Israel

Government Approves NIS 8B to Help Small Businesses, Self-Employed

Friday, April 24, 2020 4:22 am | < 1 Minute Read

By Yoni Weiss

Israelis seen outside the IKEA branch in Netanya, after the company opened some of its branches in Israel, on Thursday. (Flash90)

The government approves on Friday an NIS 8 billion ($2.27 billion) plan to increase support for self-employed Israelis and small business owners who have been hit hard by the coronavirus.

The plan includes a grant of up to NIS 400,000 per business, depending on the degree to which its activities have been curtailed, the Finance Ministry said in a statement.

It also includes a second stipend for self-employed workers, equaling 70% of their regular income up to a maximum amount of NIS 10,500 ($3,000).

The government also approved continuing the grant for those over the age of 67 who have lost their jobs following the coronavirus, as well as an additional grant of up to NIS 4,000 to those who were laid off in previous months, which will be given in May.

The new aid package comes after the approval of a three-month land tax exemption for businesses, the establishment of state loan guarantees for small and medium-sized businesses, financing of the workforce for the foreign exchange, tax refunds and more.