Businesses without money

COVID-19: 62% of local businesses run out of money

Dairio headline reporting that local business are running out of moneyThe COVID-19 pandemic and the state of emergency in the country and the Region is already having devastating effects on Madeira’s business sector and there are entrepreneurs with no money to pay wages. This is the headline in today’s print edition of the Diario, which reveals the results of a survey on the impact of COVID-19 on the economy, carried out by the business association ACIF between 18 and 27 March. This survey reveals an almost total shortage of funds to pay staff in 62% of the companies polled, totalling €16 million.

4 thoughts on “Businesses without money”

  1. Lots of businesses are going to go bust because of the lockdown. Governments are making various offers of support but no government can keep printing money like this for long.

    Even if the lockdown is eased in a few weeks time and shops, bars & restaurants reopen they would all be reliant on the local populace as customers as I cannot see holidaymakers coming back to the island until infection levels across Europe have dropped to almost zero which could be a year away.

    British Airways have ceased operations at Gatwick for the next couple of months.

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  2. Governments and business need to look forward. The EU was made after ww2 you got trade I need and I got trade you need. Lets trade and get on with it. Its business for all.

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