EU considers multimillion-euro loans for coronavirus-hit firms

EU considers multimillion-euro loans for coronavirus-hit firms

European companies grappling with the impact of coronavirus could soon qualify for multi-million-euro loans backed by the European Union and big banks in a scheme poised to get waved through in days, according to people familiar with the matter.

The blueprint would see the release of hundreds of millions of euros of affordable loans for small companies, such as hotels, to tide them over while they recover from a trough in sales as the virus spreads, three people said.

This could form a central pillar of European governments’ anxiously-awaited response to a crisis that has seen public life in Italy grind to a near halt, schools shut from Spain to Greece and sent financial markets into a spin. It would complement other support measures expected to be announced by the European Central Bank on Thursday, to bolster the economy.

Related Articles

Back to top button