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State funding for businesses in coronacrisis more than tripled

The amount available in the current funds grant program will be increased by €240 million, from €70.8 million now available to €310.8 million, the government decided February 18.

When the program was initially approved in November 2020, it granted public budget funding of EUR 70.8 million. In view of the changes made in recent months to the aid application scheme, which significantly increased the amount of applicants, more funding was needed.

By 18 February this year, the State Revenue Service (VID) had received a total of 10,154 applications for the total aid amount of almost EUR 94 million,

in order to continue to provide support to businesses in the Covid-19 crisis, the available funding of the aid program will be increased from EUR 70.8 million to EUR 310.8 million.

“At the same time, it is important to emphasize that the amendments approved by the Cabinet on 28 January and 4 February of this year are currently being discussed with the European Commission, which will further expand the scope of potential beneficiaries,” said the Economics Ministry.

Grants are given to companies affected by the Covid-19 crisis to compensate for the fall in the flow of current assets. The aid is available to businesses experiencing a drop in turnover at the same time in two criteria. Grants may be received on a monthly basis by an undertaking whose:

  • turnover has fallen by at least 20% in the month of the aid period compared to the average turnover in August, September and October 2020 in total,
  •  drop in turnover is at least 30% in the relevant month of the aid period compared to turnover in the relevant month of 2019.
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