First phase of relief package being delivered

The National Business

THE first phase of Government’s relief package for businesses impacted on Jan 10 is already in progress, demonstrating a crucial support to impacted companies, says chief secretary Ivan Pomaleu.
The relief package comprises a range of measures, including cash assistance, concessional loans, and administrative and policy support, with a focus on expediting relief efforts and facilitating the recovery process.
Three companies have already received employee retention packages, marking the onset of the first phase, with additional claims being processed by the Inter-agency Task Force.
Pomaleu expressed confidence about the transformative impact of the relief package, reaffirming the government’s commitment to supporting the business community during challenging times.
“As the first phase nears its conclusion, affected businesses are encouraged to promptly avail themselves of the support provided under the relief package,” he said.
“Through collaborative efforts, the government and the business community aim to overcome adversity and pave the way for sustainable development.”
The Government’s support initiatives are structured into immediate-to-medium-long-term assistance, categorised as Cash Assistance and Soft Loan Assistance. The phased programme is as follows:

  • IMMEDIATE Support (April 3 – May 3): Employee Wages Support;
  • MEDIUM Term Support (May 6-7 May): Removal of Debris/Cleaning; and,
  • LONG-TERM support (May – December): Restoration, Restocking and Reconstruction.

Pomaleu said the programme would facilitate the flow of support and expedite business restoration. He said the government had agreed to write-off procedural costs associated with relief arrangements.
Key relief measures include:

  • RED Tape Reduction: A dedicated Inter-Agency Task Force has been established to streamline regulatory processes;
  • CASH Support: Affected companies are receiving six months of salary support, including superannuation, with additional assistance for debris removal and reconstruction;
  • CONCESSIONAL Loan Support: Funding allocated to the National Development Bank, with government guarantees, will facilitate concessional loans for rebuilding efforts;
  • ADMINISTRATIVE Support: NCDC and municipal authorities are implementing the Express Lane process to expedite building approvals.
  • IRC Support: Various forms of assistance, including tax re-estimations and expedited goods and services tax (GST) refunds, are being offered by the Internal Revenue Commission; and,
  • CUSTOMS and Insurance Support: Waivers on customs duties and efforts to enhance insurance industry regulation aim to alleviate financial burdens on businesses.

Meanwhile, Pomaleu also mentioned that by way of emphasising accountability, the Government had mandated rigorous monitoring, evaluation and auditing mechanisms to ensure transparent resource utilisation under the Relief Package.

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