8 Grants For Businesses to Tide Over Coronavirus

What does it mean for you and your business?

Budget 2020 introduces new measures and initiatives to help businesses and employees cope with the impact of COVID-19.

This does not mean that businesses should rest on their laurels as we continue with our economic transformation and adapt to global changes. The challenge lies in how well we prepare ahead.

Have you heard about the grants below?

1. Enhanced Work Life Grant

Allows company to implement flexible work arrangements for their employees.  Companies can look forward to a grant support of up to $70k for Singaporean and PR in the company. 

2. EDG- Overseas Expansion into new country for the local company*

Supports:

– Salary of maximum two business development staff stationed at the country (of which, one has to be a Singaporean or Permanent Resident).

– Rental expenses of the specified location.

– Maximum support duration of 12 months per project

– SMEs up to 70%; non-SMEs up to 50% of qualified costs.

– A grant cap of S$100,000 per company per year 

3. EDG – Automation*

Supports: 

– Adoption / development of sophisticated hardware and/or software solutions

– Development of solutions that involve purchase of machinery and integration of systems like ERP systems etc

– Training of staff to deploy solutions

– *SMEs: up to 50% for qualified software and equipment costs; up to 70% for all other qualified costs. Non-SMEs: up to 30% for qualified software and equipment costs; up to 50% for all other qualified costs.

 4. EDG – Product Development*

 Supports:

– R&D in-house manpower cost to develop own innovative technology and products with the end goal of commercialisation.

– *SMEs: up to 50% for qualified software and equipment costs; up to 70% for all other qualified costs. Non-SMEs: up to 30% for qualified software and equipment costs; up to 50% for all other qualified costs.

What does the EDG support?*

As announced at Supplementary Budget 2020, the maximum support level will be raised to 80% from 1 April 2020 to 31 December 2020. 

For enterprises that are most severely impacted by COVID-19, the maximum support level may be raised to 90% on a case-by-case basis.

5. MRA

Small and medium enterprises (SMEs) will receive an international boost with the Market Readiness Assistance (MRA) grant to help take your business overseas.

Eligible SMEs will receive the following support:

• Up to 70% of eligible costs, capped at S$100,000 per company per new market* from 1 April 2020 to 31 March 2023 that covers:

• Overseas market promotion (capped at S$20,000)
• Overseas business development (capped at S$50,000)
• Overseas market setup (capped at S$30,000)
• Each application is limited to one activity in a single overseas market (e.g. market entry, or participation in a trade fair)

6. Grant for new hire of local & PR – funding support up to $54k for first year (mid career switch)

 Supports:

– up to 90% of first 9* months salary of a new Singaporean/PR hire into the following roles eg:

– Logistic, supply chain roles

and more.

7. P-Max

Supports a one off grant of $5,000 and another $5,000 (for new worker above 50 years old).

8. Career Support Programme – grant up to $42k

This is a salary support programme to encourage employers to hire eligible Singapore Citizens Professionals, Mangers, Executives and Technicians (PMETs).

To learn more about whether your business qualifies for any of these grants, or how you can tap onto these grants for your business, drop an email to brenda@arcana.com.sg

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This article is a guest contribution by Brenda Tan of Arcana Advisory.

Brenda Tan – Managing Partner, Arcana Advisory

Brenda is the founder of Arcana Advisory and one of the Managing Partner of Web Imp Group of Companies. Her experience includes management roles in Corporate investments, SME Banking, Business Development and Consultancy business.