France launches €4B package to aid startups
March 26, 2020- Share:
France has rolled out a €4 billion relief plan for startups that are threatened by fallout from the coronavirus pandemic.
Bpifrance, the French sovereign wealth fund, is putting up €80 million that companies can use to bridge the gap between previously planned funding rounds. Startups can borrow up to two years' worth of payroll funds for employees based in France, or 25% of annual revenue as part of a €300 billion liquidity support plan for all businesses affected by the virus. The government will also speed up tax returns and public support payments.
More coronavirus news: Continuing coverage from PitchBook
Bpifrance, the French sovereign wealth fund, is putting up €80 million that companies can use to bridge the gap between previously planned funding rounds. Startups can borrow up to two years' worth of payroll funds for employees based in France, or 25% of annual revenue as part of a €300 billion liquidity support plan for all businesses affected by the virus. The government will also speed up tax returns and public support payments.
More coronavirus news: Continuing coverage from PitchBook
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