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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 https://service-public-entreprises.gouv.mc/Aides-et-developpement/Aides/COVID19/Soutien-aux-entrerises-monegasques-impactees or check out the graph below.

 

 

 

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