Singapore provides small businesses with financial aid
- Charles Chau
- Topics: Compensation and Benefits, Home Page - News, News, Singapore
To help these businesses get back on their feet, a total of S$132 million (US$95.2 million) was disbursed to small businesses in sectors most affected by safe management measures last year through the Small Business Recovery Grant (SBRG), said the Ministry of Trade and Industry (MTI) and Inland Revenue Authority of Singapore (IRAS).
These include firms in the food and beverage, retail, tourism and hospitality sectors.
The grant, which provides one-off cash support to businesses, was announced at Budget 2022 as part of the S$500 million (US$361 million) set aside for the Jobs and Business Support Package.
MTI said eligible businesses received S$1,000 (US$721) for each Singapore citizen or permanent resident employee with mandatory Central Provident Fund contributions and who was employed from November 1, 2021 to December 31, 2021.
This was capped at S$10,000 (US$7,211) per firm, the ministry said.
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Eligible sole proprietorships, partnerships as well as hawkers, market and coffee shop stallholders licensed by the Singapore Food Agency also received a flat payout of S$1,000 (US$721) – even if they did not employ any workers during this period, said MTI.
