BARBADOS: Measures to support MSMEs in response to COVID-19

Find below some measures available in Barbados to support MSMEs during the COVID-19 pandemic:

• $200 Million COVID-19 Recovery Fund For Tourism

According to Prime Minister Mia Amor Mottley, the Barbados Tourism Fund Facility will be a loan entity designed to provide urgent working capital, investment loans, and where possible blended finance for the upgrade of Barbadian hotels and tourism businesses.

• Wage Fund To Aid Micro & Small Businesses

A $20 million Small Business Wage Fund is set to be established as a means to facilitate micro and small enterprises to help them cope with the challenges of the COVID-19 environment.

• Companies Given $40 Million VAT Lifeline

Companies registered to pay Value Added Tax (VAT) but can prove that their cash flow was severely disrupted by the COVID-19 pandemic and have implemented measures to contain the outbreak, have been given a $40 million lifeline.

• Government’s Lifeline For Self-Employed

Prime Minister Mia Amor Mottley announced the launch of a one-time Business Cessation Benefit for the self-employed that would see them receiving $1500 per month for April and May.

THIS CONTENT WAS ORIGINALLY PUBLISHED BY THE BARBADOS GOVERNMENT INFORMATION SERVICE (BGIS), WHICH IS THE OFFICIAL COMMUNICATIONS ARM OF THE BARBADOS GOVERNMENT.