Monaco Eco News

The State is extending its aid and stepping up support to sectors hardly hit by the health crisis.

Jean Castellini, Government Counselor – Minister of Finance and the Economy, and Laurence Garino, Director of the Welcome Office, presented on Friday February 26 the additional support measures for the companies most affected by the health crisis.

« Even though the Monegasque economy has held up rather well, aid and measures of support for the sectors in difficulty had to be maintained and adapted to the context.

Thus, nearly 150 million euros, are entered in the 2021 Budget, to help support economic players for immediate aid and, in the long term, to support the economy recovery ».

Jean Castellini, Government Counselor – Minister of Finance and the Economy

Among the new measures, developed in consultation with the National Council during the CARE meeting on February 22, it should be noted that, for those who were beneficiaries in 2020, and who remain as such in 2021:

  • the eligibility threshold for loss of turnover is reduced to 40%, instead of 50%, and the share of the monthly rent (excluding charges), taken into account in the calculation of the aid, is increased from 50 to 80%.
  • for the targeted sectors (ice cream , bar, snack, restaurant, tourism, events, sports hall): the “special allowance” is increased to 2,500 euros, per month, for the first quarter of 2021;
  • those who are eligible for the special allowance and whose file for the first quarter of 2021 has been updated with the Covid19 Business Unit, will receive payment of the indemnity by mid-March, without making a request ;
  • for catering companies, which will request it before March 12, 2021, and which must dismantle their terrace for the installation of the circuit and grandstands of the upcoming Grand Prix, additional financial assistance may be paid, on an exceptional basis.
    The amount of the subsidy will be calculated on presentation of the invoices for dismantling / storage / assembly of the terraces, up to 50% of the expenditure incurred by the establishment, and within the limit of 15,000 euros.
  • concerning loans guaranteed by the State: there will be an extension of the repayment period. State-guaranteed loans will see the maximum loan term increased to 84 months, including 24 months deferred, not to increase the annual financial burden on businesses.

Laurence Garino also mentioned the economic recovery through the development of commercial attractiveness (in particular by improving the referencing of Monaco on international platforms), the diversification of the commercial offer (Larvotto project, measures against retention locative), and the Monaco Boost business incubator.

She also indicated the extension of government support to local businesses, via the CARLO app, beyond the end of March.

Source: Communication Department of the Princely Government of the Principality of Monaco

Post Author: Wealth Monaco