When Are Small Business Grants Being Paid – 1. Deputy Prime Minister and Minister of Finance Lawrence Wong announced a $1.5 billion support package to provide targeted assistance to low-income and vulnerable groups. This package will also provide more support to local businesses in terms of business and workforce transformation. This is based on the support measures announced in Budget 2022 and in April 2022. This package will be supported from better than expected economic results in FY2021 and there is no longer a deficit in the reserves previously.
2. The government expected price increases at the start of the year, and has responded with a comprehensive package of measures in budget 2022, to reduce the frequency of high prices. Some of the bills have already been implemented and others will continue to be passed in the coming months. Support measures to cushion the impact of the GST rate increase in January 2023 and January 2024 have also been announced in Budget 2022.
When Are Small Business Grants Being Paid
3. In April 2022, the government extended the payment of Community Development Council (CDC) vouchers to all households in Singapore until May 2022, and Small Business Recovery Assistance for SMEs until June 2022. and more help for vulnerable families in the extension. of ComCare Short to Medium Term Support, and the second phase of Public Transport Vouchers.
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4. However, the ongoing war in Ukraine as well as ongoing COVID-19 restrictions in parts of the world have disrupted supply chains, leading to high energy and food prices. These factors led to a stronger than expected increase in inflation across major economies. Global inflation is likely to remain high for some time, and may increase even before it stabilizes and improves. Similarly in Singapore we must prepare for higher prices in the coming months. In particular, energy prices may continue to rise in the second half of the year.
5. Due to the current situation, the government will provide a support package of 1.5 billion dollars to provide immediate and targeted assistance, especially to people with low incomes and vulnerable groups. A summary of the steps in the package is given in the table below and details are in the appendix. The package is supported by better-than-expected fiscal results for FY2021, driven by higher revenue due to strong economic recovery in 2021, and lower-than-expected spending on COVID-19 response measures because the Omicron load was too low. more than expected. There will be no further withdrawals from reserves earlier.
A) First, additional financial support should avoid further inflationary pressures. The measures therefore aim to provide additional assistance to low-income earners and vulnerable groups, who are disproportionately affected by high prices.
B) Second, we must not distort price signals, because these are necessary to facilitate our organization and economic transformation. In particular, we must continue the work to tackle climate change and take care of an aging population. These structural changes will allow us to move towards a sustainable, inclusive and productive economy. However, we know that some businesses have high operating costs in the long term and may need additional support. So we will do more to support businesses and workers through this change.
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C) Third, we must continue our medium-term plan and plan the way forward in a fiscally responsible and sustainable way. There is still considerable uncertainty about how long or how deep the challenges will be going forward.
· GSTV – Special cash payment of up to $300, in addition to the regular GSTV cash received this year.
· A one-off grant of $150 for large taxi employers and private hire car drivers in August 2022.
· Up to $300 in cash under the NTUC Voluntary and Voluntary Assistance Scheme (U FSE) for combi bus drivers, limousine drivers, transport drivers and motorcyclists who are members of the organisation. An application is required.
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The government’s share of co-funding for the 2022 Progressive Wage Credit Scheme (PWCS) will increase from 50% to 75% for wages up to $2,500 (Primary Level) and from 30% to 45% for earnings above $2,500 to $3. , 000 (second level).
· Businesses can continue to benefit from the current job growth stimulus until September 2022, when hiring skilled workers who have been unemployed for at least six months, as well as people with disabilities or people who were criminals. To support employers of vulnerable workers, we will extend the JGI by a further six months until March 2023. MOM will provide more information on the extension of the JGI closer to finalisation.
· 1 month foreign worker tax subsidy for 11 chicken slaughterhouses in Singapore to support companies affected by the chicken export ban.
· Energy efficiency support for local SMEs in food services, food production and retail trade with up to 70% support for adopting energy efficient equipment in pre-approved sectors.
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· Business Assistance Scheme – Maximum loan amount for business loans increased to $10 million from 1 July 2022 to 31 March 2023; An increase in the risk factor of 70% in this period.
· Enterprise Funding Scheme – The maximum loan amount for the SME working capital loan has increased to $500,000 from 1 October 2022 to 31 March 2023, after the bridging loan period ends on 30 September 2022.
7. GSTV – Recipients In particular for their payments in August 2022.
8. Each household in Singapore will be given a household credit of US$100 to cover the cost of goods.
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9. In order to provide continuous support to people with low incomes and the elderly, two projects shall be implemented:
A) ComCare will be developed to provide additional support to SMTA or LTA families. A single person household in the ComCare LTA will receive a maximum grant of $640 per month, an increase of $40 from the current level of $600 per month. Families with more members get more. Those applying for a ComCare SMTA or applying to renew their current SMTA can also expect to receive higher income support and support for their utility costs. The level of support varies according to the family’s structure, needs and income.
B) The Singapore allowance and the monthly pension cap for retirees drawing the minimum pension will be increased by $30 each, to $350 and $1,280 respectively.
10. The Progressive Pay Credit Scheme (PWCS) was announced in the 2022 Budget as a way for the Government to subsidize the pay rise of our low paid workers under progressive pay schemes. To continue to help these workers, we will increase the government’s share of the relevant wage increase in 2022 from 50% to 75% for resident workers on the highest monthly wage of $2,500 a month (first rate) and from 30% to 45%. for workers with a monthly salary above $2,500 and up to $3,000 (second level). All other project parameters remain unchanged.
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11. The Job Growth Incentive (JGI) supports employers to hire job-seeking adults who have been unemployed for at least six months, as well as people with disabilities or older criminals. The current phase of the JGI will end in September 2022. To support employers of vulnerable workers, we will extend the JGI for a further six months until March 2023. MOM will provide more information on the extension of the JGI as it comes to an end.
12. The increase in fuel prices has increased the costs of many self-employed people who depend on their cars for a living, and the ban on the export of live chickens from Malaysia has damaged the livelihood of broilers. We will make targeted donations to these groups.
13. Major taxi hire and private hire car drivers will receive a one-off relief of $150 in August 2022.
14. Drivers of combi buses and limousines who are members of the National Association of Private Hire Vehicles, as well as transport drivers and motorcyclists who are members of the National Association of Veterans Candidates will be eligible to apply for the NTUC U. FSE 2022 Scholarship Scheme. Successful applicants will receive a one-time stipend of up to $300. More information about NTUC U FSE Relief Scheme 2022 will be provided in August 2022.
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15. The government will also provide a month’s tax on foreign workers for the 11 chicken slaughterhouses in Singapore, whose livelihoods depend on the supply of live chickens. This will help to maintain the company’s efficiency amid foreign restrictions.
16. In general, the Government will provide measures to help companies deal with the increase in electricity costs, by supporting financial investments in energy-efficient equipment. This is a more sustainable way to help our businesses manage electricity prices that are out of our control.
17. The new energy collaboration grant will provide up to 70% support to local SMEs in food services, food production and retail to adopt energy efficient products in approved sectors. These are the sectors most affected by high electricity prices, in terms of impact on the company’s overall costs. The grant will support companies like this to improve energy efficiency and reduce business costs
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