💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Measures for Italian businesses hit by new COVID restrictions to be published on Tuesday

Published 10/26/2020, 05:48 AM
Updated 10/26/2020, 06:25 AM
© Reuters. Italian restaurant and bar owners fear further Covid restrictions

ROME (Reuters) - A package of measures aimed at supporting businesses in Italy which will suffer from restrictions imposed to rein in a second wave of COVID-19 will be published on Tuesday, officials said on Monday.

Rome on Sunday ordered bars and restaurants to close by 6 p.m. and shut public gyms, cinemas and swimming pools to try to halt a rapid resurgence in the coronavirus that has pushed daily infection rates to new records.

The government left most businesses operating however and held back from imposing a nationwide curfew, after reporting 21,273 new coronavirus cases and 128 deaths.

The cabinet is expected to meet later on Monday to approve measures worth some 4.5-5 billion euros ($5.3-5.9 billion) for companies whose business will be affected by the new closures.

The package will include one-off non-repayable funds, tax credits for rents, the scrapping of the IMU housing tax due to be paid in December, and funds for further 10 weeks of temporary lay-off schemes, government sources said.

"The goal is to publish the decree in the official gazette (on Tuesday), with measures that will support 350,000 companies in... all those businesses which will be hit by the new restrictions," Misiani said in an interview with RTL 102.5 radio.

Economy Minister Gualtieri said on Sunday that compensation would arrive "as soon as possible", with the national tax agency paying by mid-November or by the end of the year at the latest.

"(The government) knows that we are asking for an important sacrifice, which is needed to contain the virus," Gualtieri said, speaking on national broadcaster RAI, and adding that funds will exceed those approved after the first wave of coronavirus.

© Reuters. Italian restaurant and bar owners fear further Covid restrictions

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.