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Green light from the Commission for support of 100 million to businesses affected by the pandemic

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Πρασινο φωσ α&pi Κομισιoν για στorριξη 100 εκατ. σε ε πιχειρorσεις που πλorγηκαν απo τη&nu ; πανδημiα

The approval of the Cypriot government's support program for businesses and the self-employed affected by the pandemic was approved by the European Commission, having considers that it is in line with the EU's Temporary Framework for State Aid.

The Cypriot program provides for direct grants for which the beneficiaries are businesses with a maximum of 50 employees in all sectors ( with the exception of finance co) as well as self-employed workers.

The measure aims to mitigate the negative effects that the restrictive measures against the spread of the coronavirus had on business activity.

As reported, the aid was granted on no later than November 27, 2020, and concerned an amount from 1250 to 6000 euros per beneficiary, depending on the number of employees in the company.

According to a related announcement, the Commission considered that the Cypriot program is consistent with the conditions set out in the temporary framework for state aid, as the measure was deemed necessary, appropriate and proportionate.

Source: www.reporter.com.cy

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