Monday, July 20, 2020

Amendment of Payroll Support Plan for the month June 2020 on St. Maarten.

On July 14^th, 2020, the Government of St. Maarten issued a regulation amending the temporary regulation for payroll support concerning the support of payroll expenses that employers can receive for June.

The most important amendments are:

1. The list of sectors that are not eligible for payroll support is not applicable for June;
2. 20% of their own payroll expense must be carried by the employee and SZV will provide up to a maximum of 60% of payroll support;
3. The amount of support is based on the percentual loss in revenue of the employer. For instance, a loss in revenue of 50% means that 50% of the salary expenses are covered by the support, of which 60% will be financed by the SZV, 20% by the employee and 20% by the employer;
4. The names of the employers who receive payroll support in June will be published in the National Gazette, local newspapers and on the internet;
5. The deadline for requesting payroll support was July 31^st, 2020, but on July 29th the Minister of Finance announced that businesses will be able to apply for June payroll support from July 31^st until August 14^th.

For more information, please contact Maarten Tervoort of Baker Tilly in St. Maarten at tervoort@bakertillysxm.com.