- March 29, 2020
- Posted by: avantconsulting
- Category: SME Loans
Covid-19 Triggered Singapore Supplementary Budget in March 2020 – The Covid-19 outbreak has become something much worse than expected and many major economies are currently under lockdown and even our closest neighbour, Malaysia has been placed under lockdown for the past 2 weeks and looks to be in that situation for another two more weeks.
Singapore is currently undergoing tough times and a likely recession is going to hit our shores in the next few weeks to come.
Deputy Prime Minister Heng Swee Keat has recently on the 26th of March announced a supplementary budget – https://www.singaporebudget.gov.sg/budget_2020
In this budget, most businesses are going to get some help from the government in the form of direct help with salary amounts. For those in the services lines, there will be a 25% subsidy of Singaporean salary and for those that are in the aviation sector, will see 75% of their salaries supported by the government. Read here: https://www.straitstimes.com/politics/151b-boost-to-enhanced-jobs-support-scheme-amid-covid-19-outbreak-government-to-subsidise
Singapore businesses can also tap on the Productivity Solutions Grant and Enterprise Development Grant will be raised to 80 per cent and 90 per cent respectively to help transformation, read here to find out more: https://www.straitstimes.com/politics/covid-19-19b-set-aside-to-make-sure-singapores-economy-and-society-emerge-stronger-after
Self employed persons will also get $1,000 a month for the the next 9 months to help them tide through this very tough period in our economy.
Together with this, the government has also approved an increase of the Singapore Working Capital Loan from the initial amounts of $300,000 per company to $600,000 just a month ago to right now a $1 million per qualifying company to help Singapore Small and Medium Enterprises to tide through and pull through this extraordinary economic downturn.
Avant Consulting Pte Ltd is currently working very closely with the SME businesses in Singapore to help everyone to get access to as much capital as we can find for you to help you tide through this tough times but if you wish to get access, you should start early and start soon.
Banks look at your bank statement and also the risk of your business folding and if you are high risk, there is a high chance that you may not get access to the funding you need in time.
Do not wait till you have a cash flow issue before you start thinking of working something out with us.
Set a consultancy appointment with our Singapore SME Loan Brokers now so that we can speak to you to understand your business more and also for you to understand the procedures of getting the Singapore Bank Loans.