Cyprus Mail

Coronavirus: Povek calls for reduction in the cost of shop rents

Photo: CNA

Small shopkeepers union, Povek has written to the finance and justice ministries, as well as to leaders of political parties, asking them to reduce rents or offer a subsidy to shop owners.

The proposal concerns businesses that employ up to 50 people. Povek has suggested a temporary 20 per cent reduction in the cost of the rent ratified by a ministerial decree.

The reduction, said the association, should be valid for a year, from March 15, 2020 until March 2021, when the price of the rents will return to their original value.

For businesses that have been forced to suspend their activities due to the coronavirus outbreak, Povek has suggested a state subsidy that will cover 80 per cent of the price of the rents for as  long as the relevant work suspension decrees are in force.

“We believe the plan can and should be implemented immediately, so that individual businesses as well as the national economy in general can start recovering,” Povek concluded.

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