The Ministry of Finance has extended the deadline for persons to apply for financial assistance under the fiscal stimulus packages in response to COVID19.
Persons or businesses interested in applying for the salary support for employees across all business sectors package, and the one-off grant for eligible businesses in the tourism sector have until Friday May 15, to submit their applications. Persons experiencing difficulties completing their applications should call 393-9878 for support.
The financial assistance for all businesses package, offers direct financial support to employees and will be for a period of three months in the first instance.
This package will provide a direct cash injection into businesses to allow for the continued payment and employment of full-time workers at a maximum of 80% of their gross salary, with a ceiling of no more than $3200 (80% of $4000) per employee. This will be based on the previous six months’ salary level. Therefore, if an individual was paid $3,000 per month for the past six months, that individual would receive $2400 (80% of $3000). Income Tax would still be payable but at the new tax rates.
$3,200 is the maximum amount payable under this scheme to each person, but will depend on the level of salary that person has received in the past six months. It could be less than $3,200.
Employers are asked to note that this financial support must be passed onto the employee.
The MoFEM is cautioning that any payments made that are not passed on to the employees will be reclaimed.
To apply, individuals must complete the ‘COVID-Related Financial Support: SALARY
SUPPORT FOR EMPLOYEES. The form can be completed and submitted online on google docs at the following link: https://forms.gle/PLczb6ivQBbk29RCA or download and complete the excel version of the form available on the Government website at the following link: http://www.gov.ms/pubs/ministry-of-finance/
As it relates to the one-off grant for eligible businesses in the tourism sector, successful applicants can receive a cash grant of no more than ten thousand dollars (EC$10,000.00).
This grant can be used to cover rental payments, utility payments and other such related overhead business costs. However, applicants are asked to note that this grant cannot be utilised for loan payments.
Applications can ONLY be made electronically, by completing the ‘Application Form – COVID Related Financial Support One Off Grant (Tourism) at the following google docs link: https://forms.gle/awdQc7t9ZaYTR7bo6 or by downloading the ‘Application Form – COVID Related Financial Support One Off Grant (Tourism) from the Government website, at the following link: http://www.gov.ms/pubs/ministry-of-finance/