14 May 2020 11:29

Russia allocates over 81 bln rubles to support small, medium businesses

MOSCOW. May 14 (Interfax) - The Russian government is allocating 81.18 billion rubles for subsidies for small and medium businesses hit by the coronavirus pandemic.

Acting Prime Minister Andrei Belousov issued an order dated May 8 to "allocate budget appropriations in the amount of 81.180 billion rubles to the Treasury of Russia from the Russian government's reserve fund in 2020 to provide federal budget subsidies in 2020 to small and medium businesses that operate in sectors of the Russian economy that have suffered most amid the deterioration of the situation as a result of the spread of the novel coronavirus."

"The funds are being allocated for small and medium businesses receiving the subsidies to preserve in April and May 2020 at least 90% of the number of employees [they had] in March 2020," the document, which has been posted on the Cabinet's website, said.