| A number of questions were asked about the Government-aid program for micro, small, and medium business enterprises. The Barrow Government is seeking to provide relief to those businesses which have been directly impacted by the effects of the coronavirus pandemic.
But, since there are multiple options being presented, the BELTRAIDE wanted to clear up any confusion, or misunderstanding that prospective applicants may have about how it will work.
Here's an excerpt of a conversation between the Ask the Experts Host and Dr. Leroy Almendarez:
Dr. Leroy Almendarez - Executive Director, BELTRAIDE
"We have 5 million that's allocated for loans. That's between the small and medium, and 2.5 for grants. This 2.5 million allocation, will be able to assist at least 1,000 micro-enterprises."
Dorian Pakeman - Host
"And the interest rate for small business, it's 3% annually correct?"
Dr. Leroy Almendarez
"It's 3%."
Dorian Pakeman
"And is that across the board: micro-small-"
Dr. Leroy Almendarez
"Micros are grants."
Dorian Pakeman
"Oh, that's a grant."
Dr. Leroy Almendarez
"So, it's small and medium, and it's fixed at 3%."
Dorian Pakeman
"Can you tell us more about that wage subsidy?"
Dr. Leroy Almendarez
"The wage subsidy is really attached to the unemployment relief that Minister Barnett was talking about. This really is for employee retention. SO, there's a 7 million allocation for employee retention. So, basically, what would happen. You have your employees. You must make sure that your employees are current with Social Security payments, and the disbursements are what Dr. Barnett mentioned, $150 every 2 weeks."
The application forms for these programs can be found on the government's official coronavirus website at www.covid19.bz
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