Coronavirus disease 2019 (COVID-19) is an infectious disease first identified in 2019. It was first identified in Wuhan, China but has inevitably spread globally over a couple of weeks. Being a global pandemic, as declared by the World Health Organization, it is a time with lots of uncertainties and unknowns, affecting businesses and the economy in general.
Up until now, COVID-19 has had inevitable repercussions, mostly economic. There is a major burden on the government since it has to have a relief package from which to stabilize the economy. This will result in a deficit budget. Experts claim that the economy could shrink by up to half over the next year which will have extensive consequences. This will impact mostly third country nationals who reside in Malta.
The Chamber of SMEs stated that despite the €1.8 billion rescue package issued by the government, Malta will have to prepare for mass layoffs, business closures and unemployment since it is not enough to support employees. Small business will suffer due to this pandemic as there would not be enough money to pay the employees, resulting in a high rate of unemployment.
At E&S Group, we can assist businesses in applying for Financial Aid through Malta Enterprise. We will guide you through each step of your application and do our utmost to ensure that you are benefiting from any entitlements that can support your business during this pandemic. We will endeavour to keep you updated on any advancements and are available to assist you with any legal or accounting issues during this difficult time.