60 LEGAL IMPACTS OF COVID-19 IN THE TOURISM INDUSTRY by the state as the guarantor101. Although technically a liquidity tool, the guarantees can also used as collateral for investment loans102. The exclusion of undertakings in difficulty is the same as in the case of 3.1 TF aid103. In conclusion, while guarantees are possible as 3.1 TF aid on more flexible terms, 3.2 TF guarantees do not occupy space under 3.1 TF aid ceilings, can exceed them in value depending on the liquidity needs of the beneficiary, and are available as a parallel tool for Member States. This aid category has also been used in the tourism sector. In the SA.60265104 case, the Croatian authorities notified a guarantee and loan measure for the “tourism and sport sector” (the decision specifically lists which NACE codes were eligible, but accommodation providers, tour operators and food services were included from the broader tourism sector) to improve the liquidity situation in the industry. The scheme included three measures: 3.1 TF guarantees on loans, guaranteeing the full loan up to the aid ceiling of 3.1 TF (Measure A), 3.1 TF loans, up to the aid ceiling (Measure B) and 3.2 TF guarantees for loans with a nominal value in excess of 3.1 TF levels (Measure C). This decision shows how 3.2 TF aid can be used to complement the measure when the aid ceiling in 3.1 TF is or might not be enough to cover the liquidity needs of larger beneficiaries. 6.1.3. AID IN THE FORM OF SUBSIDISED INTEREST RATES FOR LOANS Aid under Section 3.3 of the Temporary Framework (3.3 TF aid), “aid in the form of subsidised interest rates for loans”, is also liquidity aid105, and it complements 3.2 TF aid in the sense that the terms of the two aid categories are similar. In particular, 3.3 TF loans are also available for maximum six years; interest rates gradually increase during the term, and they can be modulated similarly to 3.2 TF guarantees106. Firms in difficulty are excluded according to the same criteria as in the case of 3.1 and 3.2 TF aid107. Also, while 3.2 TF guarantees cannot be granted for an aided loan under 3.3 TF108, the two aid categories are further connected by the rule that loans 101 Point 25(f) of the Temporary Framework. 102 Point 25(g) of the Temporary Framework. 103 Point 25(h) and (h-bis) of the Temporary Framework. 104 Commission decision C(2021) 186 final of 11 January 2021 (SA.60265 (2020/N) COVID-19: Aid to the tourism and sport sectors). 105 Point 26 of the Temporary Framework. 106 Point 27(a), (b) and (c) of the Temporary Framework. 107 Point 27(g) and (g-bis) of the Temporary Framework. 108 Point 26-bis of the Temporary Framework.
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