Russian Authorities Allocate Over 80bn Rubles to Aid Companies Affected by Pandemic

Russia’s government has allocated over 81.1 bln rubles ($1.1 bln) for aid to small and medium-sized enterprises (SMEs) in the sectors affected by the coronavirus pandemic, according to a respective decree released on the cabinet’s website on Sunday, TASS informs.

“To allocate to Russia’s treasury from the reserve fund of the government of the Russian Federation in 2020 budgetary provisions amounting to 81.18 bln rubles for providing in 2020 subsidies from the federal budget to small and medium-sized enterprises operating in sectors of the Russian economy that have been most affected by the deteriorating situation due to the novel coronavirus infection spread,” the document signed by Acting Prime Minister Andrei Belousov said.

The provided subsidy stipulates that enterprises should maintain at least 90% of employees from the number in March 2020, according to the decree. Over 970,000 enterprises may apply for support.

Russian President Vladimir Putin tasked the government on April 15 with providing SMEs in the most affected by the pandemic sectors financial support for urgent measures, including wage payments to employees. Moreover, enterprises should be able to apply for aid in the remote mode, President noted.

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