Commission approves modified €25 billion Italian guarantee scheme to support self-employed workers, SMEs and mid-caps affected by #Coronavirus outbreak

The European Commission has found that the modifications of the previously approved Italian scheme to compensate self-employed workers and companies (with less than 500 employees) affected by the coronavirus outbreak to be in line with EU state aid rules, in particular with the state aid Temporary Framework adopted by the Commission on 19 March 2020, as amended on 3 April and 8 May 2020. The existing scheme was approved on 13 April 2020 under case number SA.56966. 

The budget of the measure has substantially increased. The budget representing the expected public costs of the scheme notified by Italy is now of €25 billion (instead of €1.7bn previously) and is expected to mobilise €150bn. Furthermore, the maturity of the fully guaranteed loans with an amount up to €30,000 has been increased from six to ten years. The Commission concluded that the scheme, as modified, remains necessary, appropriate and proportionate to remedy a serious disturbance in the Italian economy, in line with Article 107(3)(b) TFEU and the conditions set out in the Temporary Framework. The Commission approved the amended scheme under EU state aid rules.

The non-confidential version of the decision will be made available under the case number SA.57625 in the state aid register on the Commission’s competition website. 

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