EC approves Poland's support package for companies

The European Commission approved on Monday Poland's EUR 450 million support programme for the Polish economy in the context of the coronavirus outbreak.

"This EUR 450 million Polish scheme,- co-financed by EU structural funds, will enable Poland to further enhance access to liquidity by companies in need through the provision of loans and State guarantees on loans covering 100 percent of the risk up to the amount of EUR 800,000 per company," Executive Vice-President Margrethe Vestager, in charge of competition policy, said.

"The support will help businesses active in all sectors to continue their activities during and after the coronavirus outbreak. Our work with Member States continues to ensure that national support measures can be put in place in a coordinated and effective way, in line with EU rules," noted the EC official.

The support measures available under the scheme will be co-financed by EU structural funds (ESIF). The scheme was approved under the State aid Temporary Framework adopted by the Commission on 19 March 2020, as amended on 3 April and 8 May 2020.

The support will take the form of loans and public guarantees on loans. The scheme will be accessible to companies active in all sectors, which have access to European structural funds and are facing difficulties as a consequence of the coronavirus outbreak. It is estimated that approximately 7,000 enterprises will benefit from the support.