Realising this, the government has taken steps to improve their well being and in recent weeks, made several encouraging announcements regarding financial incentives to rejuvenate the sector. Small- and medium-size enterprises (SMEs) will continue to receive help to cope with the Covid-19 pandemic as part of additional support measures expected to cost S$1.2 billion.
In addition to the existing measures, two financing schemes will be extended for an additional six months from 1 October 2021 to 31 March 2022 - the Temporary Bridging Loan Programme and the Enhanced Enterprise Financing Scheme – Trade Loan. The Monetary Authority of Singapore will also extend the MAS Singapore Dollar Facility for Enterprise Singapore Loans, as announced by the government.
Existing Covid-19 support measures are already assisting SMEs, including the Jobs Support Scheme (JSS) which subsidises local employees' salaries, tax rebates and loans.
Of the S$22 billion worth of loans to more than 25,000 companies through Enterprise Singapore's financing schemes since the start of 2020, 99 per cent were to SMEs and about two-thirds of the S$26.7 billion of JSS paid out to-date went to SMEs, along with about 90 per cent of the benefits from corporate tax rebates last year.
JSS, rental waivers and some other support measures were extended and enhanced for selected sectors through Phase 2 and Phase 3, a phase termed as ‘Heightened Alert'.
For instance, from May 16 to Jul 11, Singapore provided 50 per cent of JSS support for businesses that had to suspend all or most of their operations like food & beverage outlets, gyms and the arts sector.
JSS support of 30 per cent was given to other sectors that were affected such as retailers, cinemas and other public entertainment businesses.
Denne historien er fra Issue 36, 2021-utgaven av SME Magazine Singapore.
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Denne historien er fra Issue 36, 2021-utgaven av SME Magazine Singapore.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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