Friday 29 May, 2020

How the public/private sectors are giving financial ease to Caymanians

Stipends

Cayman operators and drivers who are approved to operate a 15-seater bus and are involved in taxi, tour and water sports will be provided with a stipend to support them during this time. They don’t need to do anything— they will be contacted directly.

There will be a one-time emergency COVID-19 stipend of $425 to permanent financial recipients to accommodate additional medical supplies and groceries. This will be in addition to the funds they receive every month.

A stipend will also be provided to food voucher recipients. This payment will be made on March 30.

The Premier is expecting financial allocations to double but he indicated that given the unprecedented nature of the circumstances, “it is anybody’s guess.” There is also a hope that soft loans will be provided by the Cayman Islands Development Bank.

Persons who are struggling will also be assessed via means-testing to qualify for financial support from the government.

Pay Day

The Cayman Islands Civil Service is bringing forward this month's payday to Wednesday, 18 March for its employees. This will also mean early payment for local veterans, seamen and those on Permanent Financial Assistance.

Banks

Banks will be providing payment holidays on case-by-case bases.

Cayman Islands Bankers’ Association member institutions including Butterfield Bank (Cayman) Ltd, Cayman National Bank Ltd, CIBC FirstCaribbean International Bank (Cayman) Limited, Fidelity Bank (Cayman) Ltd, RBC Royal Bank Cayman Limited and Scotiabank & Trust (Cayman) Limited are committed to working with Caymanians to find a realistic solution in servicing debt obligations during the crisis, for those whose income has been affected. Those who are having difficulty making payments are urged to engage as early as possible with their bank.

Butterfield has provided a 3-month payment holiday on 3-month residential mortgages.  For more information on the accommodations that Butterfield is making, click here.

The credit union is also working with members to provide waivers and those who are interested can call 949-8415.

Cayman Water Authority

The Water Authority has suspended all upcoming disconnections until further notice. The Authority will also work to assist customers who are currently disconnected, due to past non-payment, and who are facing financial hardships to arrange a payment plan and be reconnected. These customers can contact the Authority’s Customer Service team via email at info@waterauthority.ky or by phone at 949-2837. With the consideration that thousands of persons may be out of jobs temporarily, the Authority has implemented a payment deferral policy to ease the burden on those who may be affected paying utility bills. Customers who experience financial difficulty during this pandemic are also encouraged to request a payment agreement. If you are a tenant, please discuss the matter with your landlord, as your landlord will need to sign the forms for the Authority. Ninety days after the state of emergency has been lifted, it will be the customer’s responsibility to either pay the balance in full or seek a longer-term payment agreement.

Cayman Utilities Company

Caribbean Utilities Company, Ltd. (“CUC”) is announcing that as of today, Monday, March 16, the Company has suspended its disconnection process for March. The Company is encouraging customers who are experiencing financial difficulties, or who have already been disconnected for non-payment, to contact Customer Service proactively to arrange alternative payment terms. For those customers who are unable to pay their full bills as a result of the current crisis, CUC will be prepared to extend credit terms for a period of up to three months. CUC is also assuring the Cayman community that it has plans in place to ensure that the electricity service will continue to be available. Effective today, the North Sound road Customer Service office will be closed. The office at Caribbean Plaza remains open. CUC has today put out some clarifications on their policy. Click here for those.

Insurance Companies

Many insurance companies will be providing coverage for COVID-19 related health issues. Contact your insurance company to find out what kind of support will be provided.

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