With the latest Phase 2 reintroduction in Singapore in May 2021, many businesses are yet again feeling the squeeze. The Singapore government has rolled out its latest financial support to help businesses affected by the restrictions. Let us explore the support package in this article.
Enhancement to the Jobs Support Scheme (JSS)
Industries most impacted by the 2021 Phase 2 restrictions were those where businesses were forced to suspend their operations. The Singapore government introduced enhanced JSS support covering 50% of the qualified salary for the period 16 May 2021 to 13 June 2021. Qualifying industry list:
- F&B establishments
- Gyms and fitness studios
- Performing arts organisations
- Art education centres
For industries that were still operating but were significantly affected by the restrictions, the Singapore Government will provide support of 30% of the qualified salary for the period 16 May 2021 to 13 June 2021. Qualifying industry list:
- Retail
- Personal care services
- Museums
- Art galleries and historical sites
- Cinemas
- Indoor playgrounds and other family entertainment centers
Rental support for qualifying tenants of commercial properties
The Singapore government will provide rental relief to SMEs, and eligible non-profit organisations where annual revenue does not exceed $100 million.
For tenants who occupy Government-owned commercial properties, a one-month rental relief will be offered. Tenants will be required to pass down the rental relief received to qualifying sub-tenants if any.
For non-government owned properties, a 0.5-month rental relief will be provided to qualifying tenants. Property owners who run an SME business or non-profit organisation on their own property will also be eligible for the cash pay-out.
COVID-19 Recovery Grant (Temporary) (CRG-T)
This is one-off support for lower to middle-income employees, including self-employed who have been financially impacted by the Phase 2 restriction. Eligible criteria are:
- Receive up to $700 grant –
- individuals who were placed on involuntary no-pay leave during the period 16 May 2021 and 30 June 2021,
- Receive up to $500 grant –
- Individuals who experienced significant income loss i.e. more than 50% for at least one month during the period 16 May 2021 and 30 June 2021
Additional Support
Temporary Bridging Loan Programme (TBLP) and the enhanced Enterprise Financing Scheme (EFS) will continue to be available for businesses that experience cashflow challenges.
You can also check out invoice finance with InvoiceInterchange that will advance your business cash within 24 hours against your unpaid customer invoices. The account setup is quick and simple, why wait. Talk to one of our friendly team members today to see how we can support your business cash flow during this challenging time.
