THE LEVEL PLAYING FIELD IN CRISIS MODE 61 guaranteed under 3.2 TF and loans granted under 3.3 TF must fit under the same overall cap (set on the basis of wage bill, turnover or, exceptionally, liquidity needs)109. 3.3 TF loans can also be granted for any purpose, including investments110. Similarly to how 3.1 TF and 3.2 TF guarantees are compared, 3.3 TF loans are less flexible than 3.1 TF loans (the latter can be granted for any term, at any interest rate, while the former is available for six years and is subject to a minimum, albeit modest, interest rate111) but can be granted beyond and independent from 3.1 TF aid ceilings. A good example for this solution is the Swedish measure notified to and approved by the Commission under case number SA.59639112, which is a scheme providing working capital loans to tour operators and travel agencies. The scheme combines 3.1 TF loans and 3.3 TF loans; the purpose of the measure was to make sure tour operators and travel agencies would not be forced into bankruptcy due to the refunds they had to make for cancelled trips. According to the measure, beneficiaries could apply for a loan under 3.3 TF but it was possible that the ceilings applicable to them under 3.3 TF were not sufficient to cover refunds. Although the two loans were granted under different aid categories, from the aspect of the beneficiary, they were priced the same (the 3.3. TF aid, whose pricing would increase gradually, was modulated into a flat interest loan of 1% for SMEs and 2% for large enterprises; for the 3.1 TF aid, it was possible to set the rate at the same level). In fact, according to the decision, they were actually a single loan, and they were only handled as two transactions from a State aid viewpoint. In this way, the Swedish authorities designed and notified a scheme that made use of the flexibility in both aid categories to address a specific problem (to provide sufficient liquidity to tour operators to make the refunds). 109 Point 27(a), (b), (d) and (e) of the Temporary Framework. 110 Point 27(f) of the Temporary Framework. 111 It should be noted that a number of Member States have combined Section 3.2/Section 3.3 measures with Section 3.1 TF measures in a way that the minimum premium/interests payable under Section 3.2/3.3 TF were reduced through an interest or premium subsidy under Section 3.1 TF. See, for example, Commission decision C(2020) 2878 final of 29 April 2020 (SA.57064 (2020/N) COVID-19: Grants, guarantee and subsidised interest measures) or Commission decision C(2020) 1975 final of 25 March 2020 (SA.56794 (2020/N) Coronavirus Business Interruption Loan Scheme Grant (CBILS grant) under the Temporary Framework for State aid measures to support the economy in the current COVID-19 outbreak). 112 Commission decision C(2021) 565 final (SA.59639 (2021/N) COVID-19: aid scheme for travel agencies and tour operators).
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