5M-euro fund zero-interest loans to be released to businesses this week | THE DAILY HERALD

MARIGOT–The exceptional five-million-euro fund which complements the state’s Solidarity Fund is being distributed to businesses in the form of zero-interest loans through “Association pour le Droit à l’Initiative Economique” and the Initiative St. Martin Active platforms.

From this five-million-euro fund, 2.5 million euros will be released this week by means of loans up to 15,000 euros per business. Another part of the fund will be dedicated to investment aid for shops and restaurants, thanks to the extension of the project “Mon Beau Commerce”.

“When a Collectivité in charge of 37,000 inhabitants makes an effort of five million euros from an already stretched budget to help its businesses, this demonstrates a strong willingness to support the economic sector,” said President Daniel Gibbs at Monday’s Facebook briefing. “This is not the case everywhere else.”

Investments under the Multi-Annual Investment Plan PPI represent 22 million euros to be used by the end of 2020, [and – Ed.] will be used partly for the following: 5.2 million euros for schools; 4.2 million euros for public infrastructure, such as public lighting or renovation of the Fort Louis Marina; 3.7 million euros for sports infrastructure, such as the reconstruction of the Thelbert Carti Stadium and creation of a nautical project; 2.5 million for road repairs and road signage; and 1.7 million for public space.

The report of these credits along with the expenditures linked to the response to the health crisis, has brought about the first modification of the 2020 budget. The budget now comprises 60 million euros for investment and 157 million euros for operations.

The Territorial Council decided to postpone the date of payment of the corporate tax to June 30, thus giving businesses the time necessary to complete their procedures. Businesses in difficulty can request postponement of payment of the corporate tax until December 31, 2020.

As a reminder, in order to obtain payment deferrals from the turnover tax TGCA, the licence and the corporate tax, entrepreneurs in difficulty are invited to fill out the online form on the Collectivité’s website and return it to the Public Finance Department.

On the social front, the Collectivité has decided the Solidarity Pact operation that provides 106,000 euros to support the most vulnerable will continue. Some 338 provision baskets were distributed last week as well as 22 meals prepared by Caisse Territorial des Oeuvres Scolaires CTOS. The grocery-delivery service is also maintained.

Last week Friday, the Executive Council deliberated and granted 186,000 euros to finance the operation “Friendly Students”. This exceptional grant of 500 euros per student was put in place to help them face this pandemic.

Since the beginning of the health crisis, the Collectivité has spent 332,000 euros on COVID-19 prevention. This included purchasing an intensive care ventilator, an anaesthesia ventilator for the hospital, polymerase chain reaction (PCR) screening machines, serological test kits, disposable masks, reusable-fabric masks for schools and the general public, and hygiene products.

Source: The Daily Herald https://www.thedailyherald.sx/islands/5m-euro-fund-zero-interest-loans-to-be-released-to-businesses-this-week