During a press conference last week, the Government of Aruba announced the Business Payroll Support Plan for local businesses.
To support businesses that are facing revenue losses due to the COVID-19 pandemic and to assist in the prevention of lay-offs, the Government of Aruba will provide eligible employers with payroll support for their employees.
The compensation will be a maximum of 80% of the salaries as registered at the Banco di Seguro Social (SVb) and must meet the following conditions:
- Loss of turnover (revenue) of at least 25%
- The company must maintain all employees
- The company must pay all the employees
- If one employee earns Afl. 3,000 per month and the sales drop in f.i. the month of May 2020, compared to the month of May 2019, is 70%, then SVb will pay 70% of the 80% on Afl. 3,000 salary, being Afl. 1,680.
- If one employee earns Afl. 3,000 per month and the sales drop in f.i. the month of June 2020, compared to the month of June 2019, is 100%, then SVb will pay 100% of the 80% on Afl. 3,000 salary, being Afl. 2,400.
We expect the formal publication with all details by the Government of Aruba shortly, and will again notify all clients and the public via our website and social media.
#CATCHCC #COVID19 #PayrollSupport #BusinessSupport #ArubaBusiness #ArubaPayroll #Accounting #Advisory #Audit #Compliance #CorporateFinance #Payroll #TaxLegal #Aruba #Bonaire #Curacao #StMaarten