The European Commission has found a €200 million Irish scheme to support companies affected by the coronavirus outbreak to be in line with EU State aid rules.
The scheme was approved under the State aid Temporary Framework to support the economy in the context of the COVID-19 outbreak adopted by the Commission on 19 March 2020.
Executive Vice-President Margrethe Vestager, in charge of competition policy, said: “With this €200 million Irish scheme, approved under the new State aid Temporary Framework, we continue to work with Member States to ensure timely support to the economy through these difficult times. This measure will, in the form of repayable advances, help companies affected by the coronavirus outbreak to weather this crisis and bounce back strongly afterwards.”
Ireland notified to the Commission a €200 million scheme to support companies affected by the coronavirus outbreak under the Temporary Framework.
The support, in the form of repayable advances, will be accessible to companies that experience or expect to experience a decline in turnover of at least 15% compared to their revenue before the coronavirus outbreak in Ireland.
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