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Overview of Latvian Government Support for Businesses Affected by COVID-19

27 March 2020

Latvia declared state of emergency over Covid-19 from 13 March until April 14, 2020. The COVID-19 outbreak has generated both demand and supply shocks reverberating across the global economy. On 22 March, Cabinet of Ministers of the Republic of Latvia approved Finance Ministry's developed legislative draft on threats to the state and measures to prevent the damages from Covid-19. The Grant Thornton Baltic team has created a summary of supportive measures included in legislative draft.... Read more

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COVID-19: Crisis and Available Support from the Norwegian Government

27 March 2020

At the times of crisis, such as the current shake-up due to the spread of COVID-19, everybody is trying to do their part to keep the economy going. To mitigate the side effects of the restrictive measures, the Governmen of Norway has put in place several support mechanisms to aid Norwegian businesses. Check out the overview prepared by the KPMG office in Norway over the Norwegian crisis and funding actions as a result of the COVID-19 outbreak.... Read more

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Economic measures in Norway in response to COVID-19

27 March 2020

In support of Norwegian businesses suffering due to COVID-19 crisis, on Friday (March 27) the Government of Norway proposed further measures to Stortinget, including a new scheme for cash pay-outs to otherwise sustainable businesses that are severely affected by measures to contain the pandemic. The fiscal measures so far, excluding the cash pay-out scheme mentioned above, add up to over NOK 75 billion, corresponding to around 2.4 percent of Mainland GDP.... Read more

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Downtime pay for 73,000 workers will cost EUR 102 million from the national budget

26 March 2020

The government's decision on Tuesday on the disbursement of downtime benefits for about 73,000 employees working in sectors most impacted by the Covid-19 pandemic will cost EUR 102 million from the national budget, according to information from the Economy Ministry. As reported, initially downtime pay during the period of the Covid-19 crisis will be provided to around 73,000 employees in transport and logistics, hospitality, tourism and creative industries, according to regulations worked out by the Economics Ministry and adopted by the government.... Read more

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Karins promises to expand support to businesses during Covid-19 crisis

25 March 2020

Yesterday's government decision on downtime benefits for businesses are just the start, and options for expanding support measures will be evaluated, said Prime Minister Krisjanis Karins (New Unity) on Latvian Television this morning. Initially, support is being targeted at about 40 sectors, but the prime minister promised that the government will not stop just at these 40 sectors, and this is just the beginning, which will be followed by more specific support criteria and possible expansion of the list of sectors.... Read more

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Government Approved Support Mechanisms Available to Businesses in Latvia

25 March 2020

Starting today, companies in Latvia that have been negatively affected by the measures to fight the spread of COVID-19 can apply for the government-approved support mechanisms through the state-owned development finance institution ALTUM. The support measures include guarantees for credit holidays and working capital loans. Applications are accepted starting today, March 25. Visit: https://www.altum.lv/lv/... Read more

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Plan and Prepare for a Post-Crisis Breakthrough together with the Kaizen Institute

25 March 2020

The current pandemic is first and foremost a human tragedy, but it also carries significant implications for our local and the global economy. Kaizen Institute has prepared a series of risk management and strategic planning tools and resources to curtail the impact and post-crisis recovery period for businesses and companies experiencing the economic impacts of this pandemic.... Read more

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