Cook Island businesses plea for financial help
23 May, 2020, 3:04 pm
The Cook Islands Private Sector Taskforce says businesses need an immediate capital injection to survive the effects of Covid-19.
Earlier this month a survey the taskforce conducted showed dozens of businesses on the verge of closing down.
The taskforce said there must be an urgent reprioritisation of government expenditure, with another $US10.4 million dollars to help businesses survive.
It said the funding was needed before the next phase of the economic recovery package came through in July.
The group sent the government a package of measures outlining what it thought should be done.
An immediate priority should be to negotiate a shared travel bubble with New Zealand to aid the tourism-led recovery of the economy, it said.
Tourism was the only industry that could support a quick recovery, according to the taskforce.
It also wanted to see business continuity support in the form of a monthly sum so fixed overheads could be met; wage subsidies to be continued until economic recovery was underway; sole traders given grants equal to the minimum wage; and a hold put on superannuation payments.