Government of the Virgin Islands (15.09.2020) Over 1000 small businesses have qualified for the economic stimulus grant ranging from $1,592 to $7,955 and will begin to receive their cheques beginning this week. The Small Business Sector Grant Programme was established for the purpose of assisting Micro, Small, and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic, in meeting operational expenditure, while stimulating economic activity by facilitating the circulation of money within the Territory.
The Small Business Sector Grant Programme was established for the purpose of assisting Micro, Small, and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic, in meeting operational expenditure, while stimulating economic activity by facilitating the circulation of money within the Territory. The grant ranges from $1,592 to $7,955.
Over 1000 small businesses have qualified for the economic stimulus grant and will begin to receive their cheques beginning this week.
The announcement was made yesterday, September 14, by Premier and Minister of Finance, Honourable Andrew A. Fahie during the live ‘Launch of Payment of COVID-19 Small Business Stimulus Grant and UNDP Grant’.
The Premier said that 1,039 small businesses in the Virgin Islands will receive economic stimulus.
Premier Fahie said, “At the end of the application deadline on 21 August, 2020, some 1,423 businesses had applied and were reviewed in accordance with the set guidelines for distribution of the Grant. Of the 1,423 businesses that were reviewed, 1,039 businesses were successful and will be awarded grants ranging from $1,592 to $7,955.”
This maximum range is to ensure that as many businesses as possible will be able to benefit, as a means to stimulate economic activity.
In giving the breakdown of the distribution of funds, the Premier and Minister of Finance said that for security purposes the names of the businesses will not be releases, but shared information based on districts as follows:
The Premier said that the payments will assist business’ overheads, purchases, or debt repayments will be made directly to the beneficiaries, where they would be required to sign a declaration that will ensure adherence to the terms and conditions as required for the use of the funds by providing evidence of same.
“The MSME grants are being processed and disbursed in accordance with Cabinet’s decision from the approved Small Business Sector Grant Programme via the COVID-19 Economic Stimulus Package, in the amount of six million five hundred thousand dollars ($6,500,000.00) from the Social Security Board,” he added.
The Small Business Sector Grant Programme was established for the purpose of assisting Micro, Small, and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic, in meeting operational expenditure, while stimulating economic activity by facilitating the circulation of money within the Territory.