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Commission approved €100 million Cypriot state aid scheme for companies affected by pandemic

29/11/2022 07:36

The European Commission has approved a 100 million euro Cypriot scheme to support companies and self-employed persons affected by the coronavirus pandemic, under the European Union’s State aid COVID Temporary Framework.

The Cypriot scheme provides for direct grants and 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 and that it is necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a Member State.