19 ° C
Breaking News

Covid latest: 24 hospitalised - 21 res, 122 home monitored, 12,653 recoveries, 57 deaths, 501 incidence rate

Economic relief proposals for businesses during lockdown

Economic relief proposals for businesses during lockdown

By Stephanie Horsman - March 18, 2020

The government is releasing a purse of €50 million as a counter-guarantee from the state requested by company owners who fear for their survival during the Covid-19 lockdown period.

The Monegasque authorities have taken swift and decisive action to alleviate additional worry for the businesses of the Principality during the imposed isolation and closures.  

“As we do in health prevention, the Principality applies barrier measures for the economy at the same time as accompanying measures,” said Monaco’s Minister of Finance Jean Castellini in a video press conference on Tuesday. “Our goal is to prevent bankruptcies by relieving the cash flow of troubled businesses. Let’s not doubt that the elected officials will be by our side at the time of this exceptional budgetary entry in the form of a credit opening.”  

This announcement came in addition to the already existing measures of the deferral of VAT payments for two months, simplified facilitation of partial or total temporary unemployment, bank loans or zero-rate loans granted by banks whose interest will be paid by the State and finally the establishment of a guarantee fund for the loans granted, ranging from 65% to 100%.

Mr Castellini also assured businesses their rent will not immediately be due but can be spread over two or more months depending on the situation.

For those with the option, teleworking is being encouraged to keep the wheels of the economy in motion. If this option is rejected by an employee, it must come with a valid justification.

For those who cannot work from home, some are eligible for state funds up to 70% of their per hour salary, even if they are able to work part time. The state welfare benefits do not apply for those who are ill, as they would be paid with sick leave pay, nor for those who are working from home, as they would be collecting a regular pay check.  

For a comprehensive look at all the new measures, visit or check out the graph below.




Sign up to our newsletter
Previous articleFresh fruit and vegetable markets remain open
Next articleOnly workers to justify movement in Monaco


Cassandra Tanti

Société des Bains de Mer has confirmed the sale of its 47% stake in Betclic Everest Group, a French online gambling company, in a deal that garners €710 million profit for Monaco’s largest company.

Stephanie Horsman

The UAE is set to overtake the US in attracting the largest number of emigrating millionaires in 2022, according to a new report, though Monaco still remains a very attractive option.

June 27, 2022 | Business & Finance

Germans welcome new Monegasque Ambassador

Stephanie Horsman

Monaco has posted Lorenzo Ravano as new Ambassador to represent the country in Berlin. He was welcomed in the German capital where he met with the German President.

Luke Entwistle

The AS Monaco football club boutique and jersey provider Kappa have become members of the government’s environmental label, a move that comes with some serious commitments to the environment.