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Cash Grant up to EUR 800,000 is Available for New Investments in Hungary

Cash Grant up to EUR 800,000 is Available for New Investments in Hungary

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Hungary announced and successfully notified to the European Commission a HUF 50 billion (approximately EUR 140 million) aid scheme in April 2020. The subsidy to improve competitiveness has been designed to help the medium-sized and large enterprises that are active in the manufacturing or business services sector that face difficulties due to loss of income and liquidity resulting from the economic impact of the pandemic.

Medium-sized and large companies with a setback of at least 25% in their net turnover or orders due to COVID19 can apply for the grant for new investment yet to be commenced but to be finished by 30 June 2021. As a pre-requisite, the volume of the new investment should be at least HUF 50 million (EUR 150,000) and the applicant should undertake to maintain the average staff number at least until 31 December 2020 (until the completion of the investment indicated).

In order to provide effective aid for the companies, the cash grant – once approved – is paid upfront (pre-financing) and is uniquely also available in the Budapest region.

By Balint Zsoldos, Head of Tax, KCG Partners Law Firm

KCG Partners at a Glance

KCG Partners is a Hungarian business law firm providing a comprehensive range of legal services to international and local clients seeking local knowledge and global perspective. The firm comprises business-minded lawyers with sector-specific expertise, creating value for clients by applying a problem-solving approach and delivering innovative solutions.

The firm has a wealth of knowledge in corporate law, M&A, projects and construction, energy, real estate, tax, employment, litigation, privacy and forensics, securitization, estate planning and capital markets.

To address clients’ regional and international concerns, the firm maintains active working relationships with other outstanding independent law firms in Central and Eastern Europe, whilst senior counsel Mr. Blaise Pásztory brings over 40 years’ of US capital market and fund management experience.

KCG Partners Law Firm is the result of the teamwork of passionate and talented lawyers guided by the same principles and sharing the same values: 

  • Our most valuable asset is our people. They are the engine of our business and the key to our success.
  • We push boundaries by looking for innovative solutions that can empower our clients to achieve greater results.
  • We place our experience, commitment and professionalism to your service.
  • We are driven by our vision to shape and lead the Hungarian legal market and become a first choice law firm in our practice areas.

Firm's website: http://www.kcgpartners.com