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EU Commission approves Malta’s guarantee scheme

EU Commission approves Malta’s guarantee scheme

EU Commission has approved Malta’s guarantee scheme for working capital loans granted by commercial banks to support companies affected by COVID-19.

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The EU Commission has approved Malta’s guarantee scheme for working capital loans granted by commercial banks to support companies affected by the COVID-19 outbreak. The scheme has an estimated budget of €350 million. The scheme was approved under the State Aid Temporary Framework to support the economy in the current context.

The Commission found that the Maltese measure is in line with the conditions set out in the Temporary Framework. In particular: (i) the underlying loan amount per company is linked to cover its liquidity needs for the foreseeable future, (ii) the guarantees will only be provided until the end of this year, (iii) the guarantees are limited to a maximum of six years, and (iv) guarantee fee premiums do not exceed the levels foreseen by the Temporary Framework.

Should you have any queries or wish to discuss further, please send an email to covid@kpmg.com.mt.

EU Commission approves Malta’s guarantee scheme

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

© 2020 KPMG, a Malta civil partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity.  Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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