Tamkeen begins payout to private sector firms

MANAMA: Tamkeen has begun disbursing payments to the private sector under its Business Continuity Support programme aimed at helping them offset the impact of the global spread of the coronavirus (Covid-19).

In a statement yesterday, the authority’s chairman Shaikh Mohammed bin Essa Al Khalifa said the support programme will provide financial grants to adversely affected small and micro enterprises to help them cover their operating expenses.

Shaikh Mohammed said release of the first instalment of financial support to small and micro enterprises following the successful evaluation of their applications, is already underway.

Tamkeen has received more than 17,000 applications for the programme in the span of two weeks.

Instalments of financial grants will continue to be disbursed over the next period until all requests are completed.

The programme classifies small and micro enterprises based on the categorisation of the Industry, Commerce and Tourism Ministry.

Through the programme, adversely affected small and micro enterprises receive financial grants to partially support them with their basic operating expenses to help them continue their operations in light of the current situation.

Throughout the process, evaluators assess the overall impact the spread of the virus has had on the business to decide on the value of monthly payments, which will be disbursed over a period of three months.

During this stage, the applications are being reviewed to evaluate their requests and consider the extent of the impact caused by the coronavirus on their business.

In addition, this is also done to ensure that the enterprise has been active based on the commercial records of the ministry or the official authorities according to the e-government records, in order to verify the categories eligible for this support programme, and to ensure that it reaches the largest possible segment of this group.

Tamkeen chief executive Dr Ebrahim Janahi reiterated that the programme primarily targets two categories: small and micro enterprises, which are enterprises with fewer than 50 employees, with annual revenues not exceeding BD1 million, based on the standards outlined by the ministry and as per the records of the National Bureau for Revenues.

Dr Janahi further stated that all applications will be looked into and evaluated individually based on the information submitted, to help support as many enterprises as possible.

The payments will be disbursed over a period of three months. Once the first payment is received; enterprises will have to go into the online portal and upload receipts for their expenses on a monthly basis.

In case customers need to refer to the customer service centres, they may book in advance online to schedule their visits for their own safety and convenience.

 

Source: http://www.gdnonline.com/Details/821573

 

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