On June 1, the European Commission approved Greece’s € 800 million plan to support tourism businesses severely affected by the COVID-19 pandemic.
“These (companies) have been severely affected by the pandemic and our plan will help ensure their continued economic operations during these difficult times,” said EU Competition Policy Commissioner Margrit Vestager.
The scheme is co-financed by the European Regional Development Fund (ERDF) and will be open to companies of all sizes whose turnover is down more than 30% in 2020 compared to 2019.
According to the commission, the assistance will take the form of direct grants, with the maximum grant amount corresponding to up to 5% of the recipient’s annual turnover or € 400,000 per company, whichever is the lower.
The purpose of the scheme is to provide beneficiaries with the necessary working capital to purchase the raw materials needed for their operations.