Chamber puts forward government measures to help businesses post COVID-19

The Chamber of Commerce has put forward proposals which included extending assistance to all businesses which were experiencing 'dire loss'

The Chamber of Commerce has put forward proposals to improve the government's aid to businesses affected by the COVID-19 crisis.

During a meeting with Economy Minister Silvio Schembri, the chamber said it was reiterating its call for the government to extend assistance to all businesses which were experiencing “dire loss”.

The chamber said that public funds should be utilised efficiently to incentivise companies to prepare themselves to ensure resilience and viability, in a post-COVID world.  

“It is now more essential than ever before that companies should be incentivised to work hard to become more innovative and resilient in order to grow and develop further in a competitive international market with fast-changing dynamics,” the Chamber said.  

The Chamber has also proposed that a new advisory scheme for support on the development of professional business plans to re-engineer objects, structure and operations. 

“The Chamber’s proposals also included for short-term support measures to incentivise companies to innovate their operation, assistance for training or reskilling of workers and subsidies on investment in technology and equipment.”

The Chamber said that it remained adamant that amendments to the Companies Act should be put into place to provide temporary to company directors with respect to their obligations and responsibilities related to insolvency.  

“This protection is warranted in this current scenario characterised by grave uncertainty which renders it extremely difficult to take uncommon decisions and drive resilience,” the Chamber said.

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