Support measures against US tariffs: guarantees and accounting moratorium

Guarantee line

One of the highlighted measures is the creation of a line of guarantees To cover, on behalf of the State, the financing granted by financial institutions to meet liquidity or investment needs arising from the imposition of import tariffs by the United States.

In order to alleviate the liquidity tensions caused by the decrease in income linked to these tariffs, the Ministry of Economy, Commerce and Business may provide guarantees for financing granted by credit institutions and financial credit establishments, as well as by the Official Credit Institute (ICO), under a co-financing arrangement. These guarantees are intended to provide liquidity or facilitate projects business reconversion to those entities with a significant direct or indirect exposure to the US market, according to criteria that will be established by the Council of Ministers Agreement.

The maximum volume of guarantees will be 5.000 billion euros until June 30, 2026, with the possibility of extension. The conditions and requirements will also be defined by a Council of Ministers Agreement, without the need for additional regulatory development. All guarantees must comply with European Union regulations on State Aid.

At its meeting on April 15, the Council of Ministers activated the first section from the line of guarantees worth 1.000 millones de euros, intended to cover liquidity needs or promote conversion projects of affected companies. Companies with an volume of trade operations with the United States exceeding 5% of the total of their exports or imports.

Financing modalities

The line of guarantees offers two types of loans, depending on the purpose or purpose of the financing, each with its own specific characteristics and requirements. The loans can be requested until June 30, 2026.

The first modality is aimed at covering the needs short-term liquidity of the affected companies. The guarantee may cover up to 80% of the loan granted by the financial institution, and the loan repayment period will be up to five years, with a one-year grace period. This option, which is expected to be the most popular initially, is initially endowed with €5 million.

The second modality is aimed at guaranteeing loans for projects business reconversion or transformationThe aim is to promote the resilience of the national productive fabric, encouraging the adaptation or redesign of production capacity or the development of new products. Up to 80% of the investment value and up to 100% of the working capital associated with the investment project may be financed.

Under this modality, operations under one million euros will be granted by collaborating financial institutions, and those exceeding this amount will be co-financed with the ICO. The guarantee coverage may be up to 80%, and the loan repayment period may be up to 10 years, with a three-year grace period.

Accounting moratorium

In addition, Royal Decree-Law 4/2025 extends for one year the accounting moratorium on causes of company dissolution.

For the purposes of determining the cause of dissolution of article 363.1.e) of the consolidated text of the Capital Companies Act (LSC), approved by Royal Legislative Decree 1/2010, of July 2, Losses from the 2020 and 2021 financial years will not be computed. until the end of the fiscal year beginning in 2025.

If, excluding such losses, the years 2022, 2023, 2024 or 2025 present negative results that reduce the net worth below half of the share capital, the administrators must call a General Meeting within two months of the end of the financial year, in accordance with Article 2 of the aforementioned Law. Failure to do so may result in any shareholder requesting a decision on the dissolution or recapitalization of the company.