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Support for exporting companies in Latvia

As of 5 August 2020, exporting companies have the possibility to apply for a state support programme designed to overcome the consequences of the crisis caused by Covid-19 and to promote employment. Funding of support is administered by the Latvian Investment and Development Agency (LIAA).

Total volume of support programme:
EUR 51 million.

Requirements:
- volume of exported goods and services reached at least EUR 1 million in 2019;
- profits, compared to the same month in 2019, declined by 20 % in a single month between April and June 2020;
- employees were paid average monthly gross salary no lower than EUR 800 in 2019, for which state social insurance contributions (VSAOI) were paid;
- at the time of application, the company has no tax (duty) debts exceeding EUR 1000 in total, with the exception of those for which an extension of the deadline has been granted or a voluntary debt repayment agreement has been concluded.

Grant:
- one-off grant to compensate wages to overcome the consequences of the Covid-19 crisis;
- 25 % of state social insurance contributions (VSAOI) paid in 2019, but no more than EUR 800 000.

Use of support:
Support is intended to cover the costs of employee salaries. The grant should be used for payment of wages to employees from the date of submission of the application until 31 December 2020.

Application deadline:
An application must be submitted by 30 September 2020.

 

Source: Cabinet Regulation No. 457 of 14 July 2020 “Regulations on support for exporters of goods and services affected by the Covid-19 crisis to overcome the consequences of the crisis”