Finance Minister presented a NIS 20 billion safety net for employees and self-employed workers

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by Ifi Reporter Category:Financial Mar 30, 2020

Finance Minister Moshe Kahlon presented the economic plan, which has been delayed for over a week, amounting to NIS 80 billion. In addition, Kahlon stated that "with the establishment of the new government, I will retire from political life."
The relief package he presented as a window has four legs and was approved Monday night. The first leg is NIS 11 billion in budget support for the health system, which includes, among other things, the purchase of equipment required to carry out 20.6 million tests by the end of the year, the purchase of respirators, masks, protective equipment and additional medical equipment, the increase of pharmaceutical inventory, additional medical personnel. , Placing patients and returning from abroad in hotels, building hospital isolation complexes and more.
The second leg is a NIS 20 billion social security network for employees and self-employed workers. Most of the assistance here is mainly in the form of unemployment benefits - NIS 17 billion, after the extension of the entitlement and relief already granted in the unemployment benefit (during the training period that fell from a year's work within a year and a half to six months and grants to employees over the age of 67 who were not yet eligible for unemployment benefits) .
NIS 3 billion will be awarded to self-employed people in two monthly grants. In March, the maximum grant will be up to NIS 6,000 and in April up to NIS 8,000. This is only for self-employed persons over the age of 28, when the Treasury has not yet published the eligibility criteria.
Business aid will amount to NIS 40.7 billion. Of this amount, the business grant will amount to NIS 6 billion. In addition, the property tax will be canceled for businesses affected by the krona for the months of March to May, according to which the treasury will finance part of the local government (the total cost is NIS 2.7 billion).
In addition, tax credits for February and March will be refunded by the tax authority to repay an estimated NIS 3 billion (without this introduction, if businesses were to lose this year they would only see the money next year).
Alongside these additions, the Treasury refers to loan funds - the largest fund of NIS 8 billion for small and medium businesses alongside a large NIS 7 billion fund (with a turnover of over NIS 400 million and up to NIS 1.2 billion). From their annual turnover. It was also agreed to allocate NIS 500 million for business assistance routes, among other things, in line with the Ministry of Health's guidelines, with emphasis on small and medium businesses (such as online sales) and support from the Ministry of Economy.
The Treasury also calculates NIS 9 billion in deferral of VAT, municipal taxes, electricity and water payments and the introduction of payments to government suppliers.
The fourth leg includes plans to boost NIS 7.7 billion. The name of the Treasury's intentions is more general. Among other things, NIS 1.5 billion is included in the treasury as a response to small and medium-sized high-tech companies; NIS 300 million to improve service to the citizen through digitization and online learning, as well as infrastructure projects that now operate at NIS 1.1 billion. In addition, the Treasury refers to NIS 4.8 billion "in favor of accelerating the economy", but at this stage does not specify who, when and how this money will be allocated.
The person who signed the press statement was the Governor of the Bank of Israel, Prof. Amir Yaron - the senior economic adviser. This is how program publishers received the most professional support they could ask for (and are actually preparing for future reviews). The Governor said that "the size of the program so far leaves a future budgetary scope, as we are still in the midst of events."

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