European Commission authorized Slovakia’s temporary aid scheme

European Commission authorized Slovak temporary aid scheme to grant aid of up to €500 000. “The scheme will help to alleviate difficulties faced by Slovak businesses affected by the current financial crisis without giving rise to any undue distortions of competition”, said Competition Commissioner Neelie Kroes.

The European Commission has authorized a Slovak measure to help businesses to deal with the current economic crisis. Aid of up to €500 000 per firm may be granted in 2009 and 2010 to businesses facing funding problems because of the current credit squeeze. The scheme applies only to businesses which were not in difficulty on 1 July 2008.

The aid will be available inter alia in the form of grants and remission of penalties for non payment of taxes. Under the scheme, limited amounts of compatible aid can be granted until 31 December 2010.

Complete version of the scheme is not available yet, as certain confidentiality issues are still to be resolved.

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