A PYMNTS Company

EU Approves €1.5B COVID Aid For Companies In Southern Italy

By  |  October 7, 2020
COVID

On Tuesday 6 October 2020, the European Commission authorised, within the framework of the temporary framework making State aid more flexible, an Italian scheme providing for a budget of €1.5 billion to support businesses in the regions of southern Italy affected by the coronavirus pandemic. 

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The money will be used to “address the liquidity problems they face as a result of the pandemic, thereby maintaining employment levels and preserving the continuity of economic activity during and after the pandemic”, commented Margrethe Vestager, Executive Vice-President of the European Commission in charge of competition policy. 

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    Rome will introduce tax incentives with a 30% reduction in social security contributions between 1 October and 31 December 2020. Reserved for private employers operating in southern Italy, the measure will apply to the regions of Abruzzo, Basilicata, Calabria, Campania, Molise, Puglia, Sardinia and Sicily. All have a GDP below 90% of the EU average and an employment rate below the national average. 

    The aid may not exceed €120 K per company in the fisheries and aquaculture sector and €800 K in other sectors, with the exception of finance, agriculture and domestic work, which will not be eligible for this tax advantage.

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.