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Cyprus

House passes supplementary budget to cover employment schemes (Update 2)

Parliament on Friday approved €220m to cover labour ministry employment support schemes and funding for small businesses.

The supplementary budget was passed unanimously and carries a budgetary burden of 1.1 per cent of GDP.

Some €120m will be used by the labour ministry while the rest is earmarked as direct funding for small businesses stricken by the coronavirus crisis.

About 50,000 small businesses are eligible for the grants, which depend on the size of the business, as well as self-employed persons.

Businesses which employ up to one person can receive funding of €1,250. Businesses with two to five people working there will receive a lump sum of €3,000 while businesses with six to nine persons will receive €4,000. Any businesses with 10-50 staff will receive €6,000.

The supplementary budget was approved by the cabinet on Wednesday and it concerns labour ministry expenditure and the funding scheme for small businesses.

The government is also introducing stiffer fines for owners or operators of hospitality establishments violating quarantine decrees.

Among the penalties is the immediate suspension of operations of any business found to be breaking the law.

 

 



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