The European Commission approves government aid worth 22 million euros for small and medium-sized companies in Madeira
Photo: Markus Spiske / Unsplash
The European Commission has approved government aid from Portugal, amounting to 22 million euros, to support MSMEs in Madeira affected by the epidemic, with financial losses exceeding 25% in 2020.
In a statement, the executive director of the community said that he had approved “a Portuguese scheme to support small and medium enterprises with headquarters and activities in the Madeira region, in the context of the outbreak of the Coronavirus.”
Called “Apoiar.PT.Madeira”, this public assistance takes the form of direct subsidies and will be available to companies “operating in the sectors most affected by the economic impact” of the covid-19 epidemic that “suffered a decrease in their sales of at least 25% in 2020, Compared to the same period in 2019. ‘
According to Brussels, this Portuguese aid “complies with the conditions stipulated in the European Union’s temporary framework” for this type of aid, as the sum of each company does not exceed 1.8 million euros, and the aid will be available until December 31, 2021..
At stake is the European Provisional Framework for State Assistance, which was adopted in mid-March 2020 and in effect until the end of the year, and which extends the support that member states can provide to their economies, and which is usually prohibited by competition rules in the European Union. . , Which results in loans with government guarantees and grants, among other things.
The committee concluded that the measure [portuguesa] It is necessary, sufficient and proportionate to address a serious disruption in the economy of a member state, “the European Commission concludes.
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