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EU OKs Polish state aid to large firms hit by coronavirus

MNB

Photo by ratmaner/Shutterstock.com

The EU executive has approved a Polish plan to offer EUR 2.2 billion worth of state aid to large companies hit by the coronavirus. The European Commission said on Monday it “has approved a Polish subsidized loan scheme to support large enterprises in the context of the coronavirus outbreak,” Polish News Agency PAP reports.

Photo by ratmaner/Shutterstock.com

The Commission added it was giving the green light to the support under temporary state aid rules it originally adopted in March and then amended twice.

The Polish loan plan is part of a wider support program aiming to offer a “financial shield” for large enterprises in the country, the EU executive said.

More than PLN 48 bln (EUR 10.7 bln) has been allocated so far to help businesses and protect jobs in Poland under a massive government program to shield the economy from the coronavirus crisis, Polish officials have said.

More than 4.6 million applications have been submitted to social security and employment offices across the country for various forms of help offered under the government’s “anti-crisis shield,” according to the Ministry of Development.

The ministry said that, among other forms of assistance, over 883,000 micro-loans had been approved for entrepreneurs, worth some PLN 4.4 bln in total, as of May 25, PAP reports.

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