The Russian government approved a project to provide subsidies to socially oriented non-profit organizations and small and medium-sized businesses in particularly affected industries. The decision was made at a meeting of the Cabinet of Ministers on October 28 and published on Saturday.
Subsidies will be provided in the amount of one minimum wage to partially offset the costs during non-working days. In addition, subsidies will be directed to credit institutions to reimburse them for lost income on loans issued to legal entities and individual entrepreneurs for the restoration of entrepreneurial activity.
On October 25, Prime Minister Mikhail Mishustin announced that the government would allocate about 38.5 billion rubles. for grants to support small and medium-sized businesses and socially oriented NGOs from the most affected industries. The help will be received by companies from the sphere of hotel business, catering, sports, additional education, consumer services, culture, entertainment, etc.
The Bank of Russia also allocated 60 billion rubles. for the issuance of concessional loans to small and medium-sized enterprises (SMEs) from the industries recognized as the most affected by the coronavirus pandemic.
On October 20, Russian President Vladimir Putin signed a decree on the introduction of a non-working day regime throughout the country from October 30 to November 7, while maintaining workers’ wages. On October 29, Putin instructed Health Minister Mikhail Murashko and his deputies to travel to the regions with the most critical coronavirus situation.
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