Brussels has given the go-ahead to three Italian state aid schemes, for a total of € 6 billion. These are mainly incentives for the recapitalization of SMEs economically affected by the Coronavirus epidemic. Approval took place within the temporary framework for state aid. «With these € 6 billion, Italy will further support SMEs by strengthening their capital base, and facilitating access to finance. In fact, the schemes aim to address liquidity shortages. We continue to work closely with Member States to find solutions to mitigate the economic impact of Covid-19, in line with EU standards, “said Margrethe Vestager, executive vice president of the European Commission, responsible for competition.
The three schemes are complementary to each other and have been designed to encourage the mobilization of private investments. The first regime provides for a subsidy associated with a tax credit, in which private investors ;; who inject capital into companies will be entitled to receive a tax credit of up to 20% of the amount invested. Under the scheme, the aid will therefore be granted to both the investor (who receives the tax advantage) and the investee company (who receives the investment). The second measure is a tax credit scheme, in which the companies themselves would receive a tax credit of up to 30% of the amount of their capital increase. Finally, under the third scheme, public support will take the form of subordinated loans. All systems will be accessible to companies that experienced a sharp drop in revenues in March and April 2020, provided they approve and perform a capital increase. The schemes therefore aim to improve access to external financing for those companies that are most affected by the economic impact of the coronavirus epidemic, helping them to ensure that their activities continue. In particular, under the first two schemes, the aid will not exceed € 800,000 per undertaking (except in the primary agricultural sector and in the fisheries and aquaculture sector, where the limits of € 100,000 and € 120,000 respectively apply for firm) and as regards the third scheme, in 2019 the aid will not exceed 12.5% of the beneficiary’s turnover, as foreseen in the reference framework. Under all three schemes, aid to businesses is limited in time and can be granted by the end of 2020.