Netanyahu, Katz propose additional grants for the holidays
The prime minister and finance minister intend to propose a law that will make it easier for small businesses and individuals with low income to receive grants, by lowering the eligibility criteria.
By TOBIAS SIEGALPeople are seen shopping for produce at the Mahaneh Yehuda shuk in Jerusalem.(photo credit: MARC ISRAEL SELLEM/THE JERUSALEM POST)
Prime Minister Benjamin Netanyahu and Finance Minister Israel Katz have announced that additional, expanded grants will be given to small businesses and individuals with low income before the holidays.According to a press release by the Finance Ministry, Netanyahu and Katz intend to propose a law that will make it easier for small businesses and individuals with low incomes to receive grants by lowering the eligibility criteria.Specifically, the negative income tax will be increased by 67% for the months of April to December 2020. Additionally, the eligibility criteria for small businesses will be expanded, allowing more businesses to apply and receive the grants.Those who were found eligible for a negative income tax for 2019, both independent workers and salaries employees, will receive a down payment of 25% of the total amount for that year.However, salaried employees who received unemployment benefits during April-July 2020 won't be eligible for the down payment, which is meant to encourage people to return to the labor market.In order to provide support to small businesses immediately, it was decided that businesses with a revenue of less than NIS 300,000, will be eligible for a "participation in expenses" grant for May and June 2020, even if their revenue hasn't decreased by 40%, as was previously the case. Instead, a 25% decrease in revenue will be enough for receiving the grant.The new grants will require a budget of approximately NIS 1 billion.
Related TagsFinance MinistryIsrael Katz
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