Some 15% of Bulgarian firms with ops halted due to coronavirus now bankrupt

Some 15% of Bulgarian firms with ops halted due to coronavirus now bankrupt

About 15% of companies which suspended operations due to coronavirus restrictions in Bulgaria have gone bankrupt, economy minister Emil Karanikolov said. 

The remaining companies have already succeeded in resuming their operations, Karanikolov said in a video file published on the website of public television BNT last weekend

According to Karanikolov, the government's job retention scheme popularly known as the '60-40 measure' is the reason why the percentage of bankrupt companies is not even higher. 

Last month, the European Commission approved Bulgaria's 1.5 billion ($833.6 million/766.9 million) levsscheme for preserving employment in the sectors most affected by confinement measures imposed over the coronavirus outbreak. Under the scheme, the government is financing 60% of wage costs, including social security contributions by the employer, of companies that would otherwise have to lay off staff to weather the shrinking of their business during the pandemic. 

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