Business & Finance
Brought to you by: Monaco Life
The government has bolstered some of the support systems it introduced recently for businesses in the Principality.
“The government’s objective is to do everything it can to relieve the economic impact of the health crisis as much as possible,” it said in a statement released on Thursday 9th April.
Responding to the “expectations of traders, artisans and businesses experiencing cash flow difficulties,” the Prince’s Government has already enforced guarantees for any credits requested from banks. In the latest measure, there is the possibility for the grace period of these loans to be extended, with an interest subsidy provided by the State.
In terms of direct financial aid, on 3rd April the government established the Extraordinary Minimum Income (RME), with a lump sum of €1,800, intended, under certain conditions, for self-employed people with a professional activity in their name in the Principality.
Now, it has also created Aid to Small Companies (APS), for the same lump sum of €1,800.
“These are two exceptional subsidy measures, the collection of which does not prevent beneficiaries from having recourse to the Monégasque Guarantee Fund, approaching their credit institution,” said the government.
Monaco has introduced a raft of financial measures since the beginning of the crisis in an effort to “preserve the economic fabric of Monaco and to face the economic and social challenges of the Principality.”
The details of these various measures are available on the website: https://en.service-public-entreprises.gouv.mc/Covid-19/Covid-19-practical-information/Assistance-to-businesses/General-information
Read more: €280 million to cover Monaco’s workers
Monaco Life spoke to MYS Director Gaëlle Tallarida to understand more behind the organisation of Europe’s largest, most prestigious yachting event during these unprecedented times.
Reactions to FEDEM’s request to annul a bill protecting employees from dismissal during the health crisis have come swift and hard from trade unions, the National Council and the Prince’s Government.
The European Commission has issued a new, and somewhat controversial, European budgetary proposal that includes a recovery fund to help coronavirus-battered economies rebound in the coming months and years.
The Principality’s employer’s union, the Federation of Monegasque Enterprises, has formally requested the government scrap a ban on dismissals and the obligation to allow employees to telework.