Argentina Extends Relief Program to Firms and Workers

Argentina’s President Alberto Fernandez extended the Emergency Assistance Program to Work and Production (ATP) until December 31.

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The national government will assume again the payment of a part of the workers' salary to facilitate the recovery of economic industries.

The ATP program was created to help employers and workers whose economic activities have been affected by the pandemic.

The aid provided by the Argentine government includes policies such as compensatory salary allocation, credits with subsidized interest rates, unemployment benefits, aid for the payment of salaries, and exemption from employer contributions.

The program also grants a complementary salary equivalent to 50 percent of the net salary to those companies that have experienced a negative nominal variation in their annual sales.

The Fernandez administration will grant loans with interest rates of 15 percent to companies whose year-on-year sales have increased by up to 40 percent. This loan will be paid in installments over 12 months and seeks to promote the creation of new jobs.

As of Tuesday morning, Argentina had reported 1,102,301 COVID-19 cases and 29,301 deaths.