Seen & Heard
Getting Help in Coping with COVID-19
( for Businesses)
The COVID-19 situation has impacted the global and local economy in a big way. To provide relief and assistance to businesses in Singapore, the Government has introduced three new schemes and enhanced several existing grants.
* NEW * Digital Resilience Bonus
• Support for businesses to improve competitiveness and productivity through digitalisation, and adaption to safe management practices
• Targets businesses in F & B and Retail that are most affected by safe distancing requirements
• Eligible businesses will receive up to S $ 10,000 if they adopt baseline digital solutions such as PayNow Corporate and e-invoicing, as well as digitalise business processes, create online channels and implement data mining and analytic solutions
* NEW * SG Together Enhancing Enterprise Resilience Programme
• Programme will support funds set up by the Trade Associations and Chambers or industry groupings, with the aim of helping businesses tide over the challenges arising from COVID-19, and to push on with transformation efforts in preparation for the economic recovery
• Supportable uses of the fund include grants for business sustenance, business growth, and capability upgrading
• Valid till Mar 2, 2021
* NEW * Temporary Bridging Loan Programme
• Financing support to alleviate cashflow needs of enterprises affected by the COVID-19 outbreak
• Expanded from tourism sector to all sectors
• Maximum loan quantum increased from S $ 1 million to S $ 5 million, with interest rate capped at 5 % per annum
• Risk-share from Government increased from 80 % to 90 %
• Valid till Mar 31, 2021
Enhanced Enterprise Development Grant
• Maximum support level raised from 70 % to 80 % from Apr 1 to Sep 30, 2021
• Unionised enterprises and e2i partners under the Labour Movement are eligible to receive an additional 10 % funding support, subject to NTUC e2i’ s assessment
Enhanced Enterprise Financing Scheme – Project Loan
• Scheme was enhanced to support domestic construction projects undertaken by companies in the construction sector.
• 50 % risk-share from Government
• Valid till Mar 31, 2022
Enhanced Enterprise Financing Scheme – SME Working Capital Loan
• SMEs receive greater financing support to bridge their working capital gaps
• Maximum loan quantum will be raised from S $ 600,000 to S $ 1 million
• Risk-share from Government increased to 90 % from 80 %( previously at 50-70 %)
• Valid till Mar 31, 2021
Enhanced Enterprise Financing Scheme – Trade Loan
• Maximum loan quantum increased from S $ 5 million to S $ 10 million
• Risk-share from Government increased to 90 % from 80 %( previously at 50-70 %)
• Valid till March 31, 2021
Enhanced Loan Insurance Scheme
• Increased support for the LIS insurance premium from 50 % to 80 %
• Valid till Mar 31, 2021
Enhanced Market Readiness Assistance Grant Companies can look forward to support for in-depth Free Trade Agreement consultancy and overseas business development. To support more local companies to go overseas, the grant was enhanced:
• Removal of the cap on two applications per company per year
• Grant cap increased from S $ 20,000 per year, to S $ 100,000 per new country over three years
• 70 % support level extended by three years to Mar 31, 2023; Maximum support level raised from 70 % to 80 % from Nov 1 to Sep 30, 2021
Enhanced Productivity Solutions Grant
• Greater support for more sectorspecific solutions and a wider range of pre-scoped solutions for businesses beyond IT solutions and equipment
• Expanded scope to include job redesign consultancy services
• Maximum support level raised from 70 % to 80 % from Apr 1 to Sep 30, 2021
• Expanded scope of solutions to help enterprises implement COVID-19 business continuity measures
Source: https:// www. enterprisesg. gov. sg / campaigns / supplementary-budget-2020 RESORT VIEW
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