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Coronavirus pandemic

Russian government adjusts national project to support SMEs taking pandemic into account

According to the business ombudsman, the pandemic caused a 30% decline in revenue for 60% of Russian small and medium-sized enterprises, while only 10% of such companies are currently making profit

NOVOSIBIRSK, June 25. /TASS/. The Russian government is adjusting the national project "Small and medium-sized enterprises and the support of individual entrepreneurial initiative" taking into account the situation with the coronavirus pandemic, Presidential Commissioner for the Entrepreneurs' Rights Boris Titov told TASS.

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The main targets of the national project are to increase the share of small and medium-sized businesses in the country's GDP up to 32.5%, and the number of people employed in the sector — up to 25 mln by 2024. The Minister of Economic Development of Russia Maxim Reshetnikov on May 25 reported that the Russian government intends to review a number of events and, possibly, targets of national projects, but plans to return to this issue in August-September.

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"Of course it would," Titov said, answering a question about whether this national project would require adjustment. "The government is doing this, we know about it. The part regarding education, lectures, seminars is a large part of the national project — it should be directed to specific assistance to the most affected small and medium-sized entrepreneurs," he added.

Titov said earlier that the pandemic caused a 30% decline in revenue for 60% of Russian small and medium-sized enterprises (SMEs), while only 10% of such companies are currently making profit. "According to our estimates, at least 60% [of SMEs] received minus 30% of revenue. Today 10% of entities receive profit," Titov said.

At the same time, he noted that the amount of financial assistance to business during the pandemic is "very limited" whilst, according to him, "other institutions" work.

"For example, demand is supported through direct payments to families with children, through pensions, this, of course, also supports business, because demand is already falling sharply. Of course, tax benefits for small businesses are available," he said.

Titov noted that support measures such as a moratorium on bankruptcy of SMEs from the most affected sectors were less in demand by business.

Support measures

In 2020, due to the situation with the coronavirus pandemic, the Russian authorities introduced support measures for the population and business. Thus, small and medium-sized businesses from the most affected sectors can count on deferred rental and tax payments, excluding VAT. In addition, a moratorium on bankruptcy of such companies was introduced, banks launched a program to issue loans at 0% on employee salaries.

On June 1, a credit program was launched to support employment in affected areas and socially oriented non-profit organizations with a reduced rate of 2% per annum. Income tax paid for 2019 will be refunded for the self-employed.

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