Government Support Measures for COVID-19

A comprehensive list of measures rolled out by the government to support SMEs in Singapore during the COVID-19 pandemic.

  • Employment & Salaries
  • Taxes & Government Charges
  • Leases & Contracts
  • Loans & Insurance

1.0 Employment & Salaries

1.1 Jobs Support Scheme (JSS)

What?

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%.

Eligiibility

For the remaining months (exclusive of April 2020), check for your eligibility here

  • Aviation and Tourism - 75% of the first $4,600 of gross monthly wages per local employee
  • Food Services – 50% of the first $4,600 of gross monthly wages per local employee
  • All other sectors – 25% of the first $4,600 of gross monthly wages per local employee

How to Apply?

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.

1.2 Wavier of Foreign Worker Levy (FWL)

What?

Eligibility?

All businesses with Work Permit and S Pass holders.

How to Apply?

Application is not required, waiver will be applied automatically.

1.3 Foreign Worker Levy (FWL) Rebate

What?

Foreign Worker Levy rebate of $750 in April 2020 from levies paid this year for each Work Permit or S Pass Holder.

Eligibility?

All businesses with foreign workers. Rebate value is dependent on previous levies paid in 2020.

How to Apply?

Application is not required, benefit will be applied automatically. Check your rebate on the CPF website.

2.0 Taxes & Government Charges

2.1 Corporate Income Tax Rebate

What?

25% Corporate Income Tax Rebate for the year 2020 of up to $15,000 per company

Eligibility?

All businesses. Calculate your business’ rebate here.

How to Apply?

Application is not required. Payouts will be credited via GIRO bank, PayNow Corporate or cheque.

2.2 Deferment of Corporate Income Tax

What?

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.

Eligibility?

All businesses.

How to Apply?

Application is not required, deferment will be applied automatically. 

2.3 Property Tax Rebate

What?

No Property Tax for 2020 for qualifying commercial properties and 30% Property Tax Rebate for 2020 for businesses in other non-residential properties.

Eligibility?

Check for your eligibility here

  • Property Tax Payable Rebate of 100% – Hotels, Suntec Singapore Convention and Exhibition Centre, Singapore EXPO, and Changi Exhibition Centre, Singapore Changi Airport, Singapore Cruise Centre, Marina Bay Cruise Centre Singapore and Tanah Merah Ferry Terminal, Shops (e.g. retail) and restaurants, Premises of tourist attractions
  • Property Tax Payable Rebate of 60% – Marina Bay Sands and Resorts World Sentosa
  • Property Tax Payable Rebate of 30% – Most remaining premises

How to Apply?

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.

2.4 Government Fees & Charges freeze

What?

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.

Eligibility?

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.

How to Apply?

Application is not required, benefit will be applied automatically

3.0 Leases & Contracts

3.1 Relief for Contractual Obligations

What?

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.

Eligibility?

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:

  • Leases or licences for non-residential immovable property
  • Construction contract or supply contract
  • Contracts for the provision of goods and services for events
  • Certain contracts for goods or services for visitors to Singapore, domestic tourists or outbound tourists, or promotion of tourism
  • Certain loan facilities granted by a bank or a finance company to SMEs.

How to Apply?

Application is not required, benefit will be applied automatically.

*Aspire is not a participating company

3.2 Rental Waiver of Government Agencies

What?

Rental waiver of up to 3 months for industrial, office and agricultural tenants of government agencies.

Eligibility?

Various lessees and tenants under Government Agencies:

  • Stallholders of Hawker Centres and Markets – 3 months’ worth of Rental Waiver
  • Commercial Tenants – 2 months’ worth of Rental Waiver
  • Other Non-Residential Tenants (Government agencies such as JTC, SLA, HDB, URA, BCA, NParks, and PA will provide half a month’s worth of rental waiver to eligible tenants of other non-residential premises who do not pay Property Tax. Eligible tenants/lessees may include those in premises used for industrial or agricultural purpose, or as an office, a business or science park, or a petrol station.) – 0.5 months’ worth of Rental Waiver

How to Apply?

Application is not required, waiver will be applied automatically.

4.0 Loans & Insurance

4.1 Loans

What?

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.

Eligibility?

All businesses are eligible, subject to assessment by Participating Financial Institutions.

How to Apply?

Apply from Enterprise SG here or you can also apply for a loan with Aspire here.

Business affected by COVID-19? Overcome your business cashflow with Aspire’s up to $300k line of credit. Apply here

4.2 Defer Principal Payment

What?

Defer principal payment of Secured SME loans until 31 December 2020.

Eligibility?

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.

How to Apply?

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.

4.3 Insurance

What?

Enhanced Loan Insurance Scheme subsidies 80% of businesses for loan insurance premiums.

Eligibility?

  • Being a business entity that is registered and physically present in Singapore
  • At least 30% local equity held directly or indirectly by Singaporean (s) and/or Singaporean PR
  • Group revenue of up to S$100mil or maximum employment of 200 employees

How to Apply?

Apply to your insurer to pay your company’s general insurance premiums (e.g. property, trade credit, vehicles) in instalments.

How can Aspire better support your company?

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

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Author

A shopaholic trying to minimalist. Keyword: trying

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