EU State Aid: Temporary Framework for EU State Aid in Response to COVID-19 Outbreak (Update)

Sullivan & Cromwell LLP - March 20, 2020
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Following consultation with EU Member States, the European Commission yesterday adopted a Temporary Framework for State Aid in response to the COVID-19 outbreak, which applies retrospectively to aid granted since 1 February 2020. This memo updates a previous memo now that the full and final text of the Temporary Framework has been published, and compares this temporary framework with the similar set of temporary measures adopted by the European Commission after the 2008 financial crisis. Major differences to the consultation draft include an uplift in the direct aid limit to €800,000, and the addition of short-term export credit insurance support.