articles | 15 May 2020 | ServPRO Accountants & Consultants

Cyprus Committee of Finance discusses new Covid-19 support package

The Cyprus Committee of Finance convened this past Monday to discuss the new support package, approved last week by the Council of Ministers. The new package aims to mitigate the negative economic impact to the real economy, caused by the covid-19 pandemic.

The new package features state guarantees amounting to 1.5 billion euros for granting loans to businesses and self-employed people, direct grants to very small businesses and self-employed people, as well as a bill featuring tax incentives to real estate owners who provide monthly rent reductions. Additionally, it includes a bill to provide 18-month credit vouchers, backed by government guarantee for prepaid vacations, which have been cancelled due to pandemic.

Speaking to CNA, the Committee Chairman, Angelos Votsis said that a second meeting may be needed to conclude the discussion on the new support package.

“The political parties will have the opportunity to be briefed on the latest package and depending on the developments will consider whether holding a new meeting before the Plenary session the coming Friday”, he said.

This was the 3rd version of the government guarantee scheme to be discussed with the parliamentary members in a bid to attract the necessary majority for parliament approval.

Finance Minister Constantinos Petrides, emphasized that the package should be viewed comprehensively as one bill is complementary to the other.

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