EC clears EUR 900 mln Hungarian schemes to aid businesses hit by pandemic

In Budapest

The European Commission approved three Hungarian aid schemes with a total budget of around EUR 900 million to support up to 5,000 companies address liquidity needs and maintain their payrolls, according to a report by state news wire MTI.

The schemes, available to companies of all sizes, take the form of direct grants, guarantees on loans and subsidized interest rates on loans. They aim to provide businesses particularly affected by the coronavirus pandemic with sufficient liquidity to cover their immediate working capital and investment needs.

The schemes were approved under the state aid Temporary Framework adopted by the EC to enable member states to use the full flexibility foreseen under state aid rules to support the economy in the context of the coronavirus outbreak.

The EC said the schemes are "necessary, appropriate and proportionate" to remedy a serious disturbance in Hungaryʼs economy.

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