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10/15, 3:58 PM (Source: TeleTrader)
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EU approves Italy's €31.9B COVID-19 scheme

The European Commission stated on Friday that it has approved Italy's €31.9 billion program to support businesses affected by the coronavirus pandemic. The scheme will be open to all companies, irrespective of their size and sector, the Commission said.

The funds will offer aid of up to €1.8 million per company, depending on the sector of operations, in the form of tax exemptions, credits, and direct grants. The scheme will also cover support for uncovered fixed costs between March 2020 and December 2021, not exceeding €10 million per company and not available to businesses that were already in financial difficulty at the end of 2019.

Breaking the News / DJ