The Government is accepting applications for the Small Business Grant and the Wage Subsidy Scheme under the Second Policy Stimulus from businesses in Vanuatu.
Applications must be lodged before 30 September 2021.
The Ministry of Finance and Economic Management (MFEM) said, The Small Business Grant (SBG) has been designed to support monthly cash flow until the end of 2021 for all businesses with an annual turnover of less than VT 4 million.
The Wage Subsidy Scheme (WSS) has been designed to support businesses that are VAT-registered and distressed with their staffing costs from May 2021 to December 2021 inclusive.
The ministry said payments will be made monthly from July to December 2021.
Small Business Grant, under this scheme, the Government will issue a grant of VT 15,000 per month for a period of 8 months (covering May to December 2021) to eligible small businesses.
For the purposes of this scheme, any business applying for the scheme must have: a) been issued a business license, fishing license or liquor license from the Department of Customs and Inland Revenue or a provincial government between 1 January 2020 and 30 April 2021; and b) reported an actual annual turnover for the previous year, or an estimated annual turnover for the current year of less than VT 4 million in their application for that license, or have a business licence issued by a provincial government that does not include details of turnover for the previous year.
Wage Subsidy, under this scheme, the Government will pay distressed businesses (as identified through a ‘stress test’ detailed below) 50% of the monthly wage level of each VNPF-registered employee, up to a maximum of VT 15,000 per month, over 8 months (from May to December 2021).
The Ministry of Finance and Economic Management has already compiled a list of firms that meet the stress test and are eligible for help under this scheme.
A list of business license numbers of the 422 eligible firms is on the Department of Finance and Treasury website www.doft.gov.vu and has been provided to the Vanuatu Chamber of Commerce and Industry (VCCI).
The ministry said all eligible businesses must continue to pay their employees their total correct wage and VNPF contributions as normal, and then the Government will check VNPF submissions and reimburse the business afterwards for 50% of the wage up to a total of VT 15,000.
Photo file RNZ Pacific