16.8 C
Nicosia
Sunday, March 3, 2024

The largest support package – What plans did YPOIK announce?

Must read

The biggest support package - What plans did YPOIK announce?

A package of financial support measures, the cost of which is estimated at € 350-400 million, was announced by the Minister of Finance, Konstantinos Petridis, who stressed that the government is here to support the real economy, the workers and the self-employed who have been affected by the worst economic crisis that our country has been going through since 1974, as he said.

SEE ALSO:

The 8 Zeta employee support plans The allowances that parents who are away from work are entitled to

First Plan – State subsidy for companies and self-employed

Businesses and self-employed with a reduction of more than 35% of turnover. The plan covers new companies set up in 2020 that have decreased compared to the industry average. The conditions are: To be based in Cyprus, to have met the obligations in VAT and have the obligation to reopen the business within 2021. The amount of the subsidy is calculated by a special algorithm.

For companies whose operations are suspended, the calculation basis is the average turnover in 2021.

The maximum amount of the subsidy is set at 300,000 euros and the minimum at 1,000 euros. The project budget is estimated at 200m euros.

For example, a gym with a turnover of 311,000 euros and a reduction of 80% will receive a subsidy of 8,000 euros. Entertainment center that is on full suspension since March.

The second plan concerns a special allowance for self-employed persons who are not registered for VAT. The subsidy amount is 50% of the monthly allowance they receive from the Ministry of Labor. Excluded are those who declared income below 150 euros.

The third plan concerns the suspension of installments to the banks. We re-evaluated the data with the central bank and decided that it is necessary to offer a breather to the companies that will cease to operate with the new measures.

The installment suspension period is for another 6 months until 30/6/2021. Applications will be paid until 31/1/2021. New loans that were signed after 30/3 are not covered.

In companies with a mortgage residence up to 300,000 euros.

In companies and self-employed whose work is suspended.

Hotel industry companies.

The fourth plan concerns measures to support tenants. First two-month suspension for the months of January and February for the payment of 70% of the rents of companies that are suspended. Debts must be settled by February 2022. Suspension of rent payments for two months to those who rent from the state. Provide tax breaks to landlords providing rent reductions.

The maximum amount of the subsidy is set at 300,000 euros and the minimum at 1,000 euros. The project budget is estimated at 200m euros.

For example, a gym with a turnover of 311,000 euros and a reduction of 80% will receive a subsidy of 8,000 euros. Entertainment center that is on full suspension since March.

The fifth plan is the six-month extension of the interest rate subsidy plan on new business loans.

The sixth plan is the six-month extension of the interest rate subsidy for new mortgages.

Source: www.philenews.com

- Advertisement -AliExpress WW

More articles

- Advertisement -AliExpress WW

Latest article