European countries will be able to grant financing up to 800,000 euro per company

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The European Commission has adopted a temporary framework to allow Member States to use all the flexibility provided by state aid rules to support the economy in the context of the COVID-19 epidemic. The framework will be in effect by the end of December 2020. In order to ensure legal security, the Commission will evaluate, before this date, whether the duration should be extended.

The temporary framework allows Member States to ensure that businesses of all types continue to have sufficient liquidity and to maintain the continuity of economic activity both during and after the COVID-19 epidemic.

Thus, the temporary framework provides direct grants, selective tax benefits and advance payments: Member States will be able to set up schemes to grant funding of up to EUR 800 000 to an enterprise, to meet its urgent liquidity needs, according to Hotnews.ro.

State guarantees for loans, interest subsidies and export credit insurances will also be provided.

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