EC Approves Slovak State Aid Scheme for Travel Agencies

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illustration picture (photo by TASR)

Brussels, September 10 (TASR correspondent) – The European Commission (EC) on Friday approved the Slovak aid scheme for travel agencies related to the coronavirus pandemic.

The Commission announced that it’s approved €65 million under the Slovak aid scheme for travel agencies that have suffered damages as a result of the coronavirus pandemic. The scheme in the form of subsidised loans was approved in line with the Temporary Framework for State Aid adopted by the EC in the spring of 2020.

The amount of loans for specific travel agencies will be calculated from the total value of vouchers issued up to August 31, 2021 for trips planned between May 29, 2020 and August 31, 2021 that were subsequently cancelled due to the spread of novel coronavirus and travel restrictions taken in order to halt this. The Commission specified that the amount of loan per beneficiary won’t exceed 25 percent of the travel agency’s total turnover in 2019.

The EC stated that the Slovak scheme is in line with conditions set in the Temporary Framework. It noted that the loans will mature in four years and that annual interest rates respect the minimum rates stipulated in the Temporary Framework. Loan contracts will be signed by December 31, 2021 at the latest.