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DAILY COVID-19

Employment Context

In context, we note today three issues that affect the relationships of contained in the declaration of a state of emergency:

  • Telework

Right compulsory adoption of the teleworking scheme, regardless of the employment, where the functions in question so permit.

All activities that remain in the works or operation must be comply with the recommendations of health authorities, in particular in hygiene and social distancing.

  • Right to strike

Is the right to strike, to the extent that it may jeopardise the operation of critical infrastructure or units for the provision of health care, as well as in economic sectors vital to the production, supply and supply of goods and services essential to the Population.

  • Workers’ rights

The competent public authorities may determine that any employees of public or private entities, regardless of the type of link, submit to the service and, if necessary, to perform functions in a different place, in entities, different working conditions and schedules of those corresponding to the existing link. This applies to workers in the health, civil protection, security and defence sectors and other activities necessary for the treatment of patients, the prevention and combating of the spread of the epidemic, the production, distribution and supply of goods and services essential to the functioning of vital sectors of the economy, the operation of critical networks and infrastructures and the maintenance of public order and the democratic rule of law.

Regulatory Context

Given the impact of the COVID-19 crisis on stock exchanges and exchange-traded entities, CMVM has now made specific information available to investors, entities and auditors operating in the financial market Portuguese.

Portuguese listed companies should include in their 2019 Reports and Accounts (which have not yet been closed, audited and approved at the General Meeting) information on the impact of COVID-19 on their business.

The CMVM also recommends that isising companies disclose, as soon as possible, all relevant information on the impacts of COVID-19 on their business, financial situation and economic performance.

For auditors and auditors, the CMVM warns of the need to carry out an assessment of the continuity of the audited entity’s business, as well as the need to identify the economic outlook and direct impacts of the spread of COVID-19 in the exercise of its activity.

Support and Incentive context

In the context of support and incentives to Portuguese companies, we highlight here three relevant updates:

  1. FAQs documents have been created for:
    • Capitalize Credit Line – COVID-19 (Link)
    • Treasury Support Line for Tourism Microenterprises – COVID-19 (Link)
  2. Extension of the deadline for the submission of applications under the SI Internationalisation of SMEs(product sheet):
    • Phase I – E-commerce Priority and Digital Transformation: until April 13, 2020
    • Phase II – Priority Brexit: Market Diversification: until 11 May 2020
    • Phase III – Export Accelerator Priority: until June 8, 2020
  3. Aid State: Commission authorizes Portuguese guarantee schemes of 3,000 million for SMEs and mid-caps affected by by the coronavirus outbreak(Link),which operate in four different sectors:
    • tourism;
    • restoration (and other similar activities);
    • extractive and manufacturing industry; And
    • activities of travel agencies, tourist entertainment, organization of events (and similar activities).

These measures aim to ensure that these companies have sufficient liquidity to preserve jobs and continue their activities in the current framework.

These measures now proceed to the negotiation process with the banking system Portuguese for further operationalization.


How can Moneris help?

Our vast and multidisciplinary team of professionals, which operates in the most different areas of management, promotes a holistic approach in responding to this extraordinary situation, both in crisis management and strategic redefinition, in the information of support for the taking decision-making, minimising its tax and labour effects, optimising national and European support and incentives, as well as relaunching the activity after the critical period.

Our mission has always been to support our customers, create value and exceed their expectations. In this time of greatest difficulty, we are even more committed to helping us to overcome this challenging moment together.

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