EC approves Bulgaria’s 173M leva state aid scheme for SMEs hit by coronavirus outbreak

The European Commission (EC) said on May 14 that it had approved a 173 million leva (88 million euro) scheme to support the Bulgarian micro and small companies in the context of the coronavirus outbreak.

The support measures available under the scheme will be to a large part co-financed by the European Regional Development Fund (75 million) euro, the EC said.

The support will take the form of grants.

The purpose of the scheme is to address the liquidity needs of micro and small companies, including self-employed, and to help them to continue their activities during and after the outbreak.

The scheme will be accessible to companies active in different sectors except agriculture, fisheries, aquaculture and forestry.

It is estimated that about 17 300 micro and small enterprises will benefit from this support, the EC said.

The scheme was approved under the State aid Temporary Framework adopted by the Commission on March 19, which was amended on April 3 and May 8.

The Commission found that the Bulgarian scheme is in line with the conditions set out in the Temporary Framework.

“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,” the EC said.

(Photo: Clive Leviev-Sawyer)

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