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Finance Minister Lawrence Wong announced a S$500 million Jobs and Business Support Package during Budget 2022.

As part of the package, there will be a Small Business Recovery Grant for small and medium enterprises (SMEs) most affected by Covid-19 restrictions such as those in the F&B, Retail, Tourism and Hospitality sectors.

Eligible SMEs will receive a S$1,000 payout per local employee, capped at S$10,000 per firm.

Local sole proprietors and partnerships in eligible sectors, as well as SFA licensed hawkers, market and coffeeshop stallholders who do not hire local employees will also receive a S$1,000 payout.

Workers who continue to face income loss due to Covid-19 can apply for the Covid-19 Recovery Grant, which has been extended to the end of the year.

The Jobs Growth Incentive will also be extended by six months to September 2022.

The Temporary Bridging Loan Programme and the enhanced Trade Loan Scheme, with revised parameters, will be extended for another six months (Apr. 1 to Sep. 30).

Top photo via Damir Kopezhanov/Unsplash.

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