(PRESS RELEASE) – The Government of Montserrat through the Ministry of Finance and Economic Management (MOFEM), is providing financial assistance for individuals and businesses in the tourism sector, as part of its fiscal stimulus package in response to COVID-19.
This package, which offers direct financial support to employees in the tourism sector, will be for a period of three (3) months in the first instance, to any eligible businesses that are suffering financial hardship and facing the inevitability of having to lay off workers due to COVID-19.
Special consideration has been given to companies and sole proprietorships, for whom the majority of their income is earned in the following sectors:
• Tourist accommodation providers • Tour operators, including both land- and marine-based • Transportation services • Restaurants • Other tourism-related businesses
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 EC$3200 per employee. This will be based on the previous six months’ salary level. Income Tax would still be payable but at the new tax rates.
Businesses are required to apply to the Ministry of Finance and Economic Management and the deadline for forms to be submitted is Thursday April 30, 2020.
The Government of Montserrat formulated this package of support understanding the increasingly difficult financial situation facing many businesses on the island due to the growth of the COVID-19 pandemic.
The island is currently on a 24-hour shut down until 12:00am on Friday May 1.