European Commission approves Latvia's EUR 51 million support program for businesses hit by Covid-19 crisis

Submitted by socpro on
measures summary

The government-financed program is intended to support exporting enterprises that have suffered from the Covid-19 crisis. The support will be provided in the form of grants,which will be provided to subsidize wages of the employees working in the affected companies.

The size of the support has been set at 25 percent of the social security contributions made by the given company in 2019,but it cannot exceed EUR 800,000 per company.

The total amount made available to exporting businesses under the support program is EUR 51 million.

Eligible for the support are those crisis-stricken taxpayers whose exports of goods and services within the European Union,excluding Latvia,reached at least EUR 1 million in 2019 and whose April-June 2020 operating revenue fell by at least 20 percent on year as a result of the Covid-19 crisis. Wage subsidies will only be provided to those companies that have been paying at least EUR 800 in gross monthly wages to their employees and are not running tax debts that are bigger than EUR 1,000.

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