2020/21 Budget Communication 2020-21 Budget Communication - Final (1)-compresse | Page 5

I am proud to say on this Budget morning that this Government did not waver in responding to the
needs of the Bahamian people from the onset of this pandemic. For the three months to June, we
allocated over $140 million in our policy response to COVID-19. As many would be aware, this
response included:
● Providing direct social assistance through the food and unemployment assistance
programs,
● Supporting employee retention with tax credits and deferrals directly to support the nonexecutive
payroll expense of impacted medium and large businesses,
● Extending business continuity grants and loan support for small businesses,
● Increasing funding allocations to the public health sector to ensure its readiness for the
detection, treatment and mitigation of the virus, and
● Expanding subventions to the utility companies to support the bill payment waivers offered
to impacted persons.
To illustrate the extent of our initiatives, as of mid-May, the National Insurance Board (NIB) paid
out some $6.2 million for the Government funded unemployment assistance program. We created
this program to assist self-employed individuals, who would not normally be eligible for an
unemployment benefit from NIB. Under the standard Unemployment Benefit Scheme, NIB also
paid out $28.8 million in benefit claims to those laid off as a result of the virus. This has covered
just over 26,000 people since the end of March.
For the business community, 284 small businesses were approved for loan financing– representing
a collective $19.4 million in funding. Similarly, the Government advanced a business tax credit
and deferral initiative to minimize further private sector job losses. The Department of Inland
Revenue approved 44 companies, who collectively benefitted from some $5.7 million in tax credits
and deferrals. These Government loans, grants and deferrals have protected roughly 5,400
vulnerable jobs.
With respect to the health situation, the Government has expended $3.1 million to construct a new
COVID-19 support unit at the Princess Margaret Hospital, at the Rand Hospital, as well as
additional beds at the Grand Bahama Cancer Association to accept overflow patients depending
on the need.
Mr. Speaker,
I want to congratulate the Honorable Prime Minister for his leadership, and the entire citizen’s
force of essential workers in Government, the private sector and civil society, who continue to
carry us through so valiantly. I must at this point express our sincere thanks for the dedicated and
committed work of many doctors, nurses and allied health professionals, grocery workers,
sanitation workers, bankers, and all essential personnel who work so hard on our behalf. Without
them, the response I just outlined would not have been possible. We will continue to rely on them,
even as we have begun our five step phased reopening, because our work is far from over.
Unfortunately, all too many Bahamians will continue to feel the hardship of these unprecedented
times for weeks and months to come. Most sectors of our economy will take time to restart and
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