COVID-19 – Mini Budget – Financial Support

Zampa Debattista
Posted on 19th March 2020

COVID-19 – Mini Budget – Financial Support

18th March 2020

In view of the current economic turmoil resulting from the COVID-19 pandemic, the Prime Minister, the Minister of Finance and the Minister for Economy, Investment and Small Business have announced several measures which are aimed at safeguarding Malta’s economy by improving companies’ liquidity and protecting Malta’s current workforce. The package is worth Euro 1.81 billion.

Business and employment measures

Euro 1.6 billion in liquidity for companies, employers and self-employed individuals:

i) Up to Euro 700 million in tax deferrals – deferral of income tax, VAT and NI payments for March and April.

ii) Up to Euro 900 million in loan guarantees for businesses.

Grant of Euro 350 to businesses to compensate for employees who are on paid mandatory quarantine leave.

Employees of businesses that were forced to completely suspended operations (e.g. food, accommodation, entertainment etc) will be granted 2 days salary for every 5 days based on a salary of Euro 800 per month. Self-employed person who employ people will get and additional day.

Businesses and self-employed individuals who suffered a reduction in business of at least 25% will benefit from a grant equivalent to 1 day’s salary based on a salary of Euro 800 per month.

Social and other measures

Persons with disabilities who decide to stop working due to health concerns are entitled to Euro 800 per month.

Working parents or guardians that were unable to telework and were forced to take leave to care for their children will be granted two months additional leave up to a value of Euro 800 per month.

Individuals who work full-time jobs and whose employment has been terminated as from 9th March 2020 shall benefit from a temporary increase in their unemployment benefit of up to Euro 800 per month.

Subsidies on rent shall increase for those families where one dependent had his/her employment terminated.

Three-month moratorium for personal and business loans.

An additional Euro 35 million will be injected to the health budget to help combat COVID-19.

Third Country Nationals

All enterprises who terminate active employment contracts shall be denied the possibility of applying for third-country nationals.

Malta shall no longer accept applications for new third-country nationals, only highly skilled workers.

Assistance by Jobsplus will be provided to all third country nationals to find alternative employment in case of Job termination.

Please contact Markita Falzon for further support on the newly introduced measures on

[email protected]

Industry Specific