SMEs- Jobs Support Scheme and Enterprise Financing Scheme

  • user-iconAero Credit
  • calendar20 April, 2020

Due to Covid-19, many businesses are facing difficulties.

In order to support SMEs to get through this challenging period and to retain their workers, government has announced the Jobs Support Scheme (JJS) and Enterprise Financing Scheme, includes:

  • Government’s risk share increase to 90% for Enterprise Financing Scheme Trade Loan, Working Capital Loan and Temporary Bridging Loan Programme.
  • Banks are offering Temporary Bridging Loan Programme, with maximum loan quantum of $5million, and SME Working Capital Loan with maximum loan quantum of S$1 million. SMEs can apply through banks’ website.
  • 75 % of local employees’ wages subsidised for the month of April, maximum subsidy for their pay will be 75% of the first $4600.
  • At least 25% wages subsidised for a further eight months, depending on the sector.
  • The first payout will be on April 2020, the second payout will be on July 2020 and the third payout will be on October 2020.
  • Employers will receive levy of $750 for each work permit or S pass Holder , which will be paid out on 21 April 2020.
  • Waiver of monthly Foreigner Worker Levy due in April 2020
  • 1 month rental waiver for office, commercial and agriculture tenants of government agencies.

For more information, please click here.

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