This is one of the recommendations the BVI Chamber for Commerce & Hotel Association (BVICCHA) outlined in a situation report on how the pandemic is affecting the local business community.
“The current situation was deemed to be dire because of decreased business activity across all sectors due to travel, social gatherings, remote working and other restrictions. This has led to decreased operating revenue and businesses have to contemplate layoffs or reducing working hours for staff,” the Chamber of Commerce said.
The BVICCHA, in the meantime, had also proposed that government implement “unemployment benefits through the Social Security system”, as well as a ‘disaster fund’ that offers loans to small businesses that experience ‘economic injury’ after disasters such as hurricanes, earthquakes, and pandemics.
The Chamber further said that it would be looking into how Business Interruption Insurance can be more cost-effective for the wider business community.