BRUSSELS (Pakistan Point News / Sputnik - 10th May, 2021) The European Union on Monday approved a 1.9 billion euro ($2.3 billion) state lifeline to struggling Czech firms as part of a broader measure that allows member nations to help virus-hit business.
"This ��1.9 billion Czech scheme will ensure liquidity support to companies affected by the coronavirus outbreak," Competition Commissioner Margrethe Vestager said in a statement.
Many companies in the EU saw their revenues slashed after national governments imposed lockdowns to limit the spread of the coronavirus.
The Czech aid package will be available to companies in the form of direct grants, guarantees or loans until December. Only companies that saw a decline in turnover of up to 50% will be eligible.
