EU okays aid for firms affected by coronavirus in Slovakia

The European Commission announced that it has approved a €100-million Slovak scheme to support companies affected by the coronavirus outbreak. The approval was granted under the State Aid Temporary Framework. Slovakia's state aid in this case will take the form of direct grants, open to companies active in all sectors (except for primary agriculture, fishing and aquaculture, and finance) with an annual turnover decline of at least 30 percent between March 2020 and June 2021 due to anti-COVID measures adopted by the Government. The aid should cover up to 70 percent (90 percent for small companies) of the firms' fixed costs that aren't covered by their revenues. It is estimated that more than 1,000 companies in Slovakia will benefit from the scheme.