Singapore Budget 2022 was unveiled at Minister Lawrence Wong’s maiden address as Minister of Finance on February 18th, 2022. On the 18th of February, this incident occurred. On the topic of Singapore’s economic rejuvenation in his opening comments, Mr. Wong focused on the country’s amazing return from one of the worst recessions it has ever suffered. According to Mr. Wong, the economy is expected to grow between 3% and 5% in 2022, based on current projections. Increased vaccinations and boosters over the world will be responsible for this. Here is the Budget 2022 – Support Packages for SMEs.
Jobs and business assistance are both on the table.
For firms and employees who have been particularly hard struck by the epidemic, the minister said that a $500 million jobs and business support package will be put in place. This package of business assistance has the following components:
The Small Business Recovery Assistance Grant
The Small Business Recovery Grant is a one-time financial payment that may be obtained by small firms engaged in sectors that were the most adversely impacted by COVID-19 Safe Management Measures in the preceding year. Only those who meet all of the following qualifications are allowed to participate:
More than two-thirds of eligible licences travel agents’ revenue must originate from their travel agency company, according to their Annual Business Profile Returns (ABPR) filed to the Singapore Tourism Board (STB) in 2018.
Facts of Interest:
Only organisations holding a “live” company status with the Accounting and Corporate Regulatory Authority (ACRA) at the time of distribution are eligible for the Small Business Recovery Grant. It is possible to receive compensation from the Singapore Food Agency (SFA) for an operator or stallholder who holds a valid Singapore Food Agency (SFA) licence as of December 31, 2021, and who maintains an active licence at the time of payment. Section 4 or Section 4A of the Societies Act, as well as organisations operating in the sectors of performing arts and education; museums, art galleries, and historic places; as well as sports, are eligible.
- Small businesses that qualify for the Small Business Recovery Grant will get $1,000 for each Singaporean worker they have on staff. nationals or permanent residents of Singapore who work for the company It includes people who are employed by a business but are also shareholders and directors (shareholder-directors) and who pay CPF contributions on salaries received under contracts of service and whose annual assessable income is less than or equal to S$100,000. The term “employee” does not cover other types of business owners, such as single proprietors or partners.
- There is a contribution deadline of November 1, 2021, to December 31, 2021, during which needed CPF contributions must be paid.
- Registered business owners who are Singapore citizens or permanent residents and satisfy the qualifying criteria may be given a Business Recovery Grant.
Extending the Job Creation Incentive
The JGI (Jobs Growth Incentive) is a program designed to encourage local firms to hire more workers. Until September 2022, the Job Guarantee Incentive (JGI) will be continued at a reduced pay support rate. Aside from those who have been unemployed for six months or longer, the JGI only applies to enterprises that employ mature employees, such as those over 40 years old and those with exceptional talents or ex-offenders. MOM’s Committee of Supply meeting will be a good place to get more information (COS).