Commission backs €102m Bulgarian scheme to help crisis-hit firms
Medium-sized companies will receive direct grants of up to €75,000Europost , Brussels
An approximately €102m (BGN 200m) Bulgarian scheme to support medium-sized companies affected by the coronavirus outbreak, was endorsed by the Commission on Monday. It was approved under the State aid Temporary Framework adopted by the EU executive on 19 March this year, as amended afterwards on 3 April and 8 May.
The public support will be co-financed by the European Regional Development Fund with €87m. The help will take the form of direct grants of up to €75,000 per company and will be accessible to companies active in all sectors, except in the primary production and processing of agricultural products, fishery, aquaculture, forestry and the financial and gambling sectors.
The scheme aims to address the liquidity needs of medium-sized companies and to help them to continue their activities during and after the outbreak. It is expected approximately 1,500 medium-sized companies to benefit from this scheme.
The Commission found that the Bulgarian scheme is in line with the conditions set out in the Temporary Framework and is necessary, appropriate and proportionate to remedy a serious disturbance in the economy. The aid will be granted before 31 December this year.