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Commission Approves €200 Million Cypriot Schemes
March 11, 2021
The European Commission has approved two Cypriot schemes, with a total budget of €200 million, to support companies and self-employed that had to suspend their activities due to the restrictions that the government had to impose to limit the spread of the coronavirus.
The Commission found that the two schemes are in line with the conditions set out in the Temporary Framework. The Commission concluded that the two measures are necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a Member State, in line with Article 107(3)(b) TFEU and the conditions set out in the Temporary Framework.