Relief loan details for Resorts

Ministry of Finance has today said that resorts can apply for working capital loans up to a maximum of US$500,000.00 per resort. In publishing its broad parameters to qualify for the loan, Ministry of Finance says weight will be given to extent of local ownership of the property and if local employees constitute 45% or more of the hotel employees. They also say that priority will be given to those without a non-performing asset, those who had made a profit in 2019, and carry a positive cash flow projection for next three years. Also, these loans will not be provided for those who have terminated or furloughed local employees.

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