Government Schemes For Small Businesses Loans

Government Schemes For Small Businesses Loans – During this break-even period, many companies may be out of business or may only be able to operate at a greatly reduced level. To help businesses maintain their strengths and capabilities so they can thrive once the circuit breaker is lifted, Deputy Prime Minister and Finance Minister Heng Swee Keat announced further support on 6 April 2020.

In my Ministerial Statement on 26 March in this house, I mentioned the 3 Cs of support for the immediate needs of companies – cash, costs and credit. I will add support to all three areas.

Government Schemes For Small Businesses Loans

Here’s an overview of the support businesses can get from the Solidarity Budget, as well as an overview of the previously announced Unity Budget and Resilience Budget.

Enterprise Sustainability Programme

Businesses will receive additional support for labor and rental costs, as well as financial support during this break-the-cycle period.

To help businesses keep their employees in the coming weeks, when many companies cannot work or can only work to a limited extent, and to keep businesses well and doing quickly after the circuit breaker is removed, the Job Support Scheme (JSS). ) will be enhanced. The wage subsidy for all companies will increase to 75% of total monthly wages for $4,600 of wages paid in April 2020, for all domestic workers. This comes from 25% of the first $4,600 of monthly wages for all domestic workers in the past.

This wage subsidy applies to every domestic worker over 1.9 million. The first payment of JSS will be carried over from May to April 2020.

In addition, support will be provided to reduce the labor costs of employers who have hired foreign workers, to help them retain those workers during this cyclical period. There will be a monthly foreign worker fee waiver due in April 2020, as well as a $750 foreign worker tax credit for each work permit holder or S-Pass holder, based on previous fees paid in 2020.

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The Ministry of Justice will present a bill that would allow businesses and individuals to postpone certain contractual obligations, such as paying rent, paying loans or completing work for a certain period of time. The bill would also ensure that property owners pass on full property tax credits to renters to lower their rental costs.

The settlement will increase the rent exemption for industrial, office and rural office lease tenants to 1 month, from the previously announced 0.5 month rent exemption.

Further improvements will be made to business financial support so that businesses can continue to receive credit despite the uncertainty.

The risk component of loans issued under the Enterprise Financing Scheme (EFS) – Working Capital Loan and EFS – Business Loan will increase from 80% to 90% for loans initiated from 8 April 2020 to 31 March 2021.

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To help SMEs with temporary cash flow problems, the Monetary Authority of Singapore (MAS), together with financial institutions introduced a package of measures. Details here.

To provide immediate financial assistance to the self-employed, the Self-Employed Income Support Scheme (SIRS) will also be strengthened. Details here.

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We use cookies to customize your browsing experience. By continuing to use, you agree to our use of cookies. To reject cookies at any time, you can adjust your browser settings. Learn more about your cookie preferences here. As most of us should know, our government in Singapore has been pushing for grants, projects, loans and initiatives to boost the local economy and help businesses deal with COVID-19. Previously, with $33 billion allocated in the Fortitude Budget, the government committed nearly $100 billion to support Singaporeans in this fight against COVID-19. In an update from the 2021 budget speech, at least $11 billion has been allocated to support businesses and a better economy.

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We’ve also compiled a list of Singapore grants, projects, loans and programs that you may want to apply for to reduce your business costs and increase productivity in the years to come!

The Enterprise Development Grant (EDG) helps Singapore companies grow and transform. This grant supports projects that help you improve your business, innovate or operate abroad, in three pillars: Core competence, Innovation and productivity, Market access.

The grant funds eligible project costs, i.e. third-party consultant fees, software and equipment, and internal staff costs.

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As announced in the 2020 supplementary budget, the maximum level of assistance will increase to 80% from 1 April 2020 to 30 September 2021.

For businesses most affected by COVID-19, the maximum level of support can be increased to 90% on a case-by-case basis until 31 December 2020.

Companies wishing to improve land use through domestic or international relocations can use the Land Productivity Grant (LPG) to cover part of the initial cost of relocation. The cost elements that can be used will be the one-time, non-capital costs associated with the move.

Financial assistance for approved projects will vary between 10% and 70% of eligible costs and depends on the amount of land provided and the remaining lease term.

Unlocking Growth In Small And Medium Enterprises

Modifying the production structure and moving existing operations from a ground station to a higher location or other in-country ground development with a smaller footprint.

Small and medium-sized enterprises (SMEs) will get a global boost with a Market Readiness Assistance (MRA) grant to help your business overseas. Companies can expect support with comprehensive FTA advice and overseas business development.

The Productivity Solutions Grant (PSG) supports companies interested in using ICT solutions and equipment to improve business processes.

PSG covers industry specific solutions including the retail, food, logistics, precision engineering, construction and landscape industries. In addition to industry-specific solutions, PSG also supports the adoption of cross-industry solutions such as in the areas of customer management, data analytics, financial management and inventory tracking.

Business First Loan

As announced in the 2020 supplementary budget, the PSG will be strengthened to encourage companies to continue their efforts to improve digitization and productivity. The maximum funding level will increase to 80% from 1 April 2020 to 30 September 2021.

$2 billion in cash grants to help SME tenants with rental costs. Including property tax cuts for 2020, the government will:

There will also be additional rent exemptions for commercial and non-residential tenants of government properties – including owners of malls and markets, tenants of commercial buildings and industrial, office and agricultural tenants.

Eligible property owners who will receive assistance through the Government Cash Grant must also provide the necessary rental relief to eligible Small and Medium Enterprises (“SMEs”) and certain not-for-profit property tenants identified under the Tenancy Assistance Scheme. .

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Under the Rent Support Scheme, which includes Rent Support and Additional Rent Support, the rent used and any interest paid on the rent is waived for the relevant months, depending on the tenants’ eligibility for Rent Support and Additional Rent Support.

Landlords/intermediate landlords (ie tenants who own their rental properties) can offset the following against the rental exemption obligation above:

The Startup SG Tech Grant accelerates the development of proprietary technology solutions and stimulates the development of startups based on proprietary technology and scalable business models.

For applications received from 1 August 2017, grants will be awarded after each milestone is completed. unlike before for payment. The grant will also include an equity component where Enterprise Singapore will have the right to subscribe for shares. This is intended to foster greater financial discipline and a growth-oriented mindset that is strong among venture-backed startups.

Tourism Sustainability Programme (tsp)

The Sports Resilience Package aims to support key players in the sports ecosystem, maintain core competencies in athlete pathways and development pipelines, as well as encourage the industry to provide innovative sports structures for Singaporeans to stay active.

The Operating Grant will provide additional support to more than 100 organizations, including private academies and clubs, private league operators and facility operators that contribute to the development of the athlete pipeline. Eligible organizations will receive approximately 25% of their total operating costs, which is $15,000 per month, from now until March 2021.

Self-employed professionals, independent trainers as well as businesses can apply for the Digital Content Development Grant, which aims to improve the quality of digital game production and broaden their reach by hosting content on the ActiveSG Circle online platform. Successful grant applicants will be able to use the Circle as a testing ground

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