French electronic giant, Fnac Darty, has received a $542 million state loan to help it stay afloat amid the global COVID-19 pandemic that has had a negative impact on businesses.
Although close to 150,000 companies have already received about 20 billion euros worth of state loans, Fnac Darty is reportedly the largest company to apply for the loan.
France24 reports that the company reported very strong growth in e-commerce, in all countries, during the lockdown despite recording a 7.9% plunge in revenues during the first quarter of the year
Reuters reports that France has rolled out a $119 billion package to boost the economy and help businesses, including cash handouts, tax, and payroll charge deferrals and state-subsidized furloughs.
Already, in March this year, the French government released a $4.3 billion cash injection for its startups to enable them to sail through the pandemic.