March 25, 2020 / 1:11 PM / 11 days ago

EU approves two British aid schemes to help virus-hit companies

BRUSSELS (Reuters) - EU competition regulators cleared on Wednesday two British state aid schemes to help small- and medium-sized companies hit by the coronavirus outbreak.

The British measures, which will run until September, provide guarantees that cover 80% of loan facilities for companies with sales up to 45 million pounds and also direct grants.

The European Commission said the schemes comply with its temporary state aid rules targeted at virus-hit companies in the bloc.

Reporting by Foo Yun Chee

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