Borissov: BGN 173m in grants for 20,000 small enterprises

PM Boyko Borissov

Small enterprises with at least 20% dip in revenue will be eligible to apply for a piece of the BGN 173m grant funding that is being provided by the EU. The money will be enough for about 20,000 businesses, while the government will seek another BGN 200-300m in support for medium-sized enterprises. The news came from Prime Minister Boyko Borissov after the European Council meeting on tackling the COVID-19 pandemic held via videoconferencing.

“The application process will be conducted online within the framework of an extremely streamlined procedure and on a declarative principle. It will be opened at the beginning of May. I will send a letter to the EC so that we get to take advantage of another BGN 200-300m through other programmes,” Borissov said.

He added that the EU is providing a total of €540bn to address the effects of the COVID-19 pandemic. “We are all aware that the only way for Europe to get through this crisis is by being united,” Borissov noted.

As a sign of trust, the European Central Bank (ECB) has set up a €2bn swap line for Bulgaria. “Many countries’ requests for such instruments were denied. You can check that. And yet Bulgaria was afforded one in advance,” the premier pointed out. Borissov said that in the span of several days Bulgaria made up for a three-month lost period in its preparation for the Eurozone and that according to the ECB the country has done everything that is required of it. The premier hopes to see the country enter ERM II, the so-called “waiting room” of the Eurozone, around July.

He reminded that Bulgaria is yet to take out a loan as a result of the crisis and that it has been making do with its savings.

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