The Small Businesses Recovery Grant (SBRG) program is a scheme set up to help businesses recover from the impact of the COVID-19 Safe Management Measures. The scheme was set up to provide one-off cash support to small businesses in sectors most affected by COVID-19. This blog will determine if a business is eligible for the Small Business Recovery Grant (SBRG) and how SBRG has supported businesses.
The Small Business Recovery Grant (SBRG) is a government fund that provides one-off cash support to small businesses in sectors most affected by the COVID-19 Safe Management Measures. The SBRG aims to help these enterprises to start up again and get back on their feet.
If the business is eligibles for the SBRG:
A registered business must be a “live” commercial entity with a physical presence in Singapore by 31 December 2021;
Business must employ fewer than 200 people as of 31 December 2021 or have an annual operating income of less than S$100 million reported to IRAS in the Year of Assessment 2021 by that date; and
Business must be in one of the sectors listed in “Section eligible for Small Business Recovery Grant”
Eligible companies will receive S$1,000 for each local employee with mandated CPF contributions employed from 1 November 2021 to 31 December 2021, up to a ceiling of S$10,000 per company.
Sole proprietorships or partnerships with a net trade income of no more than S$100,000 as reported to IRAS and at least one local business owner without hiring local workers will receive a flat payout of S$1,000.
Payouts under the SBRG will be given to qualified companies in June and November of 2022.
The SBRG, totaling about $132 million, was awarded to almost 40,000 enterprises.
The $500 million Jobs and Business Support Package included the SBRGfirst unveiled in Budget 2022. It offers small firms in the industries most impacted by COVID-19 Safe Management Measures one-time financial assistance.
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