Labor compensation fund: New benefits for crisis-affected industries

Organizations from industries affected by COVID measures, which received a preferential loan at 2% under the FOT 2.0 program in 2020, will be able to take advantage of a similar opportunity this year, but at a new rate of 3%. A prerequisite is the retention of 90% of the staff during the duration of the loan agreement.

The interest-reduced loan can be taken from March 9 to July 1, 2021 for a period of maximum 1 year. At the same time, there is a delay in payments on the main debt and interest for the first 6 months. The maximum loan amount is 500 million RUR. It is calculated based on the number of employees multiplied by the minimum wage (12'792 RUR) for a period of 12 months.

The funds under such a loan agreement cannot be spent on paying dividends, redemption of own shares or stakes in the equity capital nor on charity.

In extension to accounting outsourcing solutions, Bellerage offers foreign SME structures in Russia also dedicated CFO services. We support companies in their financial strategic tasks, such as Cash Flow Management and Performance Analysis and Budgeting. For any questions, please contact us at <a href="mailto:russia@bellerage.com">russia@bellerage.com</a>.