Romania's Government will provide subsidies to the tenants in the shopping malls that were closed during the state of emergency between March 15 and June 15, Economica.net reported.

Recipients will receive half of the rent paid over the three months, not to exceed EUR 800,000 per recipient.

The program's budget is RON 160 million (EUR 33 mln), and applications are accepted on a first-come-first-served base.

Through this state aid scheme, the Government will award grants to an estimated 3,000 firms.

To be eligible, beneficiary companies must meet several conditions, besides carrying out their activity in shopping centers with an area of more than 15,000 sqm and having a rental contract in force on March 15, 2020.

Thus, the Government offers subsidies only to the tenants that have already benefited from allowances extended by mall owners.

The Government extended fiscal allowances to commercial center owners that cut the rents by 50% during the three-month period and renegotiate the contracts with the tenants.

(Photo: Shutterstock)

andrei@romania-insider.com