More COVID-19 Financial Incentives for your Business
March 25th, 2020
On the 24th of March, the Government of Malta announced more economic support measures, handled by Malta Enterprise, to reduce the burden that businesses and employees are currently facing.
1. Covid Wage Supplement
Businesses who have either been hit hard by the COVID-19 situation due to the nature of their sector, or had to temporarily suspend their operations as instructed by the Superintendent of Public Health, will be eligible to five days salary based on a monthly wage of €800 for full-time employees and self-employed. Part-time employees will be entitled up to €500 per month. This scheme only applies for those who operate within the NACE code as listed in Annex A found on Malta Enterprise website.
Furthermore, full-time employees who operate in sectors including wholesale, manufacturing and warehousing, amongst others listed in Annex B on Malta Enterprise website, are entitled to one days’ salary per month, equivalent to €160 each month, whilst part-time employees are eligible to one days’ salary per week, amounting to €100 per month.
Companies that are based in Gozo are entitled to two days’ salary per week equivalent to €320 per month for full-time employees, whereas part-time employees are eligible to €200 per month.
Self-employed based in Gozo that operate in sectors listed in Annex B, will be entitled to 2 days’ salary per week, that is €320 per month, whilst self-employed individuals who employ individuals will be eligible to three days’ salary per week equivalent to €480 per month.
Application forms for this scheme are yet to be released.
2. Quarantine Leave
This measure is aimed at employers with employees on obligatory quarantine leave and grants €350 per employee. This is also applicable to self-employed individuals who were on mandatory quarantine.
3. Social Measures
This measure is taking into consideration family households which have both parents working in the private sector and one of the parents needs to stay at home to attend to their school-aged children. This social measure is also eligible to single-parent families. Those parents who work full-time will receive €166.15 per week and those who work on part-time basis are entitled to an amount of €103.85 per week. This is not eligible to employees who have made teleworking arrangements with their employer.
Persons with a disability who are registered with Jobsplus and work in the private sector and for health and safety reasons choose to stay at home will be given a direct payment of €166.15 per week if they work on full-time basis or €103.85 per week if they work on part-time basis.
The Contributory Unemployment Benefit will also cover employees who had their employment terminated as of 9th March 2020 due to the COVID-19 pandemic. Individuals who were on a full-time employment before their contract was terminated will receive a direct payment of €166.15 per week and €103.85 per week if they worked on part-time basis before becoming unemployed.
4. Further Liquidity Measure
This measure includes €900 million in bank guarantees for companies requesting operational loan payments with low-interest rates and longer repayment periods. The aim of this scheme, which is financed by grants from the National Development and Social Fund and EU funds, is to ease the burden of bank loans for both individuals and businesses in this difficult time by postponing payments for 3 months.
FREE Support to fill in Applications
We are offering our FREE support to understand whether your business is eligible to either of these incentives as well as help you with the application procedure. Get in touch with us on +35679903685 or by email on email@example.com!