Coronavirus disease 2019 (COVID-19) is an infectious disease first detected in 2019. It was first found and identified in Wuhan, China but has inevitably spread globally over a couple of weeks. Being declared by the World Health Organization as a global pandemic, it is indeed a time filled with uncertainties, and its unprecedented nature has affected not only the people but also businesses and the economy in general.
Up until now, COVID-19 has had inevitable repercussions, most of which were economic. This has inflicted upon the government a major burden, as the government had to prepare a relief package from which to stabilize the economy. Unfortunately, since the government has little control over the pandemic, this will result in a deficit budget. Experts claim that the economy could shrink by up to half over the next year which will lead to extensive consequences, affecting primarily 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 this is not enough to support all employees. Amongst others, small businesses will suffer due to this pandemic as there would not be enough money to compensate 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 will be available to assist you with any legal or accounting issues during this difficult time.