The Business Re-engineering Scheme
Many of the local businesses have faced some hardships over the past 9 months ever since COVID-19 hit the island along with the rest of the world. We all had to adjust to new ways of working to combat the pandemic and to strive for survival. Now that the wheel is slowly turning again, it is time to pause and rethink our business. The pandemic has changed the behaviours of many critical stakeholders found in the value chain; it changed the behaviours of customers, the market we operate in and the business itself. We know that what has worked before, might no longer work now. Businesses are exploring new modus operandi, hoping to do more with less.
Rent and Electricity Refund Scheme
The Rent and Electricity Refund plans to support over 16,000 businesses which are already benefitting from the COVID wage supplement. The Scheme aims to support the increased operating expenditure of the businesses due to the COVID-19 pandemic. Budgets of Euro 45 million and Euro 35 million are being allocated for the rent and electricity refunds respectively. Eligible applicants can claim costs of up to Euro 7,500
Malta Economic Regeneration Plan
On the 8th of June 2020, the Maltese Government has announced an economic regeneration plan aiming to boost Malta’s economy after the COVID-19 slowdown which can be categorised in three categories: Reduction of costs for businesses / Increasing domestic demand / Incentivising industry while safeguarding jobs.
REDUCTION OF COSTS FOR BUSINESSES
INCREASING DOMESTIC DEMAND
INCENTIVISING INDUSTRY WHILE SAFEGUARDING JOBS
Brace your Business in Response to Coronavirus
Businesses around the world and in Malta are dealing with the implications of the coronavirus. The disease outbreak is impacting demand, supply chains and workforce mobility. Travel bans and changes in consumer behavior are affecting sectors such as logistics, aviation, hospitality, tourism and consumer goods.
It is expected that the global economy will be negatively affected. Sectors might experience different impacts and recovery, with some going through potentially longer recovery periods. We can support your organisation to respond to the situation. We can co-create a plan and help you execute actions to mitigate risk and minimise negative effects of the coronavirus fallout.
We can support your Business during the Covid-19 Pandemic for FREE
Business owners are constantly evaluating the measures they have in place in response to the pandemic. It is very common to feel lost and overwhelmed, unsure of where to begin. We are willing to help guide your organisation, in the understanding and adoption of the incentives and measures issued by the Government, for FREE.
3rd Set of Government Incentives and Measures
- Businesses and self-employed persons operating in severely affected sectors can benefit from euro 800 per month per employee retained in employment
- Businesses and self-employed persons operating in sectors that have been affected to a lesser extent than the above can benefit from assistance equivalent to 1 or 2 days per week based on euro 800 salary for each employee retained in employment.
- Part timers will be entitled to the same benefits pro-rated based on a monthly salary of euro 500.
- Red tape and bureaucracy to be reduced, facilitating businesses to apply for these benefits by inputting their NACE code to list all the benefits that may be availed of.
Coronavirus webcast series—2020
RSM understands that these are uncertain times for individuals, communities and businesses as the Covid-19 (coronavirus) outbreak continues to spread around the world.
We want to help however we can by providing information and resources for businesses to weather this storm. We are all in this together.
As part of that effort, RSM launched a weekly webcast series on issues related to the coronavirus. RSM's goal is to share insights for business leaders to understand:
The economic impact from this pandemic
How organizations can prepare for the future
How to mitigate risk
These webcasts will be approximately one hour, available every Wednesday at 1 p.m. Eastern time (US).