LegalizeCouncil Implementing Decision (EU) 2020/1344 of 25 September 2020 granting temporary support under Regulation (EU) 2020/672 to the Republic of Cyprus to mitigate unemployment risks in the emergency following the COVID-19 outbreak
Article 1
Cyprus fulfils the conditions set out in Article 3 of Regulation (EU) 2020/672.
Article 2
The Union shall make available to Cyprus a loan amounting to a maximum of EUR 632 970 000 . The loan shall have a maximum average maturity of 15 years.
The availability period for financial assistance granted by this Decision shall be 39 months starting from the first day after this Decision has taken effect.
The Union financial assistance shall be made available by the Commission to Cyprus in a maximum of eight instalments. An instalment may be disbursed in one or several tranches. The maturities of the tranches under the first instalment may be longer than the maximum average maturity referred to in paragraph 1. In such cases, the maturities of further tranches shall be set so that the maximum average maturity referred to in paragraph 1 is respected once all instalments have been disbursed.
The first instalment shall be released subject to the entry into force of the loan agreement provided for in Article 8(2) of Regulation (EU) 2020/672. Any further instalments shall be released in accordance with the terms of that loan agreement or, where relevant, be subject to the entry into force of an addendum thereto, or of an amended loan agreement concluded between Cyprus and the Commission replacing the original loan agreement.
Cyprus shall pay the cost of the funding of the Union referred to in Article 4 of Regulation (EU) 2020/672 for each instalment plus any fees, costs and expenses of the Union resulting from any funding related to the loan granted under paragraph 1 of this Article.
The Commission shall decide on the size and release of instalments, as well as on the size of the tranches.
Article 3
Cyprus may finance the following measures:
- (a) the special leave scheme for parents, as provided for in ‘Law 27(I)/2020’, and in ‘Regulatory Administrative Acts, 127/148/151/184/192/212/213/235/2020’, as extended;
- (b) the schemes supporting companies for the total suspension of operations, as provided for in ‘Law 27(I)/2020’ and in ‘Regulatory Administrative Acts, 130/148/151/187/212/213/238/243/271/273/2020’, as extended;
- (c) the schemes supporting companies for the partial suspension of operations, as provided for in ‘Law 27(I)/2020’ and in ‘Regulatory Administrative Acts, 131/188/239/2020’, as last amended by ‘Law 120(I)/2021’ and by ‘Regulatory Administrative Act 370/2021’;
- (d) the special scheme for the self-employed, as provided for in ‘Law 27(I)/2020’ and in ‘Regulatory Administrative Acts, 129/148/151/186/237/322/2020’, as extended;
- (e) the special scheme for hotel units and tourist accommodation, as provided for in ‘Law 27(I)/2020’ and in ‘Regulatory Administrative Acts, 269/317/393/418/498/533/631/2020’, as last amended by ‘Law 120(I)/2021’ and by ‘Regulatory Administrative Act 431/2021’;
- (f) the special scheme to support businesses related to the tourism industry or affected by tourism or associated with businesses that are subject to mandatory total suspension, as provided for in ‘Law 27(I)/2020’ and in ‘Regulatory Administrative Acts, 270/318/394/419/499/534/632/2020’, as last amended by ‘Law 120(I)/2021’ and by ‘Regulatory Administrative Act 432/2021’;
- (g) the special scheme for supporting businesses exercising special predefined activities, as provided for in ‘Law 27(I)/2020’ and in ‘Regulatory Administrative Acts, 272/320/396/420/500/535/633/2020’, as last amended by ‘Law 120(I)/2021’ and by ‘Regulatory Administrative Act 433/2021’;
- (h) the subsidisation scheme of very small and small enterprises and the self-employed, as provided for in ‘Supplementary budget, Temporary framework for State aid measures to support the economy in the current COVID-19 outbreak’, for the part of expenditure related to the support of the self-employed and one-person companies, as extended and amended;
- (i) the sickness benefit scheme, as provided for in ‘Law 27(I)/2020’ and in ‘Regulatory Administrative Acts, 128/185/236/539/637/2020’ as last amended by ‘Law 120(I)/2021’ and by ‘Regulatory Administrative Act 273/2021’.
Article 4
Cyprus shall inform the Commission by 30 March 2021, and every six months thereafter, of the implementation of the planned public expenditure until that planned public expenditure has been fully implemented.
Where measures referred to in Article 3 are based on planned public expenditure and have been subject to an implementing decision amending Implementing Decision (EU) 2020/1344, Cyprus shall inform the Commission within six months after the date of adoption of that amending implementing decision, and every six months thereafter, of the implementation of the planned public expenditure until that planned public expenditure has been fully implemented.
Article 5
This Decision is addressed to the Republic of Cyprus.
This Decision shall take effect on the date of its notification to the addressee.
Article 6
This Decision shall be published in the Official Journal of the European Union.
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