Singapore announces additional support measures for COVID-19 affected firms
Singapore’s support package to help companies and workers affected by the period of heightened alert is expected to cost 1.2 billion SGD (900 million USD), with the amount covered through the reallocation of funds, said Finance Minister Lawrence Wong in the Parliament on July 5.
Singapore’s support package to help companies and workers affected by the period of heightened alert is expected to cost 1.2 billion SGD (900 million USD). (Photo: The Straits Times)About half the package will be covered by funds earmarked for the Deep Tunnel Sewerage System and North-South Corridor projects.
Singapore will, instead, borrow for the two projects and capitalise their development expenditure from the fourth quarter of this year, under the Significant Infrastructure Government Loan Act (Singa), which allows borrowing for long-term infrastructure projects.
Wong announced that the Temporary Bridging Loan Programme and Enhanced Enterprise Financing Scheme – Trade Loan to help SMEs tide over cash flow problems, will be extended for an additional six months from October 1, 2021 to March 31, 2022.
He noted that it is important to support small- and medium-sized enterprises (SMEs) even as the economy recovers, so that they can prepare for the new normal.
A key plank is the enhancement of the Jobs Support Scheme (JSS) for sectors that have been more badly affected. Food and beverage outlets, gyms, and performing arts organisations, for instance, received JSS support of 50 percent.
Wong said Singapore is in a better position to deal with the pandemic now than at the start, with the economy steadily improving, better testing and tracing capabilities, as well as a vaccination programme that is making good progress.
The country prepares to reopen its economy further on July 12, he added.
The Parliament is scheduled to discuss the additional package on July 26. /.
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