EC approved aid programme for the undertakings affected by the pandemic

The European Commission has approved a Latvian support programme of eur 6 million for enterprises affected by the outbreak of coronavir, which are active in the arts, entertainment and recreational sectors. The programme was approved in accordance with temporary regulation State aid measures. Programme managed by state-owned development finance institution Altumwill be available to companies who regularly organise public art, entertainment and recreational activities and whose activities have been influenced by measures put in place by the Latvian government to limit the spread of coronavir. The aid will be granted in the form of direct grants and loans, with a maximum amount of EUR 300 000 per organisation of the event (all beneficiaries). The total aid per beneficiary under the programme may in any event not exceed EUR 900 000. The grants are intended to compensate for the costs related to the implementation of the measure, including its preparation and the remuneration of the performers, as well as the costs of the equipment and technical support. The loans are intended to help provide companies with current assets, which in turn will help to reduce the negative impact of the outbreak of coronavir on their financial situation. The Commission found that the Latvian programme fulfils the conditions of the EU's provisional regulation. In particular, the aid will not exceed the limits laid down in the provisional regulation for each beneficiary and, secondly, will be granted no later than 31 December 2021. The Commission concluded that this measure is necessary, appropriate and proportionate to prevent serious disturbance in the economy of a Member State under Article 107(3)(b) of the Treaty on the Functioning of the European Union and the conditions of the provisional regulation. On this basis, the Commission approved this measure under EU State aid rules. More information on the provisional regulation and other actions taken by the Commission to address the economic impact of the coronavir pandemic can be found here. The non-confidential version of this Decision will be available under the case number SA.62003 Commission Website of dg CompetitionIn the State Aid Registeras soon as the confidentiality issues have been resolved.