18:33 20 June 2021
Post by: WBJ

EC approves financial shield for large enterprises

EC approves financial shield for large enterprises
Source: Wikimedia Commons

The European Commission has approved a large business support program to partially compensate large businesses for the damage suffered by the coronavirus pandemic and government-imposed restrictions. The program is also intended to provide large enterprises with direct liquidity support in the form of subsidized loans. It’s a part of the enterprise support system in Poland, the so-called financial shield for large companies.

"This program will allow Poland to partially compensate large companies for the damage suffered as a result of measures introduced to contain the spread of the third wave of the coronavirus pandemic while meeting their most pressing liquidity needs," Margrethe Vestager, executive vice president responsible for competition policy, said.

The program is modeled on the previous Polish program approved by the Commission on May 29, 2020, and will be implemented by the Polish Development Fund (PFR).

The program is aimed at large enterprises operating in all sectors and registered in Poland. The aid will be provided in the form of subsidized loans with favorable interest rates. The envisaged write-off may be up to 75 percent of the actual damage that the beneficiary companies have suffered directly from the coronavirus pandemic between November 1, 2020, and April 30, 2021.


financial shield
margrethe vestager

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