EU approves French €1.2 Billion bail-out package for small firms hit by Coronavirus pandemic – Spain unveils €200B package to combat downturn

THE European Commission authorised on Monday France’s scheme to support small companies and self-employed people affected by the economic crisis caused by the coronavirus pandemic.

Under the scheme, the French government has pledged a total of €1.2 billion (£1.07 billion) in subsidies to firms with a maximum of 10 employees and an annual turnover not exceeding €1 million.

The scheme, known as ‘Fonds de solidarite’ (solidarity fund) was approved under a fast-track procedure the Commission has applied since mid-March to speed up spending in EU states to combat the economic and social crisis sparked by the outbreak.

Spain unveils €200 billion package to combat virus downturn

President Pedro Sánchez says Spain is rolling out a financial rescue package without historical precedent.

Spain’s government on Tuesday announced a package to pump €200 billion into the economy to counteract the effects of coronavirus, and the president warned of “very tough days” ahead.

Spain is the European country hardest hit by the virus after Italy.