The finalization of the SSRP will take place on Thursday after it is published. The SZV will then be able to carry out the next phase smoothly. The approval of the 2020 budget on April 28th, also played a role in this process. This ministerial regulation, which allows SZV to carry out the payroll program on behalf of Government, is the final mutually agreed format of the legal basis.
The Stimulus Payroll Support Plan is funded by the Government of Sint Maarten. Today, the Minister of VSA joined the Minister of Finance in signing the Ministerial Regulation with details on the instruction to SZV regarding the execution and disbursement of the funds. As is mandated by law, the Ministerial Regulation must be published, which is expected to be done on Thursday, May 14th, 2020 followed by the effectuation one day after publication. After the publication funds can be made available to SZV in order for payroll payments to be made by SZV which should commence no later than Monday, May 18th, 2020. The review committee is working diligently on reviewing all applications. Employers are asked to take note that payments of approved applications will be processed based on first-in, first-out order. Companies that were first to apply will be first to receive payment.
The approved first month applications for Business Payroll Support are prepared by SZV for payout. This will commence once the funds have been received from the Government of Sint Maarten. SZV has been entrusted by the Government of Sint Maarten, with the necessary authorizations, to execute the Covid-19 Stimulus Payroll Support Plan on behalf of Government. To date, SZV has been able to implement the online application and review process via its Employer Portal.
The Minister of Finance would like to thank all who worked on getting us to this point. The team that worked on the SSRP, the expecting entities and the legal basis. Minister Irion would also like to recognize the effort of the Parliament for handling the 2020 budget in record time and all the civil servants who worked overtime to ensure that there would be no further delay in the execution of the SSRP.