COVID-19: Prime Minister Announces €1.8bn Financial Aid Package

PM Robert Abela has announced a €1.8bn Financial Aid Package in view of the COVID-19 Outbreak.

Dr Abela said that the Financial Aid Package is aimed at businesses and families to guarantee stability and peace of mind, whilst also protecting the businesses’ liquidity and the employees’ way of life.

 

Measures in Details

  • Economic Package to give Liquidity to Businesses amounting to €1.6bn divided as follows:
    • €700 Million in Tax Deferrals
    • €900 Million Bank Guarantees
      • If needed, €900 Million can be further committed as Guarantees.
  • Postponement of Income Tax, VAT, NI Contribution for March and April, for Employers and Self-Employed reaching €400-€700 Million
  • Through the National Development and Social Fund a Total of €150 Million shall be allocated as Bank Guarantees.
  • Allocation of €35 Million to the Health Authorities to help in the fight against COVID-19 – an amount on which there is no capping.
  • €350 per person to employers on Quarantine Leave
  • Additional Leave of 2 Months for 12,000 Families with children, where both parents/guardians work in the private sector. If neither parent/guardian is unable to telework, the Government shall offer €800 benefit per month to the family.
  • 20,000 to 44,000 workers who work in enterprises which suffered from a complete suspension of operations such as accomodation, food and beverages, English language schools and entertainment, among others, will benefit from 2 Days per week based on €800 per month.
  • 5,700 Self-Employed who work in the above-mentioned industries will benefit from 2 Days per week based on €800 per month.
  • 47,500 workers who work in enterprises which suffered from at least a 25% reduction of operations shall benefit from 1 Day per week based on €800 per month.
  • 9,600 self employed workers who suffered from at least a 25% reduction of operations shall benefit shall benefit from 1 Day per week based on €800 per month.
  • Individuals whose full-time job has been terminated as from March 9th 2020 shall benefit from a Temporary Increase in their Unemployment Benefit of up to €800 per month.
  • Persons with Disability who cannot work from home but who need to isolate themselves at home due to complications which might result due to the Coronavirus, will be given €800 per month.
  • Government Housing Subsidies shall increase for those families where one dependent had his/her employment terminated.
  • Those people who would have their job terminated and have house-rental obligations will be automatically qualifying for the rent subsidy.
  • All enterprises who terminate an active employment contract shall be denied the possibility of applying for third-country national workers.
  • Malta shall no longer accept applications for new third-country nationals except for highly skilled workers.
  • The Government will be assisting third-country nationals to find alternative employment in case of job termination.
  • Jobsplus has launched a new service to assist in the following:
    • Residents whose employment has been terminated;
    • Third-country nationals whose employment has been terminated as well as to assist on any work-permit queries; and
    • Employers seeking new recruits.

 

Photo: Facebook (Robert Abela) / DOI

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