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As a result of the unprecedented circumstances we are currently facing, a number of measures were adopted to ease the challenges that various businesses are facing. In this regard, the European Commission adopted the State aid Temporary Framework (the “Framework”) on 19th March, 2020, which has subsequently been amended a number of times to reflect the ever-changing nature of how the coronavirus pandemic is affecting the economy. This Framework details the conditions under which State aid would be permissible under Article 107(3)(b) of the Treaty on the Functioning of the European Union with a view to seeking to ensure the survival of a number of businesses that have been affected by the pandemic… In the light of the current situation, the European Commission has decided to prolong the scope of the Framework, that was set to expire on 31 December 2020, until 30th June, 2021. The recapitalisation measures that were announced on 8th May, 2020 will, however, remain in place until 30th September, 2021. These measures will allow Member States to provide new aid and to continue supporting undertakings already benefiting from State aid under the Framework. |
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