Government Relief Fund For Business

Government Relief Fund For Business – 1. Deputy Prime Minister and Minister for Finance Lawrence Wong announced a $1.5 billion support package to provide targeted and immediate assistance to low-income and most vulnerable groups. This package also gives more help to local companies in their organizational and labor transformation. This builds on the support measures announced in Budgets 2022 and April 2022. The package is funded with better-than-expected financial returns in fiscal year 2021 and no further withdrawals from past reserves.

2. The government had predicted a price hike earlier in the year and responded with a comprehensive package of measures in Budget 2022 to cushion the impact of the price hike. Some budget measures have been implemented and others will be implemented in the coming months. Supportive measures to cushion the impact of the GST rate hike in January 2023 and January 2024 were also announced in Budget 2022.

Government Relief Fund For Business

3. In April 2022, the government announced the payment of Community Development Council (CDC) vouchers to all Singapore households by May 2022 and the Small Business Recovery Grant for SMEs in June 2022. We also lend more help for vulnerable families. Extension of ComCare’s short- and medium-term aid and the second round of public transport vouchers.

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4. However, the ongoing war in Ukraine, as well as continued COVID-19 restrictions in parts of the world, have disrupted supply chains and increased energy and food prices. These factors led to a sharper-than-expected increase in inflation in major economies. Global inflation is likely to remain high for some time and may even increase before stabilizing and improving further. Similarly, in Singapore, we should prepare for higher prices in the coming months. In particular, energy prices are likely to remain high in the second half of the year.

5. In light of the latest circumstances, the government will provide a $1.5 billion support package to provide immediate and targeted assistance, especially to low-income and most vulnerable groups. A summary of the package actions is provided in the table below, and details are provided in the appendix. The package is supported by a better-than-expected financial performance for the 2021 fiscal year, driven by higher revenues due to a stronger economic recovery in 2021 and lower-than-budgeted spending on Covid-19 response measures, such as the variant of Omicron with Menos met with intensity. As expected, there will be no more draws on Past Bookings.

(a) First, the additional financial support provided should prevent fueling further inflationary pressures. This is why these measures aim to provide more help to vulnerable and low-income groups who are disproportionately affected by rising prices.

B) Second, we must not distort price signals, as these are necessary to guide our economic recovery and transformation. In particular, we must continue our efforts to tackle climate change and care for our rapidly aging population. These structural movements will allow us to move towards a more sustainable, inclusive and productive economy. However, we recognize that some businesses face higher operating costs in the short term and may require additional support. We will therefore do more to support businesses and workers during this transition.

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C) Thirdly, we must advance our medium-term plan and chart our course in a responsible and fiscally sustainable manner. There is considerable uncertainty about how long or how big the challenges will be.

· GSTV – Special cash payment of up to $300 in addition to regular GSTV-Cash received this year.

· A one-off discount of $150 for taxi prime hires and private hire vehicle drivers in August 2022.

· Up to $300 cash under NTUC’s Self-Employed and Self-Employed Assistance Scheme (U FSE) for combined bus drivers, limousine drivers, delivery drivers and motorcyclists who are members of the association. Application is required.

Small Business Relief Fund 2.0

The government contribution to support the Progressive Wage Credit Scheme (PWCS) will increase in 2022 from 50% to 75% for wages up to $2,500 (Tier 1) and from 30% to 45% for wages above $2,500. $3000 (second floor).

· Businesses can benefit from the current Job Growth Incentive until September 2022 when they hire adult jobseekers who have not worked for at least six months, as well as people with disabilities or ex-offenders. To maintain support for employers of vulnerable workers, we will extend the JGI for a further six months until March 2023. MOM will provide more details of the JGI extension closer to its expiry.

One-month tax break for foreign workers for 11 Singapore chicken slaughterhouses to support businesses affected by chicken export ban.

· Energy efficiency grants for local SMEs in the catering, food manufacturing and retail sectors with up to 70% support for the use of energy efficient equipment in pre-authorised categories.

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· Corporate Finance Scheme: The maximum loan amount for business loans has been increased to $10 million from 1 July 2022 to 31 March 2023. In this period, the risk fee has increased by 70%.

· Business Finance Scheme: The maximum working capital loan amount for SMEs has been increased to $500,000 from 1 October 2022 to 31 March 2023, after the temporary loan scheme expires on 30 September 2022.

7. GSTV: Cash recipients[1] will receive a special payment of up to US$300 in additional cash in August 2022. About 1.5 million Singaporeans will be eligible for the special payment and will be notified of their payments in August 2022 .

8. A credit of US$100 will be paid to all households in Singapore to help offset utility bills.

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9. To provide continuous and permanent support to people with limited resources and the elderly, two regimes are being increased:

A) ComCare will be strengthened to provide additional assistance to households in SMTA or LTA. A single-person household in the ComCare LTA will receive a higher cash assistance of $640 per month, an increase of $40 from the current rate of $600 per month. Households with more members will receive more. Those applying for a ComCare SMTA or applying to extend their existing SMTA can expect to receive cash assistance and more support for their utility bills. The amount of the aid will vary depending on the family composition, needs and income.

B) The Singapore allowance and monthly pension ceiling for retirees receiving lower pensions will each increase by $30 to $350 and $1,280 respectively.

10. The Progressive Pay Credit Scheme (PWCS) was announced in Budget 2022 as a way for the government to help fund pay rises for the lowest paid workers under progressive pay moves. To provide additional assistance to these workers, we will increase the government’s financial assistance share of eligible wage increases in 2022 from 50 percent to 75 percent for resident employees with monthly gross wages up to $2,500 (tier one) and from 30 percent one hundred Up to 45% for employees with a gross monthly salary of more than $2,500 and up to $3,000 (second tier). Other existing design parameters remain unchanged.

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11. The Job Growth Incentive (JGI) helps employers hire mature job seekers who have been out of work for at least six months, as well as people with disabilities or ex-offenders. The current JGI phase ends in September 2022. To maintain support for employers of vulnerable workers, we will extend the JGI for a further six months until March 2023. MOM will provide more details of the JGI extension closer to its expiry.

12. Rising fuel prices have increased costs for many self-employed people who depend on their vehicles for a living, while Malaysia’s ban on live chicken exports has disrupted the livelihoods of poultry slaughterhouses. We will provide specific assistance to these groups.

13. Major taxi hires and private hire vehicle drivers will receive a $150 discount in August 2022.

14. Hybrid bus and limousine drivers who are members of the National Association of Private Hire Vehicles, as well as delivery drivers and delivery riders who are members of the National Association of Delivery Champions, may apply for the NTUC U Assistance Scheme ESF 2022. . Successful applicants will receive a cash rebate of up to $300. More details on the NTUC U FSE Relief Scheme 2022 will be provided by August 2022.

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15. The government will also offer a one-month tax break for foreign workers whose livelihoods depend on supplying live chicken to Singapore’s 11 chicken slaughterhouses. This will help maintain industry capabilities amid the export ban.

16. More generally, the government will take steps to help businesses cope with rising energy costs by investing in more efficient equipment. It’s a more sustainable way to help our business deal with energy prices that are out of our control.

17. A new energy efficiency grant will support local SMEs in the food service, food manufacturing and retail sectors by up to 70 per cent to adopt energy efficient equipment in pre-approved categories. These are the sectors that have been significantly affected by the increase in the price of electricity in terms of the impact on their overall business costs. The grant helps these companies improve energy efficiency and reduce rising business costs

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