Peru: Government's measures to support companies in time of COVID-19

12:50 | Lima, Apr. 9.

The world is in crisis due to the coronavirus (COVID-19). However, Peru has launched three measures to support the country's companies to weather the storm, such as the FAE-Mype Program, deductions, and the 35% subsidy for the payment of wages for workers who earn up to S/1,500 (about US$446).

The Business Support Fund for Micro and Small Companies (FAE-Mype) was one of the first measures taken. To date, S/40.8 million (about US$12.16 million) has been disbursed to benefit 5,470 MSEs. In addition, the disbursement of more than S/247 million (about US$73.60 million) for 23,000 MSEs is in process.

"Let us remember that this fund grants guarantees so that MSEs can access new loans with financial entities for capital or reschedule their debts," the head of the Ministry of Economy and Finance (MEF) Maria Antonieta Alva expressed.

To date, 16 entities of the financial system participate in this program.

"We hope that in the coming days more (organizations) will join, as part of the commitment that our society requires," she underlined.

Payroll subsidy

Minister Alva pointed out that the most recent measure —the 35% subsidy for the companies' payroll aimed at workers with wages of up to S/1,500 (about US$446)— registers 197,000 companies to date.

It includes a total subsidy amount of S/477 million (about US$142.13 million).

"I must highlight that —out of these 197,000 companies— 96% are micro and small companies (Mypes=MSEs), which will access this subsidy that will allow them to finance the payment of their workers' remuneration at the time they need it most," she noted.

To date, 74% of the companies that may access this benefit have already registered.

The cabinet member recalled that companies will be allowed to register —until April 13— their interbank account codes (CCI) at the National Superintendence of Customs and Tax Administration (Sunat) to receive the subsidy, which will be transferred a few days later.

Economic plan is underway

Minister Alva affirmed that Peru's economic plan is already underway.

"Our main concern is the well-being of citizens, so the Government will continue working on the measures that are necessary," she emphasized.


Published: 4/9/2020