EU approves €50bn Belgian state aid for coronavirus-hit firms

The European Commission, in charge of EU state aid rules, on Saturday approved a 50billion euro Belgian loan guarantee scheme aimed at supporting companies during the coronavirus pandemic.

The scheme also aims to help businesses affected by the current crisis cover their liquidity needs and stay afloat.

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The support, in the form of state guarantees on new short-term loans, will be accessible to all companies, including small and medium-sized enterprises (SMEs) and self-employed traders.

“It will help … businesses cover their immediate needs and continue their activities during and after the outbreak,” Commission Executive Vice-President Margrethe Vestager, in charge of competition policy, said.