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Italy COVID-19. An overview, in English, of the Decree-Law n. 34 of 19 May 2020 s.c. ‘Relaunch’

The D-L ‘Relaunch’ was published on the O.J. n.128 of 19 May 2020.

It is a very long piece of legislation (more than 250 articles), therefore Telos A&S is not reporting all the measures. You will find the most important in this order:

• Aid to businesses
• Liquidity support to businesses: additional funds allocated to assist loans with the State’s guarantee
• Income support schemes
• Tax cuts
• Financial support to Regions and local administrations – among others, to allow them to pay their commercial arrears
• Support to the banking sector
• One (minor) regulatory change regarding NPLs
• Sports
• Legalisation of undocumented workers and illegal migrants
• Additional funding for the NHS, particularly with a view to improving the capacity of ICUs.

Please note that the final version of the package, among many other things, allocates €1 billion to ensure Italy’s participation in the pan-European guarantee fund of the EIB group and in the EU instrument for temporary support to mitigate unemployment risks in an emergency (SURE).

The Decree-Law entered into force today, after its publication on the Official Journal and it will now be submitted to Parliament to be ratified and possibly to be amended.

Telos A&S drafted an overview, in English, of the main measures of the Decree-Law.

If you are interested to know more please contact Telos A&S at telos@telosaes.it

You may download the overview, in English, of the Decree-Law below