Small or micro businesses on Montserrat facing financial difficulties due to COVID19 measures, can now apply for a direct one-off cash grant, up to a maximum of ten thousand EC dollars ($10,000).
The Government of Montserrat, through the Ministry of Finance and Economic Management is today announcing this additional package of assistance, as they continue to cushion the economic impact businesses have faced as a result of COVID-19.
Under this fiscal stimulus package, small or micro businesses are defined as a business which employs five persons or less. To benefit under this package, more than 75% of the business’ income must be derived from the profit of the business. This incentive will therefore only apply if your major source of employment income is through the business.
The MoFEM further explained that the grant will support specified expenses based on a three month period. “This package will provide a direct cash grant to the business to a maximum of $10,000 (in total) over a three month period. The basis of the award is on average bills for the period February, March & April not on payments made,” stated the Ministry.
The grant can only be used to cover rental payments, utility payments and other such related overhead business costs, such as monthly insurance payments. Therefore, applicants are asked to note, that the grant cannot be utilised for loan payments or general expenditure.
Additionally, applicants should note that the grant will only cover expenses being submitted for your business costs and not those for your home/house.
To apply for Support
Applications can ONLY be made using the form ‘Application-Form-COVID-Related Financial Support One Off Grant Small Businesses’ located on the Ministry of Finance publications page on the Government website: http://www.gov.ms/pubs/ministry-of-finance/ Once completed the application must be submitted electronically to MoFem.Gom@gmail.com.
The following information is required in order to process the application.
Business owners that have applied under the Tourism $10,000 dollar grant incentive programme are not eligible to apply under this package, as you cannot claim twice.
Once a competed application is received and approved, payment will be made within ten to fifteen business days to your business bank account—no cash payments will be made.