Expands categories of businesses eligible for stimulus package
The Government of Grenada is expanding the categories of businesses eligible to benefit from the Covid-19 Economic Stimulus package.
At this week’s meeting of the Cabinet, Ministers of Government agreed that water taxi and watersport operators, small tour operators, walking tour guides, the Annandale Jumpers, marine retail stores, marinas and dive shops should be considered, where eligible for payroll support.
Additionally, the cabinet has included barbershops and hair salons as a special category for payroll or income support for the period, April to June 2020.
One of the eligibility criteria is that these micro, small and medium-sized enterprises must be duly registered.
Therefore, government has also agreed to provide a 3-month amnesty, from May to July 2020, for these business enterprises to register with the National Insurance Scheme (NIS) and the Inland Revenue Department (IRD). Both registration processes are free and can be completed within a single day.
Businesses owners and managers are encouraged to take advantage of this opportunity to obtain the required Tax Identification Number which is necessary when applying for stimulus benefits.
There will be no penalties for businesses using the amnesty period to be registered.
Additionally, sole traders or business owners whose business is operated on a name other than their own, must first register their business name with the Corporate Affairs and Intellectual Property Office (CAIPO), then follow the registration process at IRD.
Office of the Prime Minister