EU’s Vestager Unveils State Aid Scheme To Help Virus-hit Firms

EU antitrust chief Margrethe Vestager on Tuesday, March 17, proposed a temporary framework to allow EU countries to help companies hit by the coronavirus crisis, without the risk of breaching the bloc’s rules against unfair subsidies.

The measures, expected to be in place in the coming days once they are agreed by the 27 EU countries, include allowing governments to offer grants or tax advantages up to €500,000 (US$550,354) to ailing companies.

“It is both lives and livelihoods that are at stake. Businesses all over Europe – and in particular smaller ones – are struggling with the effects of the actions that governments have had to take, to slow the spread of this virus. So, the European Commission will work quickly and decisively, to help governments use their resources to help citizens and businesses.” She said in a statement.

Full Content: Yahoo

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