COVID-19 RELIEF FOR BUSINESSES
Jobs Support Scheme to alleviate wage burden
- To help save jobs, the Government will pay 75% of the first $4,600 of monthly wages paid in April and May 2020, for every local worker in employment
- For remaining qualifying months, wage support levels will be differentiated by sector
- The JSS has been extended by one month to cover wages paid in Aug 2020, bringing the total wage support under the JSS to 10 months. Support for Aug 2020 will be paid out in Oct 2020. On 17 August 2020, DPM Heng announced a further extension by up to seven months, covering wages paid up to March 2021, and support will be adjusted based on the projected recovery of the different sectors.
- Shareholder-directors with Assessable Income of $100k or less for the Year of Assessment 2019 are now eligible
Loans & Insurance:
The Government will increase risk share of loans from 80% to 90% for loans initiated from 8 Apr 2020 till 31 Mar 2021, under the Temporary Bridging Loan Programme, Enterprise Financing Scheme – Working Capital Loan, and Enterprise Financing Scheme – Trade Loan
- Enterprise Financing Scheme – Trade Loan: Maximum loan quantum increased from S$5m to S$10m, increasing the Government’s risk-share from up to 70%, to 80%
- Enterprise Financing Scheme – SME Working Capital Loan: Maximum loan quantum further enhanced, from S$600,000 to S$1 million
- Temporary Bridging Loan Programme: Maximum supported loan increased from S$1 million to S$5 million. SMEs that require more support can tap the EFS –SME Working Capital Loan
- Loan Insurance Scheme: Subsidies for loan insurance premiums increased from 50% to 80% until 31 March 2020
- The Singapore Furniture Industries Council (SFIC)’s latest Members Assistance Scheme, supported by Enterprise Singapore’s STEER programme
- Eligible members can receive between S$1,000 and S$9,000 in financial aid, based on the length of their SFIC membership
E-Commerce Booster Package
- This package by Enterprise Singapore supports local retailers to work with e-commerce platforms to bring businesses online, so as to diversify sales channels and revenue streams
- Eligible local retailers will receive one-time support to defray 90% of eligible costs (up to S$9000) for up to 6 months
- Retailers can also apply for additional manpower support to drive e-commerce efforts and receive one-time support of up to 90% of the qualifying manpower costs for three months
Digital Resilience Bonus
- F&B and retail businesses can receive a payout of up to $10,000 in payouts for adopting digital solutions
Arts and Culture Resilience Package (ACRP) Operating Grant
The Ministry of Culture, Community and Youth (MCCY) will provide eligible arts and culture organisations, as well as those in closely-related sectors such as media and design, with a one-off ACRP Operating Grant of either S$50,000 or S$75,000, based on the size of their organisation.
The Operating Grant will complement existing support schemes and grants to help organisations defray their operating costs, in order to safeguard key capabilities as well as livelihoods. The National Arts Council (NAC) and the DesignSingapore Council will directly inform and engage organisations who are eligible for the Operating Grant.
For more details on the Operating Grant, please refer to NAC’s website or e-mail email@example.com.