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Additional support for businesses

Additional support for businesses

By Cassandra Tanti - April 9, 2020

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

 

 

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