The European Commission has approved a German “umbrella” scheme to support the uncovered fixed costs of companies affected by the coronavirus outbreak. The scheme was approved under the State aid Temporary Framework.
Executive Vice-President Margrethe Vestager, in charge of competition policy, said “Many shops, restaurants and other businesses have faced a significant decline in turnover because of the recent lockdown measures necessary to limit the spread of the coronavirus. This “umbrella” scheme will enable Germany to support companies face their fixed costs that are not covered by their revenues during these difficult times. We continue to work closely with all Member States to ensure that national support measures can be put in place in a timely, coordinated and effective way, in line with EU rules.”
Under the scheme, Germany plans to provide extraordinary economic assistance to all businesses, self-employed individuals, associations and institutions whose operations are temporarily closed as a result of the lockdown measures imposed by the government to limit the spread of the virus.
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