How the $48 Billion COVID government stimulus can help my Singapore based business
If you can't beat it join it. Be the Virus; adapt, settle into new environments and multiple! Many governments have done so much to support economic growth and their people through this tough time. It is my view that Singapore is a global leader with their decisive and generous budgetary action.
However, as with all things that come for free the path to access them can be confusing. This is meant to be a short succinct list of the available grants and support funds with a link to apply.
Grants to support individuals
Singapore based employers can now get 25% of the first $4,600 of monthly salaries, up from 8% on the first $3,600 previously.
$1.1 Million To support businesses embarking on transformation efforts and encourage sharing of productivity gains with workers, eligible employers can look forward to the seventh tranche of Wage Credit Scheme (WCS) pay-outs in March 2020.
Covid-19 Support Grant has been introduced to support those who have lost their jobs due to the Covid-19 outbreak. This grant will help them to find a new job or enrol themselves for training. Successful applicants will receive a cash grant of $800 for 3 months. You can apply to an SSO near you.
Temporary Relief Fund
Similar to the Covid-19 Support Grant, the Temporary Relief Fund focuses on providing immediate assistance. They will now be able to get financial help to assist them with their basic day-to-day expenses. They will now be able to apply for a one-off cast assistance of SGD $500 from 1 – 30 April 2020. You can apply to an SSO near you.
Grants to support Self-Employed Persons (SEPs)
SEP Income Relief Scheme (SIRS)
Self-Employed Person Income Relief Scheme will directly provide cash assistance to the self-employed. Those eligible will receive SGD $1000 per month for 9 months. Those 37 years or older will automatically be credited if they meet the criteria ore details will be released on this soon.
Self Employed Persons Training Support Scheme will provide support for them to make use of this period to train upskill. Up to 90% of course fees will be subsidised and also, from 1 May 2020, there will be a training allowance given for SGD $10/hour.
There will also be an automatic deferment of income tax payment for 3 months.
Grants to support Businesses
This relief will be granted to owners of qualifying commercial properties (hotels, serviced apartments, tourist attractions, shops and restaurants), to help them with the cost pressure during this period. With this enhancement, owners will now be granted rebates of up to 100% of their property tax payable from 1 January – 31 December 2020.
For companies: Cash Flow Support
During this period, the government will support those who are facing cash flow challenges, with the following support:
Expanded Temporary Bridging Loan Programme to all sectors and the maximum support loan extended to SGD $5 million
Increased maximum loan quantum to SGD $1 million under the Enterprise Financing Scheme – SME Working Capital Loan
Increased maximum loan quantum to SGD $10 million and Government risk-share to 80% under Enterprise Financing Scheme – Trade Loan
Increased subsidies for loan insurance premiums to 80% under the Loan Insurance Scheme
You can click here to find out more information regarding the application process.
Capability Development Grant
This grant focuses on supporting the exposure to learning in diverse areas of functions and practices within the arts field. This grant can be used for workshops, masterclasses, seminars, conferences, residencies and other professional training programmes.
To apply submit an application on the Business Grants Portal
The SG Together Enhancing Enterprise Resilience (STEER) programme will support funds set up by the TACs or industry groupings, aiming to help businesses who have suffered during this period. Under this programme, Enterprise Singapore will match SGD $1 for every SGD $2 raised by such initiatives, up to SGD $1 million per fund.
For the criteria and application process for the STEER programme, contact Enterprise Singapore.
I hope that this was informative, if you need help with any of the grants or want to know more about doing business in Singapore or greater Asia in these tough times Contact Us and we will be sure to help.
Written by Leon Farrant