Under the Temporary Framework for State aid, the European Commission has approved schemes in Luxembourg, Denmark and Poland to support companies directly affected by the economic crisis resulting from the Covid-19 pandemic.
On Tuesday 2 June, two Luxembourg aid schemes were authorised for an estimated total of €260 million to meet the liquidity needs of businesses hard hit by the pandemic.
With a budget of around €200 million, the first scheme will be open to companies of all sizes operating in sectors including hotels, restaurants, travel, and events. The concerned companies will have to show that their turnover has fallen by at least 25% in the first half of 2020 and that this situation is likely to continue in the second half of the year.
The second aid scheme, with an estimated budget of €60 million, will be open to SMEs operating retail shops or providing services (hairdressers, opticians, dry cleaning and laundry services). These companies will benefit if they recorded a decline in turnover of at least 50% between March and May 2020.
Denmark. The Commission has approved a €97 million Danish scheme to support tour operators who are facing a high level of travel cancellations due to the pandemic. These companies will receive compensation of up to 100% of the losses resulting from reimbursements made to their customers.
The reference period, which runs from 26 January to 31 May 2020, corresponds to the period during which the Danish government restricted international travel.
Poland. The Commission authorised on Friday 29 May a €1.6 billion Polish scheme to partially compensate large companies and certain small and medium-sized enterprises (SMEs) for damages suffered as a result of the pandemic and to provide them directly with liquidity through loans.
The scheme, which will be managed by the Polish Development Fund, is part of the ‘Financial Shield for Large Enterprises’, a support programme set up by the Polish authorities with a budget of around €5.5 billion.
The support will be granted in the form of subsidised loans at reduced interest rates, which may be redeemed by 30 September 2021 up to an amount not exceeding 75% of the actual damage suffered by the beneficiary companies as a direct result of the coronavirus pandemic between 1 March and 31 August 2020. (Original version in French by Lionel Changeur and Mathieu Bion)