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Commission: 200 million euros to Cypriot companies and the self-employed

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Commission: 200 million euros to Cypriot companies and the self-employed

The Commission approved two Cypriot programs, with a total budget of 200 million euros, to support companies and the self-employed who had to suspend their activities due to the pandemic

According to the Commission, the two schemes were approved under the interim state aid framework. Under the first plan, companies and the self-employed will be eligible to receive direct grants of up to € 300,000 (or € 800,000 for hotels whose turnover in 2019 exceeded € 20 million).

Under the second scheme, which will be open to the self-employed, who carry out taxable transactions under € 15,600 per year (ie the ceiling below which a company does not need to register for VAT purposes in Cyprus) the aid will take the form of direct grants. . Both programs aim to address the liquidity needs of the beneficiaries and to continue their activities during and after the outbreak.

The Commission found that the two systems complied with the conditions set out in the provisional framework. Specifically, (i) the support will not exceed EUR 225,000 per company active in primary agricultural production, EUR 270,000 per company active in the fisheries and aquaculture sector and EUR 1.8 million per company active in other sectors such as provided for in the Provisional Framework? and (ii) the aid will be granted before 31 December 2021.

The Commission has concluded that the two measures are necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a Member State, in accordance with Article 107 (3) (b) TFEU and the Provisional Framework.

Source: www.philenews.com

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