A. Armonait: 94,000 companies experience a 30% drop in turnover, support next week

On Monday, after a meeting with President Gitan Nausda, Aurin Armonait, Minister of Economy and Innovation, said that the measures of the first aid package should come into force on January 18, and the measures of the second aid package, which still are developing, could appear in summer.

I wrote a letter to the heads of the Lithuanian Business Support Agency and Invega on January 18. or next week should be the time when companies can start submitting requests and we should be ready to accept them. The second aid package should start when we agree with the social partners and the European Commission. I hope that within a month, perhaps with the launch of the quarantine, that support will reach business, says A. Armonait after the meeting with the president.

The minister recalled that the first aid package amounts to 180 million. 150 million euros allocated to grants, 30 million. Loans in euros.

The second package considers helping the self-employed to receive additional support, not just a payment of € 260. It will also encourage investment in new jobs and provide additional subsidies to businesses affected by the pandemic.

V recalls that the second aid package contemplates the payment of additional subsidies, which would be linked to the severity of the company affected by the drop in turnover.

At present, according to our estimates, 94,000 Lithuanian companies are experiencing at least a 30% drop in turnover. These are large numbers and our goal is to keep them viable so that after the end of the quarantine, after COVID-19, we have competition, business diversity and hard-working companies, says A. Armonait.

Focus on small and medium businesses

Simon Krpta, Chief Advisor to the President, Head of the Economic and Social Policy Group, was also quick to stand out.

The proposed measures and their structure are adequate, as they should be in maximum quarantine conditions. The President appreciates that most of the money is distributed based on automatic subsidies, as this will ensure a very important time during which the support will reach the company’s accounts and will undoubtedly ensure the income and viability of the company. Timing is critical when we have such a quarantine in the country, says Krpta.

According to him, in addition to the intention to activate the first business support package as soon as possible, it is important that the second one focuses on small and medium-sized businesses.

The minister also reported that a second aid package is being prepared, which will be activated a little later in the coming months. It is likely that at a time when companies can go into quarantine. It is gratifying that the minister has emphasized that due attention will be paid to small and medium-sized companies, which, according to European agents and international bodies, are disproportionately more vulnerable, under the terms of COVID-19, says Krpta.

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