A new set of financial measures and schemes will be launched to support Malta’s businesses, including psychological support, rent support and electricity refunds in a €20 million package.

Prime Minister Robert Abela joined Minister Dalli to announce a series of direct aid and incentives for businesses crippled by the pandemic.

Schemes include a one-time cash grant of €1,000 for businesses that will remain closed after 10th May, a fresh call for new workers to benefit from the wage supplement as well as long-term initiatives to promote sustainability through investment.

The rent subsidy scheme will be extended by a further 50% over and above existing rent assistance provided in 2020. The electricity support scheme will also be re-issued for June, July and August, to cover 50% of the total bill.

The aid intensity cap will be double from €5,000 to €10,000, and the criteria has been widened to include self-employed and micro-businesses.

In terms of long-term aid, Minister Dalli announced free psychological support for entrepreneurs who struggled in the pandemic or even lost their business during the last year.

Entrepreneurs will also be able to benefit from business advisors to support them on the road to recovery.

Additionally, cash grants of up to €50,000 and 20% more tax credits were unveiled to help businesses get in line with goals outlined in the European Green Deal.

What do you make of this new round of financial aid?