The European Commission has approved a €150 million (approx. BGN 294 million) Bulgarian scheme to support small and medium-sized enterprises (SMEs) in the context of the coronavirus outbreak. The scheme was approved under the State aid Temporary Framework adopted by the Commission on 19 March 2020, as amended on 3 April 2020.

Executive Vice-President Margrethe Vestager, in charge of competition policy, said: “This €150 million scheme will enable Bulgaria to support SMEs in the form of equity and quasi-equity investments of up to €800,000 per company. This will help businesses meet their liquidity needs in these difficult times. In close cooperation with Member States, we find workable solutions to tackle the economic effects of the outbreak in line with EU rules.”

Bulgaria notified to the Commission under the Temporary Framework a State aid scheme with an estimated budget of €150 million (approx. BGN 294 million) to support companies affected by the coronavirus outbreak.

Under the scheme, the public support will take the form of equity and quasi-equity investments.

The scheme, which will be open to SMEs active in all sectors with certain exceptions defined by Bulgaria, aims atenhancing access to liquidity by those companies, which are most severely affected by the economic impact of the coronavirus outbreak, thus helping them tocontinue their activities, start investments and maintain employment.

The Commission found that the Bulgarian scheme is in line with the conditions set out in the Temporary Framework, the European Commission said in a press release.