EU okays Poland’s €450m aid to coronavirus-hit firms
19:25
The European Commission – the executive branch of the European Union – approved the Polish “anti-crisis” package worth EUR 450 million (over PLN 2 billion) regarding support for the economy in connection with the ongoing Covid-19 pandemic. Support measures provided for in the program will be co-financed from EU structural funds, the EC informed. The package was approved in accordance with the provisional legal framework for state aid adopted by the Commission.
“This €450 million Polish scheme – co-financed by EU structural funds – will enable Poland to further enhance access to liquidity by companies in need through the provision of loans and state guarantees on loans covering 100 percent of the risk in the amount of up to €800,000 per company. The support will help businesses active in all sectors to continue their activities during and after the coronavirus outbreak. Our work with the member states continues to ensure that national support measures can be put in place in a coordinated and effective way, in line with EU rules,” said Margrethe Vestager, Executive Vice-President of the European Commission for a Europe fit for the Digital Age (Competition).
The support will take the form of public loans and guarantees to secure loans. The package will be available to companies operating in all sectors, having access to the European Structural Funds and facing difficulties due to the coronavirus epidemic. It is estimated that such support will go to around 7,000 companies.
The program aims to mitigate the negative economic effects of the Covid-19 pandemic. Its purpose is to meet the liquidity needs of those enterprises that are most affected by the economic consequences of the pandemic. In addition, it is intended to support enterprises in continuing their activities, starting investments and maintaining employment during and after the pandemic.
