Government of Latvia preparing idling regulation to provide financial support to businesses
17 March 2020
The government of Latvia is currently at work on a idling regulation that could be used to provide financial assistance to those businesses whose operations are seriously suffering from the Covid-19 crisis, Prime Minister Krisjanis Karins told journalists following a coalition cooperation meeting on Monday. The regulation would serve as a government support instrument, helping affected businesses to survive the Covid-19 crisis.
The idling regulation would apply to companies that have seen their revenue shrink or disappear altogether due to the coronavirus pandemic and that can no longer pay wages to their employees. Experts are still discussing details of the regulation, the prime minister said. Asked if it could include tax exemptions for the time a company has not been generating any revenue, Karins said that various options are being considered. Agriculture Minister Kaspars Gerhards said that the idling regulation would serve as an instrument for the hardest entrepreneurs, allowing them to pay wages to their employees and resume operations when the crisis is over.< Back to news