Overcoming The Crisis
For self-employed persons
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- Support for self-employed persons
- $3,000 cash payout each in May, July and October 2020
- Criteria broadened to benefit more self-employed persons
- $10/hour training allowance, on top of subsidies that cover up to 90% of course fees
- Applications closed on 31 December 2020
COVID-19 Recovery Grant
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- Up to $700 a month for three months, for lower- to middle-income employees and self-employed persons (SEPs) who are financially impacted by COVID-19
- Applications open from 18 January 2021
Support for training
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Opportunities for individuals
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Hiring incentive for employers who hire local workers, who had gone through reskilling or training programmes (replaced by Jobs Growth Incentive from 1 Sep 2020)
- 20% of monthly salary support for 6 months, capped at $6,000 in total, when hiring workers under aged 40
- 40% of monthly salary support for 6 months, capped at $12,000 in total, when hiring workers aged 40 and above
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Support for enterprises to develop workers
- $10,000 SkillsFuture Enterprise Credit per enterprise to help upskill and reskill workforce
- Productivity Solutions Grant to help enterprises with job redesign
Saving jobs and livelihoods
Lower costs for businesses
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Jobs Growth Incentive
- $1 billion programme to support firms that will increase headcount of local workers from September 2020 to February 2021
- For each new local hire, employers will receive wage subsidy for 12 months
- Up to 25% wage subsidy for new hires below 40 years old, and
- Up to 50% for those aged 40 and above, both subject to cap
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Extension of Jobs Support Scheme
- Employers to receive wage support of 10% - 50% offset for first $4,600 of monthly wage for all local workers, up till March 2021
- Support based on projected recovery of the different sectors
- Eligible Shareholder-Directors will also benefit
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Property tax deferment
- Deferment of income tax payments for 3 months until June 2020
- Property Tax Rebate of 30% to 100% for businesses in commercial and non-residential properties (eligibility period ended in December 2020)
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Rental waivers
- COVID-19 (Temporary Measures) Act allowing individuals and businesses to defer contractual obligations such as paying rent, repaying loans and completing work, for a period
- Up to 2 months’ rental offset for SME tenants in commercial, industrial, and office properties in June and July 2020
- Up to 5 months’ rental waiver for Government tenants in 2020, such as hawker centre and market stallholders
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SME Centre Business Advisors
- Consult SME Centres’ Business Advisors for support measures and group-based upgrading projects
Encourage entrepreneurship and business growth
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- Up to $150 million enhancement to Startup SG Founder programme to raise startup capital grant and provide mentorship
- Enterprise Leadership for Transformation programme to support business leaders of promising SMEs in developing business growth plans
Support for digitalisation
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- $300 per month over five months to encourage stallholders to adopt e-payment methods (both existing and new sign-ups by 31 December 2020)
- $5,000 payout for businesses that digitalise basic payment and invoicing such as Corporate PayNow
- Additional $5,000 payout for F&B and retail businesses that adopt advanced digital solutions (for food services and retail enterprises that are incorporated on or before 26 May 2020)
- $250m set aside to help businesses digitalise with platform solution providers
- E-commerce and Food Delivery Booster Packages supported more than 10,000 food services and retail businesses in adopting digital solutions
Ease businesses’ cash flow
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- Help with loan insurance payments
- Corporate income tax deferred
- Planned increase in CPF contribution rates for senior workers deferred to 2022
- Up to 2 months’ extension of Foreign Worker Levy waiver and rebate for businesses that cannot resume on-site operations
Improve businesses’ access to credit
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- Enhanced financing schemes such as Temporary Bridging Loan Programme and Enterprise Financing Scheme available until March 2021
- Defer payment on principal of loans
- $585m financing support for start-ups in growth sectors
