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Commission: Support of 10.2 million euros for Cyprus approved

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Commission: Support of 10.2 million euros for Cyprus approved

The European Commission has approved a 10.2m-euro Cypriot program to support the self-employed and businesses affected by the coronavirus outbreak. The program was approved under the Provisional Framework for State Aid.

Under the program, public support will take the form of direct grants intended to cover part of the beneficiaries' operating costs. The program consists of two meters. The first measure applies to the self-employed and companies whose activities have been completely suspended since 16 March 2020 due to the restrictive measures imposed by the Cypriot government to limit the spread of the virus. The amount of subsidies will be calculated based on the number of employees, with a maximum of 15,000 euros.

The second measure applies to the self-employed and companies whose activities have either been suspended since November 2020 due to restrictive measures, or whose monthly turnover decreased by 80% or more in a given month in 2020, compared to the same month in 2019. The amount of this one-off grant is based on the number of employees, with aid ranging from € 500 for beneficiaries with one staff member to € 3,000 for beneficiaries with 50 or more employees. The aim of the program is to address the liquidity needs of the beneficiaries and to help them to continue their activity during and after the outbreak of the disease.

The Commission found that the Cypriot program complied with the conditions set out in the provisional framework. In particular, (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 1,800,000 per company active in any other sector And (ii) the aid will be granted before 30 June 2021.

The Commission has concluded that the measure is necessary, appropriate and proportionate to address a serious disturbance in the economy of a Member State, in accordance with Article 107 (3) (b) TFEU and the conditions laid down in the provisional framework. On this basis, the Commission adopted the measure under EU state aid rules. More information on the interim framework and other measures taken by the Commission to address the economic impact of the coronavirus pandemic is available here. The non-confidential version of the decision will be published under case number SA.60274 in the State Aid Register on the Commission Competition website once any confidentiality issues have been resolved.

Source: www.philenews.com

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