apoiar-madeira-2020/). 128 In line with the national measures, to be eligible the final beneficiaries must cumulatively comply with the following conditions: • be legally incorporated; • have no defaults before the entities granting the measure, including the financial institutions acting as intermediaries; • have no unregistered incidents/defaults with the financial institutions and the Mutual Guarantee System at the date of the execution of the loan agreement (i.e., they should not have incidents or breaches that are not remedied towards the financial institutions and the Mutual Guarantee System); • have their tax and social security situation normalised with the competent authorities; • have organised accounting under the terms of the Accounting Standardization System; • commit to maintain (at least a part of ) their permanent workforce for a period of 18 months from the date of the execution of the loan agreement; and • present a positive net position in the last approved balance sheet, while undertakings with negative equity in the last approved balance sheet must present a normalised situation in the interim balance sheet until the date of the aid application.
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