EU lends €100 billion to local businesses to save jobs during pandemic
Wednesday, 07 October 2020
Credit: VISITFLANDERS / Flickr
The European Commission will spend €100 billion to financially support businesses affected by the pandemic, by providing their employees with income support.
The funds will be loaned to 17 out of 28 Member States. Each country will then invest locally in so-called short-time work schemes. The schemes can be employed when businesses have to cut back working hours for staff, but still want to be able to pay out full wages.
The recipient countries are Belgium, Bulgaria, Croatia, Cyprus, Czechia, Greece, Hungary, Italy, Latvia, Lithuania, Malta, Poland, Portugal, Romania, Slovakia, Slovenia and Spain.
The measure is part of the Commissions’s SURE framework (European instrument for temporary Support to mitigate Unemployment Risks in an Emergency). SURE was founded to help support Member States to save jobs during and after the pandemic.