March 30, 2020
coronavirus
Reportes Oficiales

President Piñera enacts Covid-19 bonus for families and benefits for businesses: "We are helping all the vulnerable people affected by the coronavirus crisis"

President Piñera enacts Covid-19 bonus for families and benefits for businesses: "We are helping all the vulnerable people affected by the coronavirus crisis"
The law includes the Covid-19 bonus of 50,000 Chilean pesos (around US$60) per family dependent that will benefit around 2.8 million people, a capital injection of US$500 million for the state-owned bank BancoEstado to help SMEs, together with a decrease to 0% in stamp duty.

On Monday, President Sebastián Piñera enacted the law to establish the payment of a one-off bonus to families, as well as benefits for micro-, small- and medium-sized businesses, in order to protect the 60% most vulnerable people and restimulate the economy in the midst of the health crisis caused by coronavirus.

“This means support and relief for vulnerable families and SMEs in our country,” said the President at a ceremony in La Moneda Palace.

The measure will allow an average payment of 100,000 Chilean pesos (around US$120) to be made per family and will take into account all the beneficiaries of the single family subsidy and the security and opportunities program, and will be provided to the 60% most vulnerable people in Chile. 

This entails the injection of US$167 million for Chilean families, who will be able to access the bonus from April through their BancoEstado cuenta RUT (debit) accounts, demand accounts or a bank promissory note at any branch of BancoEstado.

“We are helping all the vulnerable people affected by the coronavirus crisis,” said the President.

The law also includes a benefit for MSMEs accessing loans in the form of the suspension of the collection of stamp duty for a period of six months, and includes a new US$500 million capitalization of BancoEstado to enhance its capacity to provide loans during the health emergency.

The measures form part of the Government's plan to protect jobs and stimulate the economy, and entail an unprecedented injection of financial resources totaling US$11.75 billion.