Government to spend €850 million in direct support by June amid coronavirus crisis

Government to spend €850 million in direct support by June amid coronavirus crisis

The Cypriot government has announced that it will spend 850 million euros to support Cypriot citizens by June in connection with the coronavirus crisis.

The Cyprus government has announced special measures to help companies and self-employed people who have been affected by the coronavirus by June 12, increasing direct support to 849 million euros or 3.5% of GDP.

Among other things, the Minister of Labor, Social Security and Social Insurance, Zeta Emilianidou, said the government intends to extend activities to support businesses and self-employed for a four-month period from June 12. The country’s authorities will support enterprises that have lost more than 50% of their turnover and continue to observe a decline in their turnover even after they continued economic activity.

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