International
21:39 9 April 2020
Post by: WBJ

EC approves Polish aid program for enterprises worth PLN 3.5 bln

EC approves Polish aid program for enterprises worth PLN 3.5 bln
Source: Pixabay

The European Commission (EC) approved the Polish aid program for enterprises worth PLN 3.5 billion (approx. €700 million), which is supposed to support the economy during a pandemic caused by a coronavirus. The schedule was approved as part of the temporary framework for state aid adopted by the Commission.

After the approval of the Polish guarantee program by the Commission, Poland notified the European Commission of a new aid program for enterprises exposed to losses due to the coronavirus epidemic. It is to be co-financed under shared management, from European Union funds – primarily from the European Regional Development Fund and the European Social Fund.

The program assumes that the loan amount per enterprise will be limited to what is necessary to meet its liquidity needs in the near future, and guarantee fees and interest rates correspond to the minimum levels set in the temporary framework adopted by the Commission.

Guarantees and loans will be granted until the end of this year, for a period not exceeding six years. Aid may only be granted to those enterprises which were not in difficulty before December 31, 2019. Poland estimates that approximately 20,000 companies will benefit from loans and guarantees granted under the program.

(ISBnews)

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