NEWS |
S$132 Million Handed Out To More Than 40,000 Small Businesses In Singapore
Written by Amit Sharma, Community Development Manager
More than 40,000 small and medium enterprises (SME) that were hit hard by the impact of the COVID 19 pandemic received up to S$10,000 last week under the Small Business Recovery Grant. A total of S$132 million was disbursed to SMEs in the food and beverage, retail, tourism and hospitality sectors.
Eligible businesses received S$1,000 for each Singapore citizen permanent resident employee with mandatory Central Provident Fund contributions and who was employed from 1 Nov 2021 to Dec 31 Dec 2021. Similarly, eligible sole proprietorships, partnerships as well as hawkers, and market and coffee shop stallholders licensed by the Singapore Food Agency also received a flat payout of S$1,000 - even if they did not employ any workers during this period, accordingly to Ministry of Trade and Industry (MTI).
Sole proprietorships and partnerships that are run by at least one local business owner but do not hire any local employees will also receive a flat payout of S$1,000.
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