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EC approves Bulgaria's EUR 79 mln MSME support scheme

EU

The European Commission said that it has approved Bulgaria's EUR 79 million scheme in support of support micro, small, and medium enterprises (MSMEs) affected by the coronavirus outbreak, according to a report by SeeNews.

The scheme, which will be co-financed by the European Regional Development Fund, will support companies with activities suspended or limited by governmental restrictive measures, the Commission said in a statement. The support will take the form of a grant equal to between 10% and 20% of the company's turnover in the same period of last year, but no more than BGN 150,000 (EUR 76,700).

The support will help the beneficiaries to cover part of their operating costs and support activities necessary to overcome the shortage of funds or lack of liquidity resulting from the coronavirus outbreak.

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