Commission approves €60 million Greek scheme to support micro, small and medium-sized enterprises affected by coronavirus outbreak

The European Commission has approved a €60 million Greek scheme to support micro, small and medium-sized enterprises (‘SMEs') affected by the coronavirus outbreak. The measure was approved under the state aid Temporary Framework. The scheme will be open to SMEs registered on the National Startup Registry 'Elevate Greece', which have started their activity by 31 December 2020 and whose activity falls under thematic areas compatible with the Research & Innovation Strategy for Smart Specialization (RIS3) of Greece. The measure is open to all sectors except the financial, primary agriculture, fishery and aquaculture sectors.

The public support will take the form of direct grants. The objective of the measure is to help ensure sufficient working capital for SMEs affected by the coronavirus outbreak. The amount of the grant corresponds to 80% of working capital expenses for the reference year 2019 or 2020. The Commission found that the Greek measure is in line with the conditions set out in the Temporary Framework. In particular, (i) the support will not exceed €1.8 million per company and (ii) the aid will be granted before 31 December 2021.

The Commission concluded that the measure is necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a member state, in line with Article 107(3)(b) TFEU and the conditions set out in the Temporary Framework. On this basis, the Commission approved the measure under EU state aid rules. More information on the Temporary Framework and other actions taken by the Commission to address the economic impact of the coronavirus pandemic can be found here. The non-confidential version of the decision will be made available under the case number SA.62098 in the state aid register on the Commission's competition website once any confidentiality issues have been resolved.

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