ECONOMY

New support plan this spring

new-support-plan-this-spring

The new support program for enterprises will start applying in March or April, offering businesses up to 3 million euros each toward their fixed expenditure that has not been covered by another program or corporate profits.

The cash companies will receive will not be in the form of a loan, Finance Ministry sources say, as this is a state subsidy in line with European Union rules and is not to be paid back.

According to a clause included in a bill on the population census, the state is introducing a new support system for enterprises hurt financially by the pandemic, with a turnover decline of at least 30% year-on-year over a period that will probably be from March to December 2020.

Although the grant’s ceiling per company is set at €3 million for the entire period, the ministry will attempt to raise it. As soon as the clause is passed into law, the ministry will forward the technical details to the European Commission before the definitive ministerial decisions are issued.

The maximum amount to be received may reach up to 70% of uncovered expenditure, with the rate rising to 90% for very small enterprises.