InsiderEconomyEuropean Commission approves two Cypriot schemes worth 200 million euros

European Commission approves two Cypriot schemes worth 200 million euros

The European Commission has approved two Cypriot schemes to support companies and self-employed who were forced to suspend their activities due to the restrictive measures imposed by the government to curb the outbreak of the pandemic.

The schemes were approved under the State aid Temporary Framework.

Within the framework of the first scheme, businesses and self-employed will get one-off grants of up to 300,000 (or 800,000 for hotels whose turnover in 2019 exceeded 20 million euros)

Within the framework of the second scheme, which will be open to self-employed whose taxable activities do not exceed 15,600 euros annually and will be in the form of direct grants.

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.

The Commission found that the schemes notified by Cyprus are in line with the conditions set out in the Temporary Framework. On this basis, the Commission approved the measures under EU State aid rules.

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