During this time of the pandemic, most of the companies have recorded losses, and the government has introduced various incentives to help businesses and individuals cope with the economic ill-effects of COVID-19.
Rental Waivers
In the initial phases of the circuit breaker, the Singaporean government announced that it would grant Rent Waivers for Singapore SMEs for two months. Companies in the commercial office, industrial, and agricultural sectors would get a discount of a month.
As of now, the waivers have increased for another two months for companies who recorded a more than 35% decline in revenue during April and May. The commercial office, industrial, and agricultural sectors can also get a rebate of one month.
The previous two months of reimbursements would be done by the government, while it is the landlords’ responsibility to provide the waiver the second time. If landlords aren’t in a position to give the rebates due to financial difficulties, they can apply for an assessment.
Job Support Scheme
As companies have decreased productivity due to lower demand, it has been difficult for employers to pay their employees. The Job Support Scheme is here to help organizations meet the wage demands of their workers.
Under the JSS, the government will co-fund between 25% and 75% of the first gross $4600 wage paid to each employee for ten months. The payout will be in April, May, July, and October, with the percentage of support depending on the sector. Furthermore, no matter what the field the business is in, firms will get the support of 75% during April and May.
Other Financial Support
As per the resilience support, businesses in Singapore are going to get up to 100% property tax rebates depending on the sector they operate in.
There are various finances and grants such as Digital Resilience Bonus, Enterprise Development Grant (EDG), SG Together Enhancing Enterprise Resilience (STEER) Program, Productivity Solutions Grant (PSG), etc. all helping companies with their finances during the tough time of the pandemic. To know more about them, you can take a look at the Singapore budget 2020 highlights.
