News Local New support package for small businesses

New support package for small businesses

The Council of Ministers on Thursday approved a new support package for small businesses that have suspended their operations completely or in part during the coronavirus outbreak.

Finance Minister Constantinos Petrides said that cabinet had approved three bills:

— for small companies with up to 10 employees that totally suspended operations until May 4, the subsidy is €2625. For companies that suspended their operations totally even after May 4, the subsidy is €3500.

— for small companies which partially suspended their operations until May 4, €1875 and for partial suspension after May 4 €2500.

— as regards self-employed whose work has been affected, up until May 4, the sum is €1150 and for those after May 4 €1500.

The bills are subject to the approval of the House of Representatives and the European Commission.

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