Companies in Ireland win financial backing from European Commission

Conor Trindle
01 Apr 2020, 07:36 GMT+10

The European Commission on Tuesday approved a €200 million support package for Irish companies impacted by the coronavirus.
In line with EU State aid rules, the Irish scheme was approved under the State aid Temporary Framework to support the economy in the context of the COVID-19 outbreak, which was adopted ...
The fund will be administered by Enterprise Ireland as part of a suite of emergency supports to help Irish companies that are seriously and adversely affected by the COVID-19 pandemic.

DUBLIN, Ireland - The European Commission on Tuesday approved a €200 million support package for Irish companies impacted by the coronavirus.

In line with EU State aid rules, the Irish scheme was approved under the State aid Temporary Framework to support the economy in the context of the COVID-19 outbreak, which was adopted by the Commission on 19 March.

The fund will be administered by Enterprise Ireland as part of a suite of emergency supports to help Irish companies that are seriously and adversely affected by the COVID-19 pandemic. The support will be available to assist companies access necessary liquidity and funding to sustain their businesses in the short to medium term.

The Scheme will operate as an additional support to the Strategic Banking Corporation of Ireland (SBCI) COVID-19 Working Capital Scheme and supports available from banks and other financial providers.

The Minister for Business, Enterprise and Innovation, Heather Humphreys said Tuesday details are currently being finalised and further information on the financial supports will be announced in the coming days.

Details of other business supports available from the Department of Business, Enterprise and Innovation can be found here.