Businesses to receive €20 million in new COVID-19 financial assistance

The €20 million in financial assistance pledged to businesses by the Government includes:

• The extension of the Rent Subsidy Scheme by a further 50% (for businesses closed as per LN 90/2021), over and above the rent assistance provided in 2020;

• The implementation of the Electricity Support Scheme for businesses and self-employed (those closed as per LN 90/2021) for the period June-August 2021, to cover 50% of total electricity bills;

• Businesses that will remain closed after the 10th May will receive a new cash grant of €1,000;

• The doubling of the Aid Intensity Cap, from €5,000 to €10,000, for implemented projects;

• In order to help companies invest sustainably, and in line with the European Green Deal, cash grants of up to €50,000, and an additional 20% in tax credits, will be made available to businesses.

• Tax credit certificates of a total value of €78 million issued through the Micro-Invest Scheme are having their term extended by a period of three years.

Furthermore, Government is planning to launch a programme aimed at providing professional psychological support to entrepreneurs.

Should you need further information or any assistance with the above-mentioned measures, please contact us at support.covid19@mazars.com.mt

Publication date: 28/04/2021