Businesses seeking emergency funding of up to 50,000 euros will find the process simplified, as requests for loans or overdrafts will not have to be approved by the Government’s Guarantee Fund before being released, the special coronavirus joint committee of Government ministers and representatives of the National Council heard on Wednesday, April 15.

In a move that is sure to be welcomed by the self-employed, the income threshold for payment of the Extraordinary Minimum Income (RME), is now set at 12,000 euros over the year and 3,000 euros over the quarter, broadening the number of people likely to benefit. Total monthly aid for March, April and May will amount to 5,000 euros per month.

Small companies, with an annual turnover net of taxes of less than 1.5 million euros which have suffered a drop in monthly activity from March 1 of at least 50 percent compared to the same period last year will be able to claim a monthly lump sum of 5,000 euros payable in April, May and June. All that is needed is a written request.

Payments to employers for CTTR (Reinforced Total Temporary Unemployment) have already started and will accelerate, the Government said.

The National Council will meet on Tuesday, April 21, to discuss the amended Budget for 2020.

Monaco Government website for coronavirus relief:

PHOTO: Ministry of State