Over $140 million spent on COVID-19 recovery efforts in The Bahamas

The Finance Ministry of The Bahamas says up to June this year, approximately $140 million had been spent on COVID-19 relief efforts.

In its fourth-quarter report, the Ministry said in response to the damning effects of the pandemic on the macro-economy the government initiated several programmes to lend support to citizens and encourage business continuity.

The Finance Ministry said in a statement: "Approximately $140 million was spent on COVID-19 related initiatives which covered Food assistance, Unemployment support, Loans for small businesses, Tax credits for medium/large businesses, Increased funding to the public health sector, Subventions support to allow deferral of utility payments

The Ministry said because of these measures in excess of 284 businesses have been able to continue their operations and in so doing provide jobs for approximately 26,000 people.

Government support, the Finance Ministry said, also allowed for the continuation of 54,000 jobs through the end of the fiscal year.

During phase one of the pandemic which ended on June 30, businesses with at least 25 employees that usually has an annual turn over of $3 million were able to apply for a tax credit of up to $300, 000 over a three-month period for VAT and Business License Fees.

To access these concessions, businesses were required to keep at least 80 per cent of their staff on payroll.

Finance Minister Peter Turnquest said he will host a press conference on Wednesday where he will give detailed insight into the impact of the pandemic on the economy.