Economic recovery : first applications for C.A.R.E. Economic recovery : first applications for C.A.R.E.

As part of the new economic recovery measures in the Principality of Monaco, the Commission for the Support of Economic Recovery (C.A.R.E.). reviewed the very first requests for business assistance.

Created by the Gouvernement Princier de Monaco and chaired by Jean Castellini - Advisor - Minister of Finance and the Economy, the C.A.R.E. is tasked with examining aid cases for Monegasque companies strongly impacted by the economic and health crisis of COVID19.

The first meeting was held on July 15 in the presence of Stéphane Garino, President of the Order of Chartered Accountants of Monaco - L'Ordre des Experts Comptables de Monaco (OECM) - and Partner of KPMG Monaco.

Also in attendance were Balthazar Seydoux - Chairman of the National Council's Finance and Economy Committee, and representatives of the Monegasque Association of Financial Activities -  l’Association Monégasques des Activités Financières (AMAF) - as well as the Budget Department and the Welcome Office.

A dozen assitance requests from businesse - out of the twenty under consideration - were reviewed by the commission as part of this new, more specific system abyding by "a pragmatic and personalized support policy".

This aid thus comes on the heels of the previous Aid to Small Companies (APS), this time around targeting companies with less than € 5 million in turnover (in 2019), and having lost at least half as much as of June 30, 2020. compared to the same period last year.

Companies eligible for this aid will be able to claim aids for of up to 50% of their fixed costs, for a maximum of € 35,000.

Unveiled last June, the new economic aid initiated by the Prince's Government is evolving to present a more targeted character for "companies which have been strongly and durably impacted by the consequences of the covid 19 crisis", as explained by Jean Castellini to the Gazette de Monaco.

Taking over from other aid mechanisms that are no longer available - such as the Aid to companies (AS), or the Extraordinary minimum income (RME) - or in a declining phase such as the CTTR (reinforced temporary total unemployment), aid from the C.A.R.E. must be requested through a formal request by eligible companies wishing to benefit from it.

These requests must be completed electronically using the intervention request form provided for this purpose - Formulaire de demande d'intervention -  which must be sent before July 31 to the Welcome Office by email at covid19care@gouv.mc.

As since the beginning of the crisis, the members of the Order of Chartered Accountants of Monaco show unwavering solidarity alongside the Prince's Government and other organizations to best respond to requests from hundreds of businesses negatively. impacted by the COVID19 crisis.

In order to ensure that all files are processed as quickly as possible, the C.A.R.E. has planned to meet at the increased pace of two weekly sessions starting this week.

For more information, visit the Prince's Government website:

• Mise en place de la Commission d’Accompagnement de la Relance Economique (CARE) ;
• Solliciter la Commission d’Accompagnement à la Relance Économique (CARE).