Monaco Extends Financial Support To Hard Hit Sectors

Carlo app

Photo: Nancy Heslin

Monaco's minister of finance and economy Jean Castellini has commented that “even if the Monegasque economy has held up rather well, aid and support measures for sectors in difficulty must be maintained and adapted to the situation.”

At a press conference on Friday, the minister announced that as part of the 2021 budget, nearly €150 million will help support economic players with immediate aid and, in the long term, to support recovery.

For those who were beneficiaries in 2020, and remain so this year, the eligibility for loss of revenue is reduced from 50% to 40%, and the share of monthly rent (excluding charges) taken into account for the calculation of assistance has increased to 80%.

For targeted sectors—ice cream parlors, bars, snack bars, restaurants, tourism, events, sports hall—the “special allowance” has increased to €2,500/month for the first quarter of 2021. Those eligible for the allowance and whose file Q1 2021 has been updated with the Covid19 Business Unit will automatically receive payment by mid-March.

For catering establishments that must dismantle their terrace for the installation of the Formula One circuit and grandstands, additional financial assistance may be paid, exceptionally. The amount of the subsidy will be calculated on presentation of the invoices for the dismantling/storage/assembling of the terraces, up to 50% of the expenditure made by the establishment, and within the limit of €15,000. The request for the allowance must be made before March 12, 2021.

Concerning loans guaranteed by the State, there will be an extension of the repayment period. State-guaranteed loans will see the maximum loan term increased to 84 months, including 24 months deferred, so as not to increase the annual financial burden on businesses.

Laurence Garino, director of the Welcome Office, added that the government will extend its support to local businesses, via the CARLO app, beyond the end of March.

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