What is a Salary subsidy?
The salary subsidy is financial support for local businesses that have been financially affected by the Covid-19 pandemic in the form of revenue loss of more than 25%. The main objective of this support is to keep as many people employed as possible despite partial or complete loss of economic activity and to guarantee payments of partial salaries.
Who is eligible?
Covid-19 affected companies that are registered at the SVb will receive an email from the Svb with information on how to apply for financial aid to help cover salaries. Not all companies are eligible since they have to meet the requirements as an employer. One of the requirements is that the company is anticipating or has experienced a revenue loss of 25% or more. The company has to be registered at the Svb and at the Tax Department and shall continue to pay taxes and social contributions. The financial aid given to employers is exclusively for payments of employee’s salaries and associated fees like taxes and social contributions that employers are responsible for.
When will this subsidy be paid?
The salary subsidy will be paid monthly and the employer should re-apply every month using the portal of MiSVb on www.svbaruba.org. To facilitate employers and provide relief fast, the subsidy is paid in advance based on the anticipated loss of revenue by each company. Afterward the amount of subsidy will be calculated and defined based on the real revenue of the company for the months the advanced subsidy was paid.
Is the Salary Subsidy the same as FASE?
The salary subsidy is not the same as FASE nor the Financial Relief for small and medium businesses.
This is one of the 3 financial support programs, each with a particular goal and target group.