The worldwide COVID-19 outbreak has a growing impact on the economy. We know this is a difficult time for SMEs and Micro SMEs. To make things as simple as possible, we have put together some useful resources and information to help you navigate these challenging times.
(updated on 24 May 2021)


Steps You Can Take Today


The Jobs Support Scheme (JSS) was launched in Budget 2020 and enhanced in the Resilience and Solidarity Budgets.

Under the JSS, the Government co-funds a proportion of the first $4,600 of gross monthly wages paid to each local employee up to March 2021. In Budget 2021, JSS was extended by up to 6 months for firms in Tiers 1 and 2 sectors, covering wages paid from April 2021 to September 2021. The level and duration of support each employer receives depend on the sector in which the employer operates. Please refer to ‘How is each payout computed’ for more details.

Update on JSS Support for Food and Beverage (F&B) Sector

As announced by the Multi-Ministry Taskforce on 14 May 2021, Phase 2 (Heightened Alerts) measures will be in place from 16 May to 13 Jun 2021. The Government will provide support for F&B establishments affected by the new measures. Licensed food shops and food stalls (including hawker stalls) will receive 50% JSS support for the period in which dining-in is not allowed.

Note: They must be classified under SSICs 56 or 68104. Licensees registered as individuals will also be included if they make mandatory CPF contributions for their employees. 

The Productivity Solutions Grant (PSG)

For companies looking to kick-start their adoption of technology with pre-qualified IT solutions and equipment that enhances productivity.

As announced at Supplementary Budget 2020, PSG will be enhanced to encourage enterprises to continue their digitalisation and productivity upgrading efforts. The maximum funding support level will be raised to 80% from 1 April 2020 to 31 December 2020. Check out ABSS Accounting Software packages that are pre-approved by PSG.

While the Government has announced measures from the first $4B Stabilisation and Support Package to the $48B Resilience Budget, businesses are also seeking assistance from financial institutions like our partner, DBS.

To help our valued users tide over this challenging time, we have partnered with DBS Bank to offer the following support to help address your cash flow needs and cover gaps in your operational expenses.

For collateral-free funding:

Enhanced SME Working Capital Loan

  • No collateral needed
  • High loan amount of up to S$1,000,000 with competitive rates
  • Service interest for the first 12 months – stretch your repayment period up to remaining 48 months

Click here for more information, or apply online now with your DBS relationship manager.

*Terms and Conditions apply.

For higher loan amount:

Government assisted Temporary Bridging Loan

  • No collateral needed
  • High loan amount of up to S$5,000,000 at group level open to all industries
  • Service interest for the first 12 months – stretch your repayment period up to remaining 48 months

Click here for more information, or apply online now with your DBS relationship manager.

*Terms and Conditions apply.

Conferencing systems are no longer the high-end IT tools of large enterprises. Today, there is a range of free conferencing apps that anyone can access. Video conferencing meetings can change the businesses connect with their employees and customers remotely or working from home. You can hold online video chats with groups of people, share your desktop to give a presentation or collaborate on documents.

Check out the ABSS top pick of free video conferencing tools:


Additional Relief & Support


How to Monitor Cash Flow

You can monitor your cash flow with Financio . We've prepared the HOW-TO notes for your easy reading.

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Continuous Learning & Development


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Additional Resources


As announced by the Ministry of Education at the Committee of Supply 2021, the Enhanced Training Support Package (ETSP) has been extended to 31 December 2021, to allow companies to send more workers for industry-relevant training and help their workforce emerge stronger post-COVID-19. Under the ETSP, companies are eligible for enhanced absentee payroll (AP) funding at 80% of hourly basic salary, capped at $7.50 per hour, when they send their employees for courses eligible for AP.

After the ETSP ends, SSG will be revising the AP funding to a more sustainable rate in view of other support for enterprises such as the SkillsFuture Enterprise Credit. With effect from 1 January 2022, SSG will introduce a fixed AP rate at $4.50 per hour and set a $100,000 cap on the maximum AP funding each company can claim each calendar year to ensure that the benefits are more evenly distributed across companies.

Please click here for Frequently Asked Questions.

The revisions to SkillsFuture course fee funding, applicable to all SSG-funded courses commencing on or after 1 Jan 2022, are as follows:

  1. Baseline course fee subsides will be simplified and streamlined across Professional, Manager, Executive and Technician (PMET) and non-PMET courses, at up to 70% of course fees for courses offered by SSG-appointed CET Centres, and up to 50% of course fees for certifiable courses approved by SSG.
  2. Enterprises that qualify for SSG’s enhanced subsidy schemes (SkillsFuture Mid-career Enhanced Subsidy and Enhanced Training Support for Small and Medium Enterprises (SMEs)) will receive an enhanced subsidy of up to 20%-points above the baseline course fee subsidies. This means up to 90% course fee subsidies in total, inclusive of enhanced funding for courses with the most substantial workforce outcomes.

Please click here for Frequently Asked Questions.

During this challenging time, some SMEs can still operate in the short term even if they are making losses but not if they run out of cash. Those that will survive the COVID-19 crisis are the ones that can effectively manage their costs, capital and most importantly, cashflow.

Take a light read on how you can improve your cash flow management skill.

The Government has set aside $320 million to further extend the foreign worker levy (FWL) rebates to support firms in the Construction, Marine Shipyard and Process sectors. The Government will also further extend the FWL waiver. This increased support is in addition to the $1.36 billion Construction Support Package earlier announced on 27 Jun 2020.
The $375 FWL rebate will replace the existing $90 FWL rebate for each Work Permit holder, announced by the Government on 27 June 2020 to help firms adjust to more stringent Safe Management Measures the months of August and September 2020. Firms in the Construction, Marine Shipyard and Process sectors will continue to receive a $90 FWL rebate monthly for October 2020 until December 2021.
Singapore government launch the Gov.sg WhatsApp channel to keep the public informed on the latest COVID-19 situation in Singapore. Sign up here if you haven’t.
 
What will you be signing up for :
  • COVID-19 updates – e.g. case updates, updates on measures, clarifications on rumours and misinformation 
  • Factually – clarifications on widespread fake news regarding Govt policies
  • Key Government announcements – eg. Budget, National Day Rally announcements