Commission approves €4 billion Slovak direct grant and guarantee schemes to support companies affected by #Coronavirus outbreak

The European Commission has approved three Slovak aid schemes, with an overall budget of €4 billion, to support companies affected by the coronavirus outbreak. The measures were approved under the State Aid Temporary Framework adopted by the Commission on 19 March 2020, as amended on 3 April and 8 May 2020.

The support will take the form of direct grants and guarantees on loans. The schemes aim at providing liquidity to companies affected by the coronavirus outbreak, thus helping them continue their activities, start investments and maintain employment levels pre-dating the coronavirus outbreak.

The Commission found that the Slovak schemes are in line with the conditions set out in the Temporary Framework. In particular, direct grants will not exceed €800,000 per company. With respect to guarantees, they will cover new investment and working capital loans and respect the ceilings set by the Temporary Framework. The Commission concluded that the measures are 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 of 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 numbers SA.57483, SA.57484 and SA.57485 in the state aid register on the Commission's competition website once any confidentiality issues have been resolved.

Share this article: