Businesses eligible to apply for a share of the support fund must do so between January 13 and 31, 2021.
The €1 million made available by Portimão Council aims to provide some form of relief for businesses that have seen their revenues drop significantly as a result of Covid-19.
The Fundo de Apoio Empresarial, which is part of the council’s programme “Portimão Lends a Hand to the Local Economy” (Portimão Dá a Mão à Economia Local), is directed at businesses headquartered in the borough or which perform their main business activity in the area.
Funding support is available to companies which registered a turnover of up to €150,000, or €60,000 in the case of freelance workers, in 2019, and which suffered drops of over 40% in 2020 due to the pandemic. Each beneficiary will receive a maximum amount of €2,000.
The business must then remain open until June 30, 2021 as well as keep the same workforce as at the time of the application.