The Resolution contains the terms and conditions of the first tranche of the ICO Guarantee Line for businesses and self-employed persons, in order to mitigate the economic impact of COVID-19.

On 26 March 2020, Spain’s Secretary of State of Economy and Support to Companies approved a resolution (the Resolution), containing the agreement of the Spanish Council of Ministers dated 24 March 2020, which sets the terms of the first tranche of the Spanish Official Credit Institute (Instituto de Crédito Oficial, or ICO) Guarantee Line (the Guarantee Line) for businesses and self-employed to mitigate the economic impact of COVID-19.