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News announcement28 November 2022Representation in Cyprus

State aid: Commission approves €100 million Cypriot scheme to support companies and self-employed persons affected by the coronavirus pandemic

The European Commission has approved a €100 million Cypriot scheme to support companies and self-employed persons affected by the coronavirus pandemic. The measure was approved under the State aid COVID Temporary Framework.

state aid

Under the scheme, the aid takes the form of direct grants. The measure is open to companies with up to 50 employees and active in all sectors, with the exception of the financial one, as well as to self-employed persons. The scheme aims at mitigating the negative consequences caused by business disruption linked to the restrictive measures put in place to limit the spread of the virus. Grants have been awarded in a period running until 27 November 2020. The eligible beneficiaries were entitled to receive an aid amount ranging from €1,250 up to €6,000, depending on the number of employees.

The Commission found that the Cypriot measure is in line with the conditions set out in the COVID Temporary Framework applicable at the time. It concluded that the measure is necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a Member State, in line with Article 107(3)(b) TFEU and the conditions set out in the COVID Temporary Framework. On this basis, the Commission approved the measure under EU State aid rules.

More information on the COVID Temporary Framework and other actions taken by the Commission to address the economic impact of the coronavirus pandemic can be found here. The non-confidential version of the decision will be made available under the case number SA.103624 in the State aid register on the Commission's competition website.

Details

Publication date
28 November 2022
Author
Representation in Cyprus