, Singapore

Over 40,000 businesses benefit from $132m recovery grant

The grant stemmed from the budget 2022 and part of $500m jobs support aid.

Over 40,000 businesses received the small business recovery grant (SBRG) in the previous week to help them grapple with the impact of the strict health measures, the Inland Revenue Authority of Singapore (IRAS), said.

IRAS announced that eligible businesses got $1,000 for each citizen or permanent resident employee with mandatory Central Provident Fund contributions employed from 1 November 2021 to 31 December 2021, with a cap of $10,000 per firm.

Qualified sole proprietorships, partnerships, as well as hawkers, market, and coffee shop stallholders licensed by the Singapore Food Agency received a flat payout of $1,000 even if they did not hire any employees during the said period.

During the Budget 2022 announcement, the SBRG was part of the $500m jobs and business support package, which provides one-off cash aid to small businesses in sectors bearing the brunt of the COVID-19 safety measures.

Businesses who seek to verify their eligibility for the SBRG can visit the IRAS website.

Aside from this support package, the government recently declared that it would provide a $15b relief package to businesses and vulnerable groups because of high inflation.

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