Knesset approves NIS 2b. COVID-19 recovery grants plan

Katz commended the approval of the grants in the Knesset, and the "removal of political factors" in this decision "for the sake of Israel's citizens."

A closed down restaurant in Tel Aviv during a nationwide lockdown. October 14, 2020. (photo credit: MIRIAM ALSTER/FLASH90)
A closed down restaurant in Tel Aviv during a nationwide lockdown. October 14, 2020.
(photo credit: MIRIAM ALSTER/FLASH90)
The Knesset approved a recovery plan of over NIS 2 billion on Monday in order to aid freelancers and business owners who have been affected by the COVID-19 financial crash.
Named Meblima LeTzmiha [From brakes to growth], the plan, proposed by Prime Minister Benjamin Netanyahu and Finance Minister Israel Katz (Likud), will offer more scaled financial aid.
"This is an incredibly important announcement for businesses and self-employed individuals," Netanyahu explained. The plan will extend the time allotted for the property tax refund, "immediately alleviating some of the financial pressure."
Under the approved plan, the eligibility period for business assistance grants for fixed expenses, as set for November-December 2020, will be extended to include January and February.
"Thanks to the thousands of vaccinations that we've brought to Israel, we will have the ability to reopen the economy," aiding businesses and freelancers even more, Netanyahu added.
Businesses that have lost between 25% and 40% of their business profits will receive a NIS 3,000 grant.  
The proportional rise continues: those who lost between 40% and 60% will receive a NIS 5,000 grant and those who lost more than 60% will receive a NIS 9,000 grant.
For businesses with 2019 revenues between NIS 300,000 and NIS 400 million, the grant amount will be 50% of the average fixed expense grant given to the business so far, up to NIS 50,000.
"We brought this plan forward to help freelancers and businesses not only survive this third lockdown, but emerge stronger," Katz said.
Katz commended the approval of the grants in the Knesset, and the "removal of political factors [in this decision] for the sake of Israel's citizens."
Zev Stub contributed to this report.