GOA’s Small & Medium Business Support

The FinFec announced that 2,733 small businesses received a bank transfer TODAY, via SVB according to the SME plan.

GOA established an emergency fund of AFL 40 Million to support Small and Medium Enterprises with financial aid, courtesy of the Dutch government, starting April 2020 for up to 9 months, to be evaluated every 3 months.

The first financial aid for the first quarter, went out today, Awg 4,000 per business owner.

Those whose business decreased in turnover as of April 1st, 2020, are eligible according to the following criteria:

Companies that fall under SME definition of the CBS, central bureau of statistics.

Companies registered at SVB with a maximum of 50 employees.

The company was registered at the Chamber of Commerce by March 15th, 2020, with certain exceptions.

The company and its employees were registered with SVB by March 15th, 2020.

The company was registered at DIMP by March 15th, 2020 and has a “Persoonsnummer,” a tax ID number.

The company registered at least 25% turnover loss.

The company’s legal status is properly documented:  i.e. sole proprietorship, NV, VBA, VOF, etc.

The company is physically located in Aruba;

The company is not bankrupt.

The company has not filed a petition for suspension of payment to the court.

The aid in the amount of Awg 4,000 will NOT be considered part of the business turnover tax.

Payments are conditional, criteria must apply, companies must be validated by DIMP, the tax authority.

The Finance Department transferred the quarterly amount to SVBs account before the end of April, and will do it again in July and October, 2020. SVB has the digital administration in place is responsible for the implementation of the financial aid.

This morning, FASE subsidy was paid to 3,134 eligible individuals who lost their jobs, and more will be paid tomorrow. Sigh of relief.

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April 30, 2020
Rona Coster