Covid-19, Financial Services, Good for Business, Latvia, Legislation, Markets and Companies

On Monday, an agreement was reached to drop the list of sectors to which subsidies and grants would apply. Support will be available to all businesses that report at least 20 percent drop in turnover in November and December compared to total turnover in August, September and October.

An agreement has been reached on a number of significant amendments to the downtime benefits program. A decision has been made to return to the qualification requirement of a 20 percent turnover drop instead of the current 50 percent drop. This means that downtime benefits will be available to companies, self-employed persons and payers of patent fees if their turnover in the respective month has dropped by 20 percent compared to the average monthly turnover in August, September and October.

Downtime benefit to individuals paying patent fees will be increased from the current EUR 330 to EUR 400 a month.

The Economics Ministry is preparing the respective amendments to the Cabinet of Ministers regulations that will be submitted to the government meeting tomorrow.