The Finance Ministry of The Bahamas says up to June this year, approximately $140 million had been spent on COVID-19 relief efforts.<\/p>\n
In its fourth-quarter report, the Ministry said in response to the damning effects of the pandemic on the macro-economy the government initiated several programmes to lend support to citizens and encourage business continuity.<\/p>\n
The Finance Ministry said in a statement: Approximately $140 million was spent on COVID-19 related initiatives which covered Food assistance, Unemployment support, Loans for small businesses, Tax credits for medium\/large businesses, Increased funding to the public health sector, Subventions support to allow deferral of utility payments<\/p>\n
The Ministry said because of these measures in excess of 284 businesses have been able to continue their operations and in so doing provide jobs for approximately 26,000 people.<\/p>\n
Government support, the Finance Ministry said, also allowed for the continuation of 54,000 jobs through the end of the fiscal year.<\/p>\n
During phase one of the pandemic which ended on June 30, businesses with at least 25 employees that usually has an annual turn over of $3 million were able to apply for a tax credit of up to $300, 000 over a three-month period for VAT and Business License Fees.<\/p>\n
To access these concessions, businesses were required to keep at least 80 per cent of their staff on payroll.<\/p>\n
Finance Minister Peter Turnquest said he will host a press conference on Wednesday where he will give detailed insight into the impact of the pandemic on the economy.<\/p>\n
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Over $140 million spent on COVID-19 recovery efforts in The Bahamas - WIC News<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The Finance Ministry of The Bahamas says up to June this year, approximately $140 million had been spent on COVID-19 relief efforts. Continue reading