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Govt. to extend EUR 100 mln to SMEs hit by crisis

Romania's Government will extend grants worth EUR 100 million to small and medium-sized firms hit by the coronavirus pandemic.

The grants' value will be set according to each SME's turnover (no more than 15% of the turnover before the crisis), according to the draft ordinance on the economic recovery plan consulted by Economica.net. The recipients must have operated for at least one year and must have posted a profit before the crisis.

"Each SME affected by the crisis will receive a grant ranging from EUR 2,000 to EUR 50,000," Economica.net reported.

The source does not disclose what criteria will qualify the SMEs as "affected by the crisis."

The beneficiaries of the EUR 2,000 microgrants are the micro-enterprises that do not have employees with an employment contract and freelancers (PFA) with activities in arts and entertainment or healthcare. Meanwhile, the SMEs will get grants of over EUR 5,000 based on their turnover, not the business sector, as detailed by Economica.net.

The financing of this grants program will be financed from EU funds that Romania has failed to absorb so far and has to use by the end of the year.