Supplementary Budget 2020

• Support for businesses to improve competitiveness and productivity through digitalisation, and adapt to safe management practices.
• As a pilot, the Bonus will target businesses in F&B and Retail that are most affected by safe distancing requirements.
• Eligible businesses will receive up to S$10,000 if they adopt baseline digital solutions such as PayNow Corporate and e-invoicing, as well as digitalise business processes, create online channels and implement data mining and analytic solutions.

For more information, please contact IMDA at info@imda.gov.sg.

• Maximum support level will be raised from 70% to 80% from 1 April 2020 to 31 December 2020.
• For firms that are most severely impacted by COVID-19, the maximum support level can be further raised to 90% on a case-by-case basis.
• Unionised enterprises and e2i partners under the Labour Movement are eligible to receive an additional 10% funding support, subject to NTUC e2i’s assessment.

• Greater support for more sector-specific solutions and a wider range of pre-scoped solutions for businesses beyond IT solutions and equipment.
• Expanded scope to include job redesign consultancy services.

• Maximum support level will be raised from 70% to 80% from 1 April 2020 to 31 December 2020.
• Expanded scope of solutions to help enterprises implement COVID-19 business continuity measures:
  • Online collaboration tools
  • Virtual meeting and telephony tools
  • Queue management systems
  • Temperature screening solutions

• Programme will support funds set up by the Trade Associations and Chambers (TACs) or industry groupings¹, with the aim of helping businesses tide over the challenges arising from COVID-19, and to push on with transformation efforts in preparation for the economic recovery.
• Supportable uses of the fund include grants for business sustenance, business growth, and capability upgrading.
• Valid from 3 March 2020 to 2 March 2021.

• From 1 April 2020, Enterprise Singapore will match S$1 for every S$2 raised by such industry-led initiatives, up to S$1 million per fund.

For more information, contact us at enquiry@enterprisesg.gov.sg

• SMEs will receive greater financing support to bridge their working capital gaps.

• Maximum loan quantum will be raised from SS$600,000 to S$1 million.
• Risk-share from Government will be increased to 90% from 80% (previously at 50-70%)
• Valid from 8 April 2020 to 31 March 2021
• SMEs may request for deferment of principal repayment for one year, subject to assessment by participating financial institutions.

• Maximum loan quantum will be increased from S$5 million to S$10 million.
• Risk-share from Government will be increased to 90% from 80% (previously at 50-70%)
• Valid from 8 April 2020 to 31 March 2021

• Financing support to alleviate cashflow needs of enterprises affected by the COVID-19 outbreak.

• Programme will be expanded from the tourism sector to all sectors from 1 April 2020.
• Maximum loan quantum will be increased from S$1 million to S$5 million, with interest rate capped at 5% per annum.
• Risk-share from Government will be increased from 80% to 90%
• Valid from 8 April 2020 to 31 March 2021
• SMEs may request for deferment of principal repayment for one year, subject to assessment by participating financial institutions.

• Increased support for the LIS insurance premium from 50% to 80%.
• Valid from 1 April 2020 to 31 March 2021.