A comprehensive list of measures rolled out by the government to support SMEs in Singapore during the COVID-19 pandemic.
The Jobs Support Scheme pays up to 75% of the first $4,600 of wages paid for 9 months for all local employees. For April 2020, all sectors are paid 75%.
For the remaining months (exclusive of April 2020), check for your eligibility here.
Application is not required, IRAS will notify employers by post of the tier of support and the amount of JSS payout payable to them. Payouts will be credited in 3 stages via GIRO bank, PayNow Corporate or cheque in April, July and Oct 2020.
Waiver of Foreign Worker Levy due in April 2020.
All businesses with Work Permit and S Pass holders.
Application is not required, waiver will be applied automatically.
Foreign Worker Levy rebate of $750 in April 2020 from levies paid this year for each Work Permit or S Pass Holder.
All businesses with foreign workers. Rebate value is dependent on previous levies paid in 2020.
Application is not required, benefit will be applied automatically. Check your rebate on the CPF website.
25% Corporate Income Tax Rebate for the year 2020 of up to $15,000 per company
All businesses. Calculate your business’ rebate here.
Application is not required. Payouts will be credited via GIRO bank, PayNow Corporate or cheque.
Automatic deferment of income tax payments for 3 months, companies pay income tax for financial year 2019 profits from July 2020 instead of April 2020.
All businesses.
Application is not required, deferment will be applied automatically.
No Property Tax for 2020 for qualifying commercial properties and 30% Property Tax Rebate for 2020 for businesses in other non-residential properties.
Check for your eligibility.
Application is not required, IRAS will inform owners of qualifying properties on their property tax rebates by 31 May 2020. Owners are not required to submit any claims for the rebate. Owners of qualifying properties can expect to receive their refunds by 30 Jun 2020.
All fees and charges for government-provided services will not be increased for one year, from 1 April 2020 to 31 March 2021. Fees and charges will continue to be collected during this period, but at the current rates.
All business fees, some examples are LTA and STB licence fees, SFA food import permits, ACRA company registration fees, NEA inspection fees, and fees for certification of government documents.
Application is not required, benefit will be applied automatically
Temporary Relief for Inability to Perform Contractual Obligations such as paying rent, repaying loans, or completing work, for a period. Legal actions such as court and insolvency proceedings, enforcement of security over immovable and movable property used for business or trade; call on a performance bond given pursuant to a construction contract; and termination of leases of non-residential premises are prohibited.
Contractual obligations that are to be performed on or after 1 February 2020, for contracts entered into or renewed before 25 March 2020 for 6 months including:
Application is not required, benefit will be applied automatically.
*Aspire is not a participating company
Rental waiver of up to 3 months for industrial, office and agricultural tenants of government agencies.
Various lessees and tenants under Government Agencies:
Application is not required, waiver will be applied automatically.
Government’s risk share of loans made under the Temporary Bridging Loan Programme (up to $5 million), Enhanced Enterprise Financing Scheme (EFS) – SME Working Capital Loan (up to $1 million) and EFS – Trade Loan (up to $10 million) are at 90% for loans initiated from 8 Apr 2020 till 31 Mar 2021. Defer capital payment for up to 1 year for above loans and receive lower interest rates.
All businesses are eligible, subject to assessment by Participating Financial Institutions.
Apply from Enterprise SG here or you can also apply for a loan with Aspire here.
Defer principal payment of Secured SME loans until 31 December 2020.
Eligible for borrowers who are not 90 days past due on loan repayments as of 6 April 2020. Interest remains payable, including additional interest accrued on the deferred principal amount.
Aspire offers a relief program to affected customers and other businesses from selected industries such as medical business, e-commerce and more. For further service and support, please contact us at sg@aspireapp.com.
Enhanced Loan Insurance Scheme subsidies 80% of businesses for loan insurance premiums.
Apply to your insurer to pay your company’s general insurance premiums (e.g. property, trade credit, vehicles) in instalments.
We would like to play our part providing SMEs with easy and hassle-free up to $300k business line of credit to aid with your cash flows.
Aspire is proud to support Singaporean businesses with a low-interest, S$300k working line of credit. Read more here.