fbpx
General News

Supplementary Budget 2020

By March 31, 2020 September 8th, 2020 No Comments

As mentioned by our DPM Heng Swee Kiat, this is the first time a supplementary budget was announced so soon after the main budget. The COVID-19 situation has escalated since the main budget was rolled out back on 18th Feb 2020, and given the depressing outlook of the situation, the finance ministry has decided to further enhance existing grants and came up with some new assistance schemes for all enterprises in this unprecedented crisis.

Here is the relevant information for all enterprises from this year’s Supplementary Budget.

Productivity Growth

ENHANCED

Enterprise Development Grant (EDG)

  • Max support level to increase from 70% to 80% from 1 April 2020 to 31 December 2020
  • Firms severely impacted by the COVID-19 can enjoy support up to 90% on a case-by-case basis

Productivity Solutions Grant (PSG)

  • Max support level to increase from 70% to 80% from 1 April 2020 to 31 December 2020

NEW

SG Together Enhancing Enterprise Resilience (STEER) Programme

  • 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

Financial Support

ENHANCED

SME Working Capital Loan – WCL

  • Maximum loan quantum will be raised from SS$600,000 to S$1 million
  • Deferment of principal repayment for one year, subject to FIs assessment

Trade Loans (EFS TL)

  • Maximum loan quantum will be increased from S$5 million to S$10 million
  • Risk-share from Government will be increased to 80%, from the current 50-70%
  • Valid for one year from April 2020

NEW

Temporary Bridging Loan Programme (TBLP)

  • Programme will be expanded 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
  • Deferment of principal repayment for one year, subject to FIs assessment
  • The TBLP will be valid for a year from March 2020

Insurance

ENHANCED

Loan Insurance Scheme

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

At Etereo, we have certified brand consultants (TUV-SUD & RMC) to assist you in the undertaking any branding/rebranding exercise with the assistance of the EDG programme.

Your Details

Let us know how to get back to you.


How can we help?

Feel free to ask a question or simply leave a comment.


Leave a Reply

avatar
  Subscribe  
Notify of