By Ayya Lmahamad
As part of the second phase of financial support program to businesses, AZN 50.38 million ($29.6M) have been transferred to the bank accounts of 22,603 taxpayers affected by coronavirus pandemic as of August 19, the Ministry of Economy has reported.
228,175 employees are among those receiving the financial aid.
Moreover, the number of employees covered by the second phase of the financial support program is by 112,177 more than the number of employees who received funding in the first phase, due to the increase in the number of employees who signed employment contacts as a result of transparency.
Furthermore, financial support was denied to 553 taxpayers who laid off all their employees (1,666) during the period of April- June, and to 374 taxpayers who significantly reduced the number of employees.
To date, 107,191 individual entrepreneurs have received lump-sum financial support, worth AZN 76 million ($44.7M), under financial support program.
Earlier, the country’s Ministry of Economy announced the second phase of the program to provide financial support to business entities working in economic spheres affected by the COVID-19 that will cover August and September.
The financial support program in the second phase covers micro-entrepreneurs who received a lump-sum payment of AZN 250 ($147) in the first stage of the program and there will be no need to re-apply for financial support. The financial support will be paid in equal installments in two phases, covering August and September.
Financial support is provided to taxpayers in accordance with the order of the Azerbaijani President and the relevant decision of the Cabinet of Ministers, working in areas affected by the pandemic, and who received funds under the first phase of financial support and have not made significant staff reductions.
Earlier it was reported that legal entities and individual entrepreneurs in Azerbaijan operating in the spheres negatively affected by the COVID-19 will be exempted from rental payment for the period of nine months.
Thus, according to the amendment, legal entities and individual entrepreneurs operating in the spheres negatively affected by the coronavirus pandemic in the territory of Azerbaijan, except for legal entities controlled by the state, the rent established in accordance with regulation will not be charged from April 1, 2020 till January 1, 2021.
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