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COVID-19: New measures to support businesses in Russia – May 2020 | News Flash

18 May 2020

Like in other countries, many companies in Russia suffer from the adverse effects of the coronavirus pandemic. The impact has been especially hard for medium and small businesses. On March 25, 2020, the President of the Russian Federation Vladimir Putin announced the first round of business support measures. Then, on April 15, 2020 President Putin put forward new package of relief measures to mitigate the effects of the COVID-19 pandemic. Both, the amount of funding and the nature of the measures came under criticism of the business community and economists. On May 11 President Putin unveiled a new package of measures for supporting the national economy under the restrictions introduced in connection with the continued spread of the coronavirus infection.

Companies in the most affected sectors of the economy

In addition to the measures adopted in April the new package envisions the launch of a new subsidised 2% loan program (with 85% of the loan secured by state guarantees). The program aims at supporting employment at organisations in the most affected sectors of the economy. The amount of the loan will be calculated using the formula “1 minimum wage amount per employee per month”, based on the duration of the program equal to six months. The loan repayment date is April 1, 2021. The interest is capitalised over the term of the loan. Should the company succeed in retaining the staff headcount at 90% of the current level, the principal and the interest will be written off. If the headcount remains at not less than 80%, half of the principal and the interest will be written off. The credit can be used to pay employee compensation, but also to repay the salary loan obtained under the April relief measures package.

Medium and small businesses in the most affected sectors of the economy

For medium and small businesses in the most affected sectors of the economy all tax obligations, except for VAT, and social contributions for the 2nd Quarter of 2020 will be completely written off.

The State is strengthening business support measures increasing the funding. However, these measures may prove insufficient to maintain employment and avoid bankruptcies of many businesses under the restrictions introduced in connection with the continued spread of the coronavirus infection in Russia.

Contact us to get more information!

The trend of preferring payroll outsourcing will keep rising through the pandemic and beyond | Russia

on 21 May 2020, in News Flash, Other industries, Payroll, HR and Labour Law, Russia
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COVID-19: New measures to support businesses in Russia | News Flash

on 27 April 2020, in Accounting and finance, COVID, Legal and corporate, News Flash, Other industries, Payroll, HR and Labour Law, Russia, Taxation
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List of business sectors and consequent measures due to COVID-19 in Russia | News Flash

on 14 April 2020, in COVID, Legal and corporate, Local news, News Flash, Other industries, Russia
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Changes to the Double Tax Treaty of Russia and Cyprus in response to the Covid-19 pandemic | News Flash

on 06 April 2020, in COVID, Local news, News Flash, Other industries, Russia, Taxation
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COVID-19: Anti-crisis measures to support businesses in Russia | News Flash

on 31 March 2020, in COVID, News Flash, Other industries, Payroll, HR and Labour Law, Russia, Taxation
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2020 Statutory reporting schedule | Russia

on 26 March 2020, in Accounting and finance, Calendars, Other industries, Russia
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2020 Calendar of Bank Holidays | Russia

on 12 March 2020, in Accounting and finance, Calendars, International transactions, Legal and corporate, Other industries, Payroll, HR and Labour Law, Russia, Taxation
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2020 Company formation in Russia

on 09 January 2020, in Country guidelines and eBooks, Legal and corporate, Other industries, Russia
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About Accace

Originally established in Central and Eastern Europe in 2006, Accace ranks among the leading outsourcing and consultancy providers in the region. Engaging over 600 experts, we have vast experience with handling small to large scale, multi-country outsourcing projects and providing a comprehensive range of our services to over 2,000 customers.

About Accace Circle

Accace operates internationally as Accace Circle, a co-created business community of like-minded BPO providers and advisors who deliver outstanding services with elevated customer experience. Covering almost 40 jurisdictions with over 2,000 professionals, we support more than 10,000 customers, mostly mid-size and international Fortune 500 companies from various sectors, and process at least 170,000 pay slips globally.

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