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Cyprus

Coronavirus: shop owners need €500m in liquidity, Povek says

Photo: CNA

Shop owners must be given some €500m in liquidity directly by the state in the first four months of their operation with repayment extending to more than five years, their union (Povek) said on Thursday.

The head of Povek, Stephanos Koursaris said the cash represented operational expenses like rent, wages, supplies, and products.

Koursaris said the union believed small businesses should be funded directly by the state and not through banks.

“There should be conditions and criteria that will not exclude businesses that have up to 10 employees even if they have some problems with their accounts,” he said.

Koursaris said most small businesses owed money to the banks and they were almost completely trapped.

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