ECONOMY

Govt to hand out 130 mln in extra compensation for prolonged store closures

govt-to-hand-out-130-mln-in-extra-compensation-for-prolonged-store-closures

Finance Minister Christos Staikouras has announced additional compensation for businesses that will remain closed in April as a result of prolonged lockdown restrictions designed to stem the coronavirus pandemic. 

The government will pay 1,000 euros to businesses with up to 5 employees and 2,000 euros to businesses with between 6 and 20 employees. Businesses employing between 21 and 50 workers will receive 4,000 euros of the so-called special-purpose compensation.

Staikouras said businesses affected for two weeks or less by the lockdown measures will receive half of the aforementioned compensation.

He said that an estimated 100,000 businesses and self-employed professionals will benefit from the handout.

The minister said that state support to the pandemic-hit businesses will be disbursed in May. The cost of the latest measures is estimated at 130 million euros.