News Local House approves subsidy scheme for very small businesses

House approves subsidy scheme for very small businesses

 

MPs have unanimously approved a supplementary budgetary bill of €220 million that covers Labour Ministry programmes to support employment as well as a new scheme for a direct grant to very small and small businesses.

More specifically, €120 m will be used for the  Labour Ministry’s schemes to support employment, businesses and the self-employed.

The remainder is for a direct grant to about 50,000 very small and small businesses and self-employed who have fully or partly suspended their operations because of the coronavirus outbreak and have joined the Labour Ministry’s schemes.

The subsidy scheme for very small and small enterprises and self-employed aims to cover part of the rent and running costs.

The sum will be distributed as follows:

(a)  Up to one person: €1250

(b)  From 2 to 5 persons: €3000

(c)  From 6 to 9 persons: €4000

(d)  From 10 to 50 persons: €6000

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