European Commission Approves Bulgaria's Scheme to Support Business

European Commission Approves Bulgaria's Scheme to Support Business

April 24 (BTA) - The European Commission informed on Thursday that it has approved a 150 million euro Bulgarian scheme to support small and medium-sized enterprises (SMEs) in the context of the coronavirus outbreak.

The scheme, which will be open to SMEs active in all sectors with certain exceptions defined by Bulgaria, aims at enhancing access to liquidity by those companies, which are most severely affected by the economic impact of the coronavirus outbreak, thus helping them to continue their activities, start investments and maintain employment.

The Commission found that the Bulgarian scheme is in line with the conditions set out in the Temporary Framework. In particular, (i) the support will not exceed 800,000 euro per company as provided by the Temporary Framework, (ii) equity and quasi-equity will be granted only to solvent companies, and (iii) aid can be granted until 31 December 2020.

The Commission therefore concluded that the Bulgarian measure is necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a Member State. RY/MT


Source: Brussels