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The European Commission authorises the French State’s investment of €1.2 billion in the French Solidarity Fund for SMEs

The European Commission has found that the €1.2 billion French scheme to support small and micro-enterprises and the self-employed affected by the economic repercussions of the coronavirus epidemic complies with EU state aid rules.

The support takes the form of direct grants to allow beneficiaries to face their operating costs in the difficult situation caused by the coronavirus pandemic. The beneficiaries are companies with a maximum of 10 employees and a yearly turnover not exceeding €1 million. Companies are eligible when their business was closed by administrative decision as a result of the coronavirus outbreak, or when their monthly turnover in March 2020 dropped by 70% compared to their turnover in the same period last year.

The Commission found that the scheme notified by France is in line with the conditions set out in the Temporary Framework. In particular, it allows for direct grants, which may not exceed €3,500 per company.



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