Entrepreneurs affected by pandemic receive financial support

28 January 2021 15:44 (UTC+04:00)

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By Ayya Lmahamad

Azerbaijan continues to support entrepreneurs and small businesses to curb the economic impact of COVID-19 pandemic.

Financial support to businesses is provided in line with the decree of Cabinet of Ministers dated December 23, 2020, over the tightening of the quarantine regime in the country, Economy Ministry has reported.

The purpose of financial support to entrepreneurs is to reduce business entities losses, improve their financial situation and protect jobs.

It should be noted that financial support to entrepreneurs was provided in two directions.

Financial support in the amount of AZN 39 million ($22.9M) was provided to 18,845 taxpayers, including 174,316 employees, in connection with the payment of part of salaries of the employees working in the territories affected by the pandemic.

The support was also provided to taxpayers who had received funds under previous stages and had not made significant reductions in the number of employees. At the same time, newly registered taxpayers also benefited from the state support for their employees.

Moreover, financial support in the amount of AZN 29.5 million($17.3M) was provided to 83,162 micro-entrepreneurs. Under this stage, the financial support was provided to those entrepreneurs who received a lump-sum payment of up to AZN 1,000 ($588.2) during the first stage.

The relevant funds have already been transferred to the bank accounts of taxpayers by the State Treasury of the Ministry of Finance.

It should be noted that over AZN 246 million ($144.7M) was paid to taxpayers in four stages and over AZN 112.1 million ($65.9m) to micro-entrepreneurs, including about AZN 358.2 million ($210.7m) within the part of the payment of salaries of workers working in the areas affected by the pandemic.

Financial support is provided to taxpayers 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.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad