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    EC Approves Irish and Slovenian State Aid Schemes for SMEs Amid Crisis

    August 14, 2020

    EC approved Irish and Slovenian State Aid schemes to support economy in the context of the COVID-19 outbreak. Under the Slovenian scheme, the public support will take the form of direct grants and loans with zero interest rate and will be open to small and medium-size companies registered in the national Business Register. The aim of the measures is to help these companies counter the liquidity shortages they face due to COVID-19 outbreak. The support, under the Irish scheme, will take the form of State guarantees on new loans provided by financial intermediaries to companies with up to 499 employees. The Irish measure aims to enhance access to external financing for these companies, thus helping to ensure the continuation of their activities. These schemes were approved under the State aid Temporary Framework, which was adopted by EC on March 19, 2020. The Temporary Framework will be in place until the end of December 2020. EC found the Slovenian and Irish schemes to be in line with the conditions set out in the Temporary Framework.

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    Keywords: Europe, Ireland, Slovenia, Banking, SME, State Aid Rules, Temporary Framework, Loan Guarantee, COVID-19, Credit Risk, EC

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