EU Commission approves €500 million Greek aid scheme

The European Commission has approved a Greek scheme to support the uncovered fixed costs of companies affected by the coronavirus outbreak.

The scheme was approved under the State aid Temporary Framework and has an estimated budget of up to €500 million. Under the scheme, support will take the form of a credit to be used for the payment of tax and social security obligations that are due from July 1, 2021, to the end of December 2021.

Executive Vice-President Margrethe Vestager, in charge of EU Commission competition policy, said, “Many companies in Greece have seen their revenues significantly decline because of the coronavirus outbreak and of the measures necessary to limit its spread.

“This €500 million scheme will enable Greece to support these companies by helping them cover the fixed costs that are not covered by their revenues. We continue to work in close cooperation with Member States to find workable solutions to mitigate the economic impact of the coronavirus outbreak, in line with EU rules,” she added on August 30.

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