Get Grants to Help Your Business Mitigate Impact from COVID-19
It seems like COVID-19 is not going to disappear any time soon. With its current ferocious outbreak around the world, most companies, big and small, have inevitably suffered catastrophic losses due to lockdown of the cities and economic standstill.
To date, the Singapore Government has announced many measures to help companies cope with the weak business environment. Apart from the support and subsidies that have been issued directly to businesses such as the Jobs Support Scheme and Rental Reliefs, are you also looking for other means to maintain daily operations while making plans for the future?
Well, here are some grants that you may want to explore, so as to help you mitigate the impact brought about by the pandemic.
1. Productivity Solution Grant (PSG)
The Infocomm Media Development Authority (IMDA) and Enterprise Singapore (ESG) announced on 17 April 2020 that they have pre-approved remote working solutions that come bundled with laptops, with up to 80% subsidy from the Productivity Solutions Grant (PSG) till 31 December 2020.
The scope of pre-approved digital solutions under PSG is expanded to include COVID-19 relevant solutions, such as online collaboration, virtual meetings, queue management and temperature screening. This is to encourage enterprises to continue their digitalisation and productivity upgrading efforts. These digital solutions include:
- Online collaboration tools
- Virtual meeting and telephony tools
- Queue management systems
- Temperature screening solutions
Can I Apply?
- Registered and operating in Singapore
- Purchase/lease/subscription of the IT solutions or equipment must be used in Singapore
- Have a minimum of 30% local shareholding; with Company’s Group annual sales turnover less than S$100 million, OR less than 200 employers (for selected solutions only)
- Visit GoBusiness Gov Assist to access the list of supportable solutions and identify relevant solutions that best suit your business needs.
- For IT solutions: Get a quotation from the pre-approved vendor.
For equipment: Source for the equipment and get a quotation from the vendor. - Submit an application on the Business Grants Portal (BGP). You will need to register for a CorpPass account to transact on the portal.
2. Enterprise Development Grant (EDG)
The Enterprise Singapore has worked with its partners to strengthen existing initiatives to provide financing schemes for businesses that help address cash flow needs across various sectors. From 1 April 2020 to 31 December 2020, the maximum support level will be raised to 80%. The EDG helps local companies grow and transform, supporting projects that are used to upgrade your business, innovate or venture overseas, under three pillars below:
a. Core Capabilities
Projects under Core Capabilities help businesses prepare for growth and transformation by strengthening their business foundations. These should go beyond basic functions such as sales and accounting.
b. Innovation and Productivity
Projects under Innovation and Productivity support companies that explore new areas of growth, or look for ways to enhance efficiency. These could include reviewing and redesigning workflow and processes. Companies could also tap into automation and technologies to make routine tasks more efficient.
c. Market Access
Projects under Market Access support Singapore companies that are willing and ready to venture overseas. You may tap into the EDG to help defray some of the costs of expanding into overseas markets.
Can I Apply?
- Registered and operating in Singapore
- Have a minimum of 30% local shareholding
- Be in a financial viable position to start and complete the project
- Visit Business Grant Portal
- Submit business proposals for the designated EDG you’re applying for
- Await award notification through the portal with exact grant amount
- Accept Letter of Offer.
3. AGM Facilitation Grant
The Singapore Exchange (SGX) is currently providing a grant of up to S$5,000 per SGX-listed companies to help defray the additional costs of organising Annual General Meeting (AGM) in light of the measures introduced by MOH. The AGM Facilitation Grant will cover all AGM-related expenses incurred between 16 March 2020 and 15 March 2021, such as augmenting physical AGMs with video conferencing, additional logistics such as on-site temperature taking or pre-AGM shareholder communication, amongst others.
Can I Apply?
All SGX-listed Mainboard and Catalist companies can apply. Only listed companies that are in arrears on any SGX-related fees, at the point of grant application, will not qualify for the grant.
How to Apply AGM Facilitation grant?
To find out more about the AGM Facilitation Grant, you may contact Septus Singapore. We help you to tap on the grant and hold a successful Virtual Annual General Meeting with ease.
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