The European Commission has approved a Romanian state aid scheme worth 358 million euros which aims to help businesses affected by the Coronavirus pandemic, and below you can find details about the directions in which this money will be sent to the European authorities.
The scheme was approved under the Temporary Framework for State aid measures. The measure will be open to micro, small and medium-sized enterprises affected by the coronavirus pandemic operating in sectors such as manufacturing, wholesale and retail trade and the accommodation sector.
Under the scheme, aid will take the form of direct grants. The measure aims to help businesses finance investments in tangible and intangible assets to overcome the investment shortfall accumulated in the economy due to the coronavirus crisis.
It is expected that approximately 1.000 enterprises will benefit from the measure. The commission found that the Romanian scheme complies with the conditions set out in the temporary framework.
In particular: the aid (i) will not exceed 1% of the total budget of the scheme per beneficiary; (ii) will be useful for investments in tangible and intangible assets, but not for financial investments; (iii) will not exceed the maximum aid thresholds set in the temporary framework and (iv) is granted until 31 December 2022.
The Commission concluded that the measure is necessary, appropriate and proportionate to facilitate the development of certain economic activities that are important for it to lead to a sustainable recovery of the economy, in accordance with Article 107(3)(c) TFEU and the conditions laid down 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 available under case number SA.103503 in the State Aid Register on the Competition Commission's website as soon as any confidentiality issues have been resolved.
The European Commission approved, today, August 9, a Romanian scheme of up to EUR 358 million (approximately 1,7 billion RON), to support businesses in the context of the coronavirus pandemic.
Details in the press release 👉 https://t.co/1UYnzNFCbG pic.twitter.com/SSBnXBs4hE
— European Commission (@RCERomania) August 9
