Euskadi. An ambitious shock plan was approved: Bizkaia aurrera!

Bizkaia aurrera! It is a crash plan that will be activated on May 11 and redistributes 12 million euros and adds another 30 million more for development, until December 31. On the other hand, it contains tax incentives worth 53.5 million euros.

The plan includes twelve economic measures to help the most critical people and economic sectors, such as: self-employed people, people who have lost their jobs, small and medium-sized companies, and large companies.

The Provincial Council of Bizkaia estimates that for every euro invested in this plan, an economic impact of seven euros will be generated. Thus, with a maximum of 95.5 million euros, it is expected to generate 672 million euros of economic impact.

This amount joins the 538 million euros injected into the territory's economy by the tax and fiscal measures adopted in the first week of the crisis.

Measures of the Bizkaia aurrera! plan are the following:

1. Microcredits to help self-employed people and small companies with up to five workers in Bizkaia. (€ 15M)
2. Special employment plan to help maintain jobs and encourage the hiring of unemployed people. (€ 5M)
3. Bonuses to encourage consumption in local commerce, culture, tourist establishments, bars and restaurants in Bizkaia. (€ 5M)
4. Renewal Etxea plan to encourage activity among the construction unions in Bizkaia.
5. Self-help program for the lack of loans from small and medium-sized companies, and self-employed backed by Elkargi. (€ 150,000)
6. Inland tourism plan to promote movement, activity, culture and consumption in the towns of Bizkaia. (€ 300,000)
7. Direct aid program for the smart economic reactivation of SMEs and companies with between five and one hundred employees in sectors related to industry. (€ 4M)
8. Bizkaia aurrera digitization plan! (€ 10.4M)
9. Tax and fiscal measures to facilitate economic and employment recovery.
10. Increased protection or aid for cultural, sports and research activities of the Covid-19, declaring them priority activities in 2020.
11. Promotion of actions that boost activity, the economy, culture and entertainment in Bizkaia when the health authority allows it. (€ 2.1M)
12. I reinforce Bizkaia Gara, the network of volunteers in the territory, to accompany all those tasks that are required. (€ 50,000)

The digitization plan seeks to reduce the digital gap and, together with a program with the main banks, stimulate payment with digital media in local businesses, bars and restaurants.

In addition to the aforementioned actions, there are a series of tax and fiscal measures:

• The maximum streamlining of VAT, Corporation Tax and Personal Income Tax refunds.
• Tax incentives for hiring people. 50% increase in the deduction for job creation in its general modality
• Tax incentives for digitization processes.
• Enable 60% of the 2019 Corporate Tax quota to be used to boost economic recovery by companies that have reduced their income to offset losses in 2020.

Read the plan Bizkaia aurrera!