Kahlon presents NIS 80b gov't aid package

Israel's Minister of Finance Moshe Kahlon has presented an NIS 80 billion aid package for Israeli businesses and the self-employed. Kahlon said that he hoped that the economy could begin partially reopening after the Passover holiday next month.

Kahlon said that the government had already allocated NIS 10 billion for the crisis and is now allocating another NIS 10 billion to the Ministry of Health. NIS 20 billion is being added as a social and welfare safety net for salaried employees, the self-employed, small businesses and the elderly, NIS 32 billion is being allocated to large corporations and NIS 8 billion is being allocated to stimulate the economy when it reopens.

The aid package includes major assistance for the self-employed and small businesses. NIS 3 billion is being allocated for the self-employed and small businesses who will receive up to a NIS 6,000 grant for March and up to a NIS 8,000 grant for April. Another NIS 3 billion will be given in tax refunds to the self-employed and small businesses. NIS 3 billion has been allocated for municipal tax relief for businesses that have been hit by the crisis.

The NIS 80 billion package represents 6% of Israel's GDP.

Published by Globes, Israel business news - en.globes.co.il - on March 30, 2020