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Wednesday, October 14, 2020

Prolongation of the temporary state aid framework

Employment, Public Management, Local development, Co-op & Development, Economy - Finances, SME Policy,Corporations,Administrations States,SMEs,Banks,

News Although the temporary state aid framework was initially due to expire on December 31, 2020, the European Commission decided on October 13, 2020 to extend the provisions of the temporary framework by 6 months, i.e. until June 30, 2021, with the exception of the recapitalization measures which were extended by a further 3 months until September 30, 2021.   

The temporary framework adopted on 19 March 2020 by the European Commission on the basis of Article 107 (3) (b) TFEU was first amended on 3 April 2020 to increase possibilities for public support to research, testing and production of products relevant to fight the coronavirus outbreak, to protect jobs and to further support the economy. It was further amended on 8 May to enable recapitalisation and subordinated debt measures, and on 29 June 2020 to further support micro, small and start-up companies and to incentivise private investments. Today's amendment also introduces a new measure to enable Member States to support companies facing a decline in turnover during the eligible period of at least 30% compared to the same period of 2019 due to the coronavirus outbreak. The support will contribute to a part of the beneficiaries' fixed costs that are not covered by their revenues, up to a maximum amount of €3 million per undertaking.

Source :  European Commission - Press release


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