More entrepreneurs to receive financial aid amid COVID-19
By Ayya Lmahamad
Azerbaijan continues to support entrepreneurs and small businesses to curb the economic impact of COVID-19 pandemic.
Entrepreneurs and taxpayers will be provided with financial support in accordance with the order of the Cabinet of Ministers, in connection with the tightening of the quarantine regime in the country.
Financial support to businesses will be provided in two directions.
First, is the payment of a certain portion of the salaries of employees working in areas affected by the coronavirus pandemic. The measure will cover about 22,000 taxpayers working in pandemic-affected areas and will pay a portion of the salaries of more than 200,000 employees. The financial support for this purpose will be provided in the amount of AZN 52.5 million.
The second direction is financial support for micro-entrepreneurs working in the areas affected by the pandemic. This measure envisages state financial support in the amount of AZN 30.5 million for about 90,000 micro-entrepreneurs engaged in the pandemic-affected areas.
It should be noted that the financial support will be provided to the taxpayers who received financial support under the previous programs and did not make a significant reduction in the number of employees. In addition, newly registered businesses can apply for the state support for their employees as well.
The decision to provide repeated financial support to entrepreneurs aims to reduce losses of businesses, improve their financial position and save jobs.
The Economy Ministry has already submitted to the Finance Ministry a list of contract employees working in pandemic-affected areas and individual entrepreneurs who will receive financial support. Thus, financial support will be transferred to the bank accounts of those entrepreneurs within a short period of time.
Moreover, lump-sum payment for unemployed people in the amount of AZN 190 ($111.7) will be provided in Azerbaijan amid COVID-19. It should be noted that the lump-sum payments are provided in accordance with the relevant decision of the Cabinet of Ministers, to people who are unemployed or have lost their jobs due to the spread of coronavirus pandemic.
Azerbaijan first introduced quarantine regime on March 24.
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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad
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