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Next Previous New business loan package prepared by EU HOME • INSIDER • CYPRUS • New business loan package prepared by EU
& nbsp & nbspΘεανώ Θειοπούλου & nbsp; & nbsp;
The Commission is trying to help businesses in EU Member States affected by the effects of the Russian invasion of Ukraine and sanctions against Russian interests, based on a proposal it sent to Member States for consultation, focusing on liquidity and implementation. support measures to address the additional costs due to extremely high gas and electricity prices. A support move reminiscent of the help given to businesses when faced with the effects of the COVID-19 pandemic and looking for ways to support business and employment.
The business world of Cyprus has already pointed out the need for the state, as well as the EU, to support businesses in this crisis as well. As we wrote yesterday, OEB, in its & nbsp; letter to the Ministers of Finance Konstantinos Petridis, Labor Zeta Aimilanidou and Interior Niko Nouri, requested new business support plans that have been proven to be affected by the effects of the war and employment support plans. He pointed out the need for the EU to come to the rescue, because otherwise no state will be able to cope on its own.
On Thursday, the Commission sent a proposal to the Member States for consultation, on a temporary framework of state support and support for the European economy. The proposal makes it possible to provide support for alleviating serious unrest in the European economy. Member States are invited to submit their views on the measures deemed necessary to address the current crisis in the business world.
In particular, the draft proposal under consultation could allow Member States to provide:
• Temporary liquidity support to all companies affected by the current crisis. This support could take the form of guarantees and subsidized loans.
• Aid for additional costs due to extremely high gas and electricity prices. This support could be provided in any form, including limited grants, to partially compensate businesses, and especially large-scale energy users, for price increases.
According to the European Commission text, both types of measures will be available to companies that qualify as problematic, as they may face strong liquidity needs due to current conditions. Entities subject to sanctions and under Russian control will be excluded from the scope of these measures. to enhance extroversion
The Commission also raises – in the context of the consultation – a number of general and more specific questions in the Member States, e.g. in terms of aid ceilings, the definition of energy-intensive users, whether green conditions should be attached to help these users, whether other input costs subject to similar price increases, such as gas and gas, should be taken into account. electricity, and if certain sectors, such as e.g. agriculture, would require other support measures.
Member States now have the opportunity to comment on the Commission proposal and answer these questions. The Commission will rapidly evaluate the responses in order to finalize its position on a new interim support framework and will prioritize the support measures announced by the Member States in the current crisis.
The Executive Vice President Margrethe Vestager, head of EU competition policy, said the war would affect the European economy now and in the coming months. “That's why we are ready to use the full flexibility of the state support toolkit to enable Member States to support businesses and sectors that are being severely affected,” he said.