The European Commission has approved the Czech government’s scheme to help companies affected by the coronavirus outbreak.The Commission on Monday validated a loan guarantee scheme of around CZK 500 billion (US$22.4 billion) to support lending activities for businesses.
The scheme was approved under the State aid temporary framework adopted by the Commission on March 19, 2020.
“The measure aims at maintaining employment in Czechia and providing support for approximately 280 000 undertakings. We will continue working closely with the member states to ensure that national support measures can be put in place in a coordinated and effective way, in line with EU state aid rules,” said Margrethe Vestager, executive vice-president in charge of competition policy.
The measure aims to give companies better access to external financing and thus enable the pursuit of their activities.
In addition, the European Commission has approved a Czech wage subsidy scheme amounting to CZK 22.9 billion (US$1.03 billion).
By contributing to their wage costs, the scheme supports businesses that would otherwise have to lay off personnel due to the coronavirus outbreak.
Full Content: EU Reporter
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Judge Mehta Questions Both Sides in Landmark Google Antitrust Case
May 2, 2024 by
CPI
FCC Urges Urgent Funding for Removal of Chinese Telecom Equipment from U.S. Networks
May 2, 2024 by
CPI
Former Pioneer CEO Facing Potential Criminal Charges For Colluding With OPEC
May 2, 2024 by
CPI
South Korea’s Antitrust Regulator Greenlights K-Pop Powerhouse Deal
May 2, 2024 by
CPI
Exxon’s Pioneer Purchase Approved, Former CEO Barred from Board
May 2, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI