The Monaco Government has undertaken to guarantee bank loans taken out by traders, artisans and businesses experiencing cash flow difficulties during the ongoing coronavirus crisis. “From now on, the duration of these loans may be extended… while continuing to benefit from the State guarantee and the interest subsidy,” the Government said.
In terms of direct aid, the Government set up the Extraordinary Minimum Income (RME) measure on April 3, with a lump sum of 1,800 euros intended, under certain conditions, for individuals carrying out a professional activity in their own name and authorised in the Principality.
“The Government’s objective is to do everything possible to ease the economic impact of the health crisis as much as possible. The overall system put in place since the beginning of the crisis by the Government is intended to be progressive and reactive, the main objective of these measures being to preserve the economic fabric of Monaco and to face the economic and social challenges of the Principality.”
Dedicated web pages are available to those who wish to benefit from this help. In the case of individuals, https://en.service-public-entreprises.gouv.mc/Covid-19/Covid-19-practical-information/Assistance-to-businesses/How-to-apply-for-the-Exceptional-Minimum-Income, and for small businesses https://service-public-entreprises.gouv.mc/Covid-19/Informations-pratiques-Covid-19/Aide-aux-entreprises/Demander-l-Aide-aux-Petites-Societes-APS. An English version is already available for individuals, and the dedicated pages for small businesses will be available in English very soon.
Further help can be found at the Welcome Office, (+377) 98 98 98 99
PHOTO: Minister of Finance Jean Castellini