European Commission approves Bulgaria's 79 mln euro MSME support scheme

European Commission approves Bulgaria's 79 mln euro MSME support scheme

The European Commission said that it has approved Bulgaria's 79 million euro ($95.9 million) scheme in support of support micro, small, and medium enterprises affected by the coronavirus outbreak.

The scheme, which will be co-financed by the European Regional Development Fund, will support companies with activities suspended or limited by governmental restrictive measures, the Commission said in a statement on Wednesday.

The support will take the form of a grant equal to between 10% and 20% of the company's turnover in the same period of last year, but no more than 150,000 levs.

The support will help the beneficiaries to cover part of their operating costs and support activities necessary to overcome the shortage of funds or lack of liquidity resulting from the coronavirus outbreak.

The scheme was approved under the State aid Temporary Framework.


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