Singapore announces additional support measures for COVID-19 affected firms
Singapore’s support package to help companies and workers affected by the period of heightened alert is expected to cost 1.2 billion SGD (900 million USD), with the amount covered through the reallocation of funds, said Finance Minister Lawrence Wong in the Parliament on July 5.
Singapore’s support package to help companies and workers affected by the period of heightened alert is expected to cost 1.2 billion SGD (900 million USD). (Photo: The Straits Times)
Singapore (VNA) – Singapore’s support packageto help companies and workers affected by the period of heightened alert isexpected to cost 1.2 billion SGD (900 million USD), with the amount coveredthrough the reallocation of funds, said Finance Minister Lawrence Wong in theParliament on July 5.
About half the package will be covered by fundsearmarked for the Deep Tunnel Sewerage System and North-South Corridorprojects.
Singapore will, instead, borrow for the two projectsand capitalise their development expenditure from the fourth quarter of thisyear, under the Significant Infrastructure Government Loan Act (Singa), whichallows borrowing for long-term infrastructure projects.
Wong announced that the Temporary Bridging LoanProgramme and Enhanced Enterprise Financing Scheme – Trade Loan to help SMEstide over cash flow problems, will be extended for an additional six monthsfrom October 1, 2021 to March 31, 2022.
He noted that it is important to support small- and medium-sized enterprises (SMEs) even asthe economy recovers, so that they can prepare for the new normal.
A key plank is the enhancement of the Jobs SupportScheme (JSS) for sectors that have been more badly affected. Food and beverage outlets,gyms, and performing arts organisations, for instance, received JSS support of50 percent.
Wong said Singapore is in a better position to dealwith the pandemic now than at the start, with the economy steadily improving,better testing and tracing capabilities, as well as a vaccination programmethat is making good progress.
The country prepares to reopen its economy further onJuly 12, he added.
The Parliament is scheduled to discuss the additional packageon July 26. /.
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Singapore’s support package to help companies and workers affected by the period of heightened alert is expected to cost 1.2 billion SGD (900 million USD). (Photo: The Straits Times) 
