COVID-19 - Support for Monegasque businesses affected
The Principality of Monaco has put in place a series of measures to help businesses in Monaco that are affected by the health and economic crises in order to limit the spread and the impact of the virus.
The measures are the following:
- Social measures:
Teleworking
Total/partial unemployment
Compensation for parents who are looking after their children
- Economic measures:
Financial help
The government has released an emergency amount of 50 million euros to assist companies that are faced with irreversible difficulties this help will be given in the form of a counter-guarantee from the State to banks for a loan requested by companies in difficulty. The aim of this measure is to prevent bankruptcies by relieving the cash flow of troubled businesses.
- Financial measures:
Under the existing arrangement, companies in the Principality that finance a structural investment with a bank loan can currently apply for an interest rate subsidy of this business loan will be extended to other companies that request it. This subsidy consists of reducing the interest rate charged by the bank, for the entire duration of the loan, with a minimum rate set at EURIBOR plus 0.75%. The loan subsidy system will be reduced to a zero rate.
The Department of Tax Services will grant deferment of payment for a period of two months, provided that the declaration obligations have been met. The payment will be deferred but the necessary declarations must still be made.
- Committee for Assistance to Businesses in difficulty (COMED) :
The role of the Committee for Assistance to Businesses in difficulty (COMED) is to examine applications from businesses that are in great difficulty.
The Committee for Assistance to Businesses in difficulty aim is to:
- Analyse the causes and undertake an analysis
- Suggest a recovery plan, if relevant
The Committee provides written opinions on the cases submitted to it and suggests, as far as possible, practical measures to support and help businesses in difficulty.
- Social security funds
Employers and self-employed workers in the Principality who are experiencing a significant drop in activity due to the Coronavirus epidemic can contact the Social Security Contributions Collection Office to request staggered payment of their contributions.
A case-by-case analysis will be carried out.
All these measures have been published on the government’s websites; the links are the following: