Commission
approves Italian scheme to protect SMEs affected by Coronavirus outbreak
On
25 March the European Commission announced its decision to approve under the
state aid rules, an Italian state debt moratorium scheme available to small and
medium-sized enterprises (SMEs) affected by the coronavirus (COVID-19) outbreak.
The
announcement follows the Commission’s 19 March Temporary Framework to support
the economy in the context of COVID-19 based on Article 107(3)(b) of the TFEU.
The
Italian scheme covers the postponement of repayments of overdraft facilities,
bank advances, ‘bullet loans’, mortgages and leasing operations.
The
Commission found that the guarantee aimed to provide liquidity for SMEs will
contribute to managing the economic impact of the coronavirus outbreak in
Italy. It 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) of the TFEU and the
Temporary Framework.
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