A Chamber of SMEs survey has found that 18% of businesses plan to start making workers redundant by the end of April. 

The survey, which has a 5% margin of error, found 32% of businesses planned to carry on “as is” until the end of the month, while 29% will remain closed or plan to close temporarily. 

Only 2% of respondents said they would be declaring bankruptcy. 

The majority of businesses said they were not in a position to top up employees’ salaries beyond the subsidy being given by the government. 

A quarter of businesses called for stronger government intervention to help with rent demands from landlords. 

Chamber Vice-President Marcel Mizzi said the moratorium on bank loans should help landlords ease the pressure on their tenants. 

On the subject of banks, 56 per cent of respondents gave the lowest two ratings to the level of support they had received from their bankers. 

Chamber CEO Abigail Mamo said the biggest unknown was how long the virus crisis would continue.

The survey found that 5% of respondents felt their business could only last another two weeks, 17% said they could weather the storm for another month, 30% said they could last up to two months, 29% up to three months and 19% over three months.

Another striking finding was the impact the crisis has had on mental health, with 18% of those taking the survey saying it has a very adverse effect.

On the other hand, 32% said it has no effect, with the rest somewhere in the middle of the two. 

Respondents said the crisis also had a negative impact on their employees’ mental health. 

Chamber President Paul Abela appealed for the government to settle all dues to businesses as soon as possible. 

He clarified that Malta Enterprise, the state entity managing the salary grant, was open to extending the €800 subsidy to certain businesses that felt they should have qualified for the full amount, rather than the lower €160 grant. 

Abela said the €400 top-up on this subsidy by businesses was not compulsory if they could not afford it.