The Government has approved the rollout of a Third Policy Stimulus to assist businesses to cushion the impact of the current Covid-19 restrictions due to community transmission in Vanuatu.
The Council of Ministers has approved several programmes under the Third Policy Stimulus to support businesses in need, by supporting cash flow while they adapt to the ‘new normal’.
The Government says it sees this as an opportunity for businesses to adapt to these challenges and find opportunities in this economic environment.
Following the announcement of the Third Policy Stimulus by the Government, the Department of Finance and Treasury (DOFT) is currently working on setting up the next rollout before the official announcement of applications can be made for the two schemes.
The two Schemes are;
- Small Business Grant (SBG) to support monthly cash flow until the end of August 2022 for all businesses with an annual turnover of less than VT 4 million.
- Wage Subsidy Scheme (WSS) to support businesses that are VAT registered and distressed with their staffing costs until the end of August 2022.
DOFT said under the Small Business Grant (SBG), the Government will issue a grant of VT 15,000 per month for a period of 6 months (covering March to August 2022) to eligible small businesses.
Under the Wage Subsidy Scheme (WSS) , the Government will pay distressed businesses 50% of the monthly wage level of each VNPF registered employee, up to a maximum of VT 15,000 per month, over 6 months (from March to August 2022). The business must pay their employees their total correct wage and VNPF contributions as normal, and then the Government will check VNPF submissions and reimburse the business afterward for 50% of the wage up to a total of VT 15,000.
DOFT said the date of applications will be announced soon.
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