On Thursday 17 June, the European Commission approved under EU state aid rules a Polish support scheme that aims to partially compensate large companies for the damage suffered as a result of the Covid-19 pandemic, by directly providing them with liquidity support through subsidised loans.
The scheme is part of a larger Polish aid programme called ‘Financial Shield for Large Enterprises’.
Aid under the scheme, which will be available to large companies from all sectors registered in Poland, will take the form of subsidised loans with reduced interest rates, which may be written off up to 75% of the actual damage suffered by the beneficiary companies between 1 November 2020 and 30 April 2021 as a direct result of Covid-19.
Beneficiaries of the aid will therefore have access to immediate liquidity, through loans. The aid is planned to be granted in the form of loans to be partially written-off later by an amount equivalent to the calculated damages suffered due to the Covid-19 outbreak.
The Commission considers that the coronavirus outbreak qualifies as an exceptional occurrence, as it is an extraordinary, unforeseeable event having a significant economic impact. The Polish measure will compensate damages that are directly linked to the coronavirus outbreak and is deemed proportionate. (Original version in French by Lionel Changeur)