The European Commission has approved a € 55 million program to assist Irish businesses in the tourism sector due to the “serious disruption” to the economy caused by the Covid-19 pandemic.
The program may take measures to support businesses that are active in tourism or in directly related sectors that are suffering from lost revenue or profits due to the coronavirus outbreak and related measures to limit the spread of the virus.
The aim of the action is to help beneficiaries cope with the sudden liquidity squeeze they are facing, thereby helping them to continue their activities during and after the outbreak.
The support will not exceed EUR 1.8 million per company and the aid will be granted by 31 December 2021 at the latest.
The Commission concluded that the measure “is necessary, proportionate and proportionate to remedy a serious disturbance in the economy of a Member State”. On this basis, the Commission approved the measure in accordance with EU state aid rules.
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