Insider Economy Commission approves Cyprus' €280 mil schemes to support companies and self-employed affected...

Commission approves Cyprus’ €280 mil schemes to support companies and self-employed affected by pandemic

The European Commission approved under the State aid Temporary Framework two Cypriot schemes providing direct grants and subsidised interest rates to companies and self-employed workers affected by the coronavirus outbreak, of €280 million total value.

The aim of both schemes is to address the liquidity needs of the eligible undertakings, including the self-employed, to help them continue their activities during and after the outbreak and as such the Commission concluded that the measures are “necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a Member State, in line with Article 107(3)(b) TFEU and the conditions set out in the Temporary Framework”. More specifically the aid envisaged in both schemes does not exceed €100,000 per company active in the primary production of agricultural products, €120,000 per company active in the fishery and aquaculture sector and €800,000 per company active in all other sectors.

According to the European Commission, the first scheme, with a budget of €100 million, will be open to micro and small enterprises with up to 50 employees (including self-employed workers) and will provide them with one-off grants of up to €6,000 per company. The measure is expected to support more than 50,000 enterprises.

The second scheme, with a budget of €180 million, will be open to all companies and self-employed workers. It will provide subsidised favourable interest rates on new loans signed between 1 March 2020 and 31 December 2020, for loans with a maximum duration of four years.

(CNA)

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