EU Commission approves €200m Irish scheme to support economyChristian Fernsby ▼ | March 31, 2020
The European Commission has found a €200 million Irish scheme to support companies affected by the coronavirus outbreak to be in line with EU State aid rules.
For Ireland EU meeting
Topics: Commission Irish
Ireland notified to the Commission a €200 million scheme to support companies affected by the coronavirus outbreakunder the Temporary Framework. The support, in the form of repayable advances, will be accessible to companies that experience or expect to experience a decline in turnover of at least 15% compared to their revenue before the coronavirus outbreak in Ireland.
The scheme applies to undertakings in Ireland employing 10 or more full time employees in certain manufacturing sectors and/or internationally traded sectors, with a turnover of less than €500 million per year. The estimated budget of the scheme amounts to €200 million.
The Commission found that the scheme notified by Ireland is in line with the conditions set out in the Temporary Framework. In particular, the maximum aid amount does not exceed €800,000 per company.
The Temporary Framework will be in place until the end of December 2020. With a view to ensuring legal certainty, the Commission will assess before that date if it needs to be extended.
The Commission has adopted a Temporary Framework to enable Member States to use the full flexibility foreseen under State aid rules to support the economy in the context of the Coronavirus outbreak. ■