A €20 million business aid package to pay for business rents and electricity bills has been announced by Prime Minister Robert Abela and Enterprise Minister Miriam Dalli.

The Prime Minister said said that although some businesses had started operating, the Government understood that their have been many challenges over the past weeks.

Dr Abela added that other businesses are still and the Government would “not leave anyone to stand alone”

The Government will be extending € 78 million in tax credits by three years, he said, that would otherwise have been lost, by extending their term of validity so that they can continue to be used by businesses.

There will be assistance in the payment of rents and electricity bills, with a grant will be given to those commercial enterprises that will remain closed after the 10th of May.

three initiatives designed to incentivise investment were also announced. The PM said the Government will help those businesses that want to upgrade their business to a more sustainable, digital, or more environmental model.

Tax credits under the Microinvest scheme are be extended by three years, assisting more than 3,800 businesses. These would be additional to other support measures in place, Dr Abela said.

He said that by the end of April €455 million will have been made in wage supplements which together with other aid amounted to €500 million.

Around 100,000 employees have benefited – meaning half of all employees in the private sector, said the PM.

Minister Dalli said that the Malta Enterprise scheme help with business leases and electricity bills and are aimed at providing the necessary liquidity to businesses that had been forced to close in March and April.

This aid would be granted by extending rent aid by a further 50% to. This extension would apply to all those businesses that receive the pay supplement, the Minister said.

This extension was worked out on the cost of rent, so that Malta Enterprise will process applications based on information provided by the businesses in 2020 so they are received immediately.

These businesses will also benefit from assistance on electricity bills up to a maximum of 50% of their bill for the months of June, July and August this year, she said.

The Government will help any businesses that are to remain closed after May 10th with a one-time aid of €1,000.

There is also the Change to grow Incentive – for a business to strengthen its business, the aid will double from €5,000 to €10,000. This scheme would benefit the self-employed and small businesses, the Minister said.

The restart scheme is for businesses that have experienced a sharp decline in their business activity. As a result of this scheme, businesses would benefit from a €5,000 scheme in consultancy, which could double in the implementation phase.

The Smart and Sustainable Investment scheme – aimed at all sectors of the Maltese economy, so that businesses will be assisted up to a maximum of €50,000. In Gozo the cash grant will be higher, she said.

The Minister concluded by saying that the Government would be extending the expiration period of tax certificates enjoyed by 8,800 Maltese companies.

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