COVIDCayman Update - 6 April 2020
COVID-19 in the Cayman Islands
Update – 6 April 2020
Synopsis of CIG Press Briefing
Update – 6 April 2020
Synopsis of CIG Press Briefing
1. No test results announced.
As at 6th April, the number of positive cases of COVID-19 is at THIRTY-NINE** (39) and is broken down as follows:
Active – 37
Recovered – 1
Deceased – 1
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2. Cabinet has authorised a stimulus package of financial and non-financial support for micro and small businesses with a total value of CI$14.5 million. In addition to low-interest loans and grants, the Cayman Islands Centre for Business Development (CICBD) will be providing technical assistance and training to micro and small business owners.
As a reminder, micro businesses employ less than 5 employees and have a gross revenue of less than $250,000. A small business is defined by employing up to a maximum of 12 employees and has a gross revenue of up to $750,000.
The details of the programmes are:
- Low-interest Loans (facilitated by Cayman Islands Development Bank)
o Up to $20,000 for micro businesses or up to $50,000 for small businesses
o Term of 5 years with an interest rate of 1% for the first year
o 6-month moratorium on payments and accruing interest
o Must enrol in the training programme offered by CICBD
- Grant Programme
o Businesses must have been established for 12 months prior to March 2020
o $1,000 monthly for up to 3 months.
o Primarily to assist businesses in repurposing and transitioning from tourism to domestic market. Business must be recoverable.
o Must enrol in the training programme offered by CICBD
- Technical Assistance
o This will provide the business with access to qualified accountants and professionals for a period of up to 1 year to assist with financial planning, document preparation, business and strategic plans, human resources, etc.
- Training Programme
o Access to training programmes for a post-COVID economy for business owners
For more information, please contact the Cayman Islands Centre for Business Development for more details by visiting www.gov.ky/coronavirus or by emailing cicbd@gov.ky.
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3. Persons can contact the Needs Assessment Unit for confirmation of application approvals by calling 244-2426 or by emailing nauinfo@gov.ky.
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4. Processes for business license renewals, vehicle inspections, and other periodical renewal requirements are being worked on by Government.
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5. If you possess a double-barrelled surname, the first surname will control your assigned days for essential services. For example, Jane Franklin-Smith must use “F” and can only access essential services on Monday, Wednesday, and Friday.
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Written by: Nickolas DaCosta
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