More entrepreneurs receive financial aid amid COVID-19

By Azernews

By Ayya Lmahamad

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

As of August 13, the government has paid AZN 12.3 million ($7.2m) to 49,329 entrepreneurs affected by coronavirus pandemic as part of the second phase of financial support program to businesses, the State Tax Service reported on August 14.

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. The lump-sum aid in the same amount will be re-issued for those entrepreneurs.The financial support will be paid in equal installments in two phases, covering August and September.

Payments for financial support are made to taxpayers who previously received this support. Taxpayers do not need to r-apply for financial support.

According to the decision of the Cabinet of Ministers, taxpayers working in the areas affected by the pandemic who received financial support and have not significantly reduced the number of employees, will receive financial support in the amount of a monthly salary based on the number of employees listed on July 1.

Earlier, AZN 63.55 million ($37.3M) were paid to 106,907 micro entrepreneurs under the first phase of the financial support program that covers April-July.

It should be noted that 11,209 entrepreneurs applied to banks for financial support in the first stage of the program. The volume of financial support for approved application amounted to AZN 63.66 million ($37.4M).

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.