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Government extends financial aid 

Government extends financial aid 

By Cassandra Tanti - June 18, 2020

The Prince’s Government has taken new steps to support businesses in Monaco affected by the Covid-19 crisis and to help save jobs.

The government, in consultation with the National Council, is changing the support system for businesses to adapt to the current situation, initiating a new Policy to Support Economic Recovery.

From 1st July, the government will alter the Guarantee Fund and create a new loan system for businesses struggling to get back on their feet amid the ongoing Covid-19 crisis.

These bank loans, approved by the Monegasque Association of Financial Activities (AMAF), will have a State guarantee of up to 65% of the total loan amount. The borrower will only have to guarantee the remaining 35%. Loans can be anywhere from €35,000 to €500,000, and can be combined with the ‘Covid’ loan if already granted.

To apply, people just need to talk with their normal banking establishment, which will explain the criteria and documents to be provided. That credit institution will then examine the application file together with the Monegasque Guarantee Fund.

Meanwhile, in an effort to protect jobs, the government has decided to extend the ‘Extraordinary Minimum Income’ and ‘Aid to Companies’ initiatives by one month. The payment will be automatically applied to the month of July for those who have requested this aid in previous months.

The ‘Extraordinary Minimum Income’ and ‘Aid to Companies’ financial assistance equates to €2,500 for beneficiaries who have been able to resume their activity since 4th May 2020, or whose activity was not forced to close on 18th March. For those that were forced to remain closed throughout the month of May, the total payment will be €5,000.

The government is also studying the implementation of various support programs for the national economy, set to be announced soon.

 

 

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