When the world economy is shaken with the massive outbreak of Coronavirus or COVID-19, the Singaporean government is trying hard to restrain the economic catastrophe and saving their people with over 48 Billion dollar funds so far informed. Good news is the Singaporean government has come up with the venture of saving many companies doing good business so far by providing various government grants to small businesses to secure jobs and help the businesses to withstand the crises.
JSS or the Job Support Scheme allows all active employers to receive 25% cash grants on the first gross monthly wages of S$4600 of each local employee. It’ll be sent to their Central Provident Fund payrolls. SMEs in tourism and food business are also declared to receive 50—75% of the first gross monthly wage of local employees earning around S$4600. This includes 25% of the base support and the employers will receive the funds for nine months.
The Monetary Authority of Singapore (MAS) has come up with various packages of measures to support individuals as well as SMEs in Singapore by providing sufficient funds. Along with other financial institutions in Singapore- they ensure SMEs slack towards loan repayments along with other supports like tax rebates etc.