Govt subsidies : your gamble : 3 month or 6 month view

1 rich Libsyn https://www.libsyn.com 90 600 Govt subsidies : your gamble : 3 month or 6 month view &lt;p&gt;Some thoughts on Government proposed subsidies for “catering” and what they might mean to you. Can you now start to look 6 months ahead and perhaps are even allowed to “staff up” and create new jobs ... &nbsp;or would you take the short view 3 months down the road and opt for a lump sum? And as for a bar or nightclub premises shut by law there’s a “further” $50,000; plus what the FEHD have said about that ... so far.&lt;/p&gt; &lt;p&gt;The proposals the HKSAR Government is making:&lt;/p&gt; https://gia.info.gov.hk/general/202004/08/P2020040800810_339425_1_1586360416762.pdf &nbsp; &lt;p&gt;I. Proposals on job retention, job creation and job advancement&lt;/p&gt; &lt;p&gt;(1) Implementing the Employment Support Scheme ($80 billion):&lt;/p&gt; &lt;p&gt;• The Government will provide wage subsidy to eligible employers to retain the latter’s employees. Employers have to undertake that they cannot implement redundancy.&lt;/p&gt; &lt;p&gt;• All employers who have been making Mandatory Provident Fund(MPF) contributions for employees are eligible, except those on the exclusion list (employees of the HKSARG, statutory bodies and Government subvented organisations)&lt;/p&gt; &lt;p&gt;• The wage subsidy to be provided by the Government is calculated based on 50%of the monthly salary, which is capped at $18,000 (i.e. the median monthly wage in Q2 2019), for a period of six months.&lt;/p&gt; &lt;p&gt;II. Proposals on providing relief to hard-hit sectors&lt;/p&gt; &lt;p&gt;(15) To support catering sector&lt;/p&gt; &lt;p&gt;(a) To provide one-off subsidy ranging from $250,000 to $2.2 million to catering outlets* based on the size of their premises. The subsidy will be disbursed in two tranches, and not less than 80% of the subsidy has to be used to pay employees’ salaries. A licencee is required to undertake that there would be no redundancy of staff for 3 months after obtaining the subsidy, and it will not apply for subsidy under the Employment Support Scheme&lt;/p&gt; &lt;p&gt;(b) Each eligible catering outlet directed by the Government to close whole of its licensed premises (including karaoke establishments, bars/pubs and nightclubs) is eligible for a further one-off subsidy of $50,000&lt;/p&gt; &lt;p&gt;(c) To provide one-off subsidy of $50,000 to tenants of cooked food/light refreshment stalls at public markets managed by the Food and Environmental Hygiene Department (FEHD);&lt;/p&gt; &lt;p&gt;expect to benefit 17 000 catering outlets and 920 market stalls, and their employees.&lt;/p&gt; &lt;p&gt;* eligible general restaurants, light refreshment restaurants, marine restaurants and factory canteens&lt;/p&gt; The podcast http://ajhalkes.libsyn.com/website <iframe title="Libsyn Player" style="border: none" src="//html5-player.libsyn.com/embed/episode/id/13952486/height/90/theme/custom/thumbnail/yes/direction/forward/render-playlist/no/custom-color/88AA3C/" height="90" width="600" scrolling="no" allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen></iframe> https://assets.libsyn.com/secure/item/13952486